The November 2022 Real Estate Market Report for Vero Beach Mainland shows that the market is still in a Sellers Market but the increase in the inventory and higher interest rates, may affect sales and prices moving forward. . We are still seeing price reductions, another indication of a softening market.
The sale prices slightly increased this month but are stabilizing and if the inventory keeps increasing we’ll put some more pressure on the sale prices. Following are some statistics for this month.
Vero Beach Mainland Real Estate Market Insights
- In November 2022, the Vero Beach Mainland was still a Sellers Market with a 25% Sales Ratio albeit moving more towards a balanced market
- There were 504 homes for sale on the mainland and 125 were sold in November 2022.
- The inventory (homes available for sale) in November 2022 2022 increased by 13% from last month and it was a whopping 300% higher compared to 2021 for the same period. The increase in inventory is certainly a welcoming sign for the buyers who now have more homes to choose from.
- In November 2022, homes sold for a median of 98.35% of list price, lower than last month and an indication that prices may have reached a plateau.
- The most active price band was Vero Beach Mainland homes priced from $250,000 to $300,000, with 23 sales and sales ratio of 38%. The activity in the lower priced homes may be another indicator that buyers are maxing out on their ability to buy homes amid higher interest rates.
- In November 2022 the median sales price mainland homes slightly increased by 5% to $334,900 compared to October.
- The most active market in November 2022 was again the Southeast County area with 191 homes for sale, 85 Pending Sales, 58 sales, 3.3 months of remaining inventory (absorption rate) and an Extreme Sellers Market.
For a more comprehensive market analysis for a specific Vero Beach area or neighborhood on the Mainland or any other zip code use the request form below.
Neighborhood Market Insights
"*" indicates required fields