Is it a buyers market in Vero Beach Florida?

Is Vero Beach real estate a buyers market now? I have many people who are looking to buy a home in Vero Beach asking me this question lately.

We definitely are seeing a shift in real estate market nationally and also here in Vero Beach as the market is cooling in response to the dramatic rise in mortgage rates and home price appreciation is cooling as well.

What is really happening here in Vero Beach? Is it a sellers market or a buyers market? Well it all depends on where you are looking to buy and the price range of homes you have your eyes on.

There are really two real estate markets here in Vero Beach Florida. The barrier island (zip code 32963) and the mainland. There are also two sub markets, one for single family homes and the other for condos.

Let’s dive into the latest data to see what is really happening. First let’s look at the real estate market for single family homes on the barrier island, zip code 32963. In September 2022, we had a “Balanced Market” for single family homes on the barrier island with total sales ratio (sales to total inventory) of 19% as the following image shows.

Total Sales Ratio defines market speed and market type: Buyers = up to 14%; Balanced = 15 to 20%; Sellers = 21% and up. Let’s also look how the sale prices fluctuated over the last 13 months period (from September 2021 to September 2022) as shown in the following chart.

But let’s see what is the market condition for condos on the barrier island in terms of the Total Sales Ratio for September 2022.

As we can observe, we were in a Sellers Market for condos on the island with Total Sales ration of 26%. Let’s also see how the sale prices have fluctuated from September 2021 to September 2022 period in the following chart.

As we can observe, the sale prices have appreciated through this period and have started to stabilize. However, the inventory is still low for both single family homes and condos on the barrier island. See detailed market statistics for the September 2022 Vero Beach Real Estate Market for the barrier island for single family homes and condos here.

Let’s now look at what is happening in the real estate market on the mainland in Vero Beach. We are still in a Sellers Market on the mainland with a Sales Ratio of 35% as shown in the following image.

Let’s also look at the sale price fluctuation of homes on the Vero beach mainland for the period of September 2021 to September 2022.

As we can observe, the sale price appreciation peeked in June 2022 and prices have started to stabilize and slightly to come down as the inventory is increasing. See detailed market statistics for the Vero Beach Real Estate Market on the mainland for September 2022 here.

For a more comprehensive market analysis for a specific Vero Beach area use the request form below.