Vero Beach Market Report for 32963 August 2023

The Vero Beach Real Estate Market Report for zip code 32963 in August 2023 shows that we have shifted to a more balanced market with condos moving to a buyers market. The inventory was slightly decreased again this month with buyers’ demand for Vero Beach homes on the barrier island continues to wane amid low inventory and higher interest rates.

Vero Beach real estate sales decreased dramatically in August 2023 and almost at par with the same period in 2022. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In August 2023, the Vero Beach single-family market in 32963 was a Balanced Market with 15% Sales Ratio.
• There were 130 single family homes for sale on the island and only 19 were sold in August 2023.
• The inventory (homes available for sale) in August 2023 remained almost at the same level as last month. If inventory continues to remain steady relative to demand, it is likely that will be affecting sale prices, as we continue to see more price reductions.
• Homes sold for a median of 94.74% of list price in August 2023, an evidence of buyers demand is waning.
• The most active price band for single family homes on the barrier island was again for homes between $500,000 and $1,000,000, with 6 sales and sales ratio of 27%.
• In August 2023 the median sales price for single-family homes decreased by 8% to $1,442,500 compared to July.
• The most active market for single family homes on the island in August 2023 was the South Beach area with 29 homes for sale, 9 Pending Sales, 7 sales, and 4.1 months of remaining inventory (absorption rate) and a Sellers Market.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 67 condos for sale on the island and only 8 were sold in August 2023.
• The Vero Beach condominium market in 32963 moved to a buyers market with only 12% Sales Ratio as buyers are assessing the higher list prices amid higher interest rates.
• The inventory (condos available for sale) in August 2023 decreased by 6% compared to July as sellers are reluctant to list their condos amid higher interest rates and economic slow down.
• Condos sold for a median of 96.94% of list price with an average of 64 Days on the Market (DOM) in August 2023, as buyers’ demand for condos on the island (area code 32963) appears to be waning.
• The most active price band was for condos priced from $400,000 to $450,000, with only 3 sales and a sales ratio of 50%
• The median sales price for attached homes (condominiums) in August 2023 dropped by 20% to $430,000 compared to July as more lower priced condos were sold on the island.
• The most active market for condos in August 2023 on the barrier island was the Beach City area with 28 condos for sale, 6 Pending Sales, 4 sales, 7.0 months of remaining inventory (absorption rate) and a Balanced Market.

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