Vero Beach Market Report for 32963 December 2022

The Vero Beach Real Estate Market Report for zip code 32963 in December 2022 shows that the market continues to be a Buyers Market for single family homes and now also for condos on the barrier island. The inventory continues to increase while demand has remained subdued. As we are now entering the winter season, sellers need to consider the current market condition and price their homes right in anticipation for the influx of visitors to Vero Beach and potential buyers.

Vero Beach real estate sales in December 2022 continue to decrease compared to the same period last year. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In December 2022, the Vero Beach single-family market in 32963 was a Buyers Market with only 11% Sales Ratio.
• There were 136 single family homes for sale on the island and 15 were sold in December 2022.
• The inventory (homes available for sale) In December was slightly higher than in November but 220 higher than the same period in 2021. If inventory continues to grow at the same rate relative to demand, it is likely that we will see some downward pressure on pricing.
• Homes sold for a median of 95.31% of list price in December 2022, another indication of a softening market.
• The most active price band for single family homes on the barrier island was $1,500,000 to $2,000,000 , with 4 sales and sales ratio of only 14%.
• In December 2022 the median sales price for single-family homes slightly increased by 8% to $1,500,000 compared to November. The prices appear to have stabilized.
• The most active market for single family homes on the island in December 2022 2022 was the Central Beach area with 41 homes for sale, 21 Pending Sales, 5 sales, and 8.2 months of remaining inventory (absorption rate) and a Balanced Market .

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 66 condos for sale on the island and only 5 were sold in December 2022.
• The Vero Beach condominium market in 32963 is cooling down and it is now a Buyers Market with an 8% Sales Ratio amid increasing inventory.
• The inventory (condos available for sale) in December 2022 increased by 3% compared to November but 94% higher than the same period in 2021.
• Condos sold for a median of 95.24% of list price with an average of 56 Days on the Market (DOM) in December 2022, an indication that the real estate market for condos on the island (area code 32963) is softening. We’ll be watching any changes to this trends for clues during the traditionally strong winter season.
• The most active price band was $700,000 to $800,000, with only 2 sales and a sales ratio of 22%
• The median sales price for attached homes (condominiums) in December 2022 slightly increased by 7% to $775,000 compared to November.
• The most active market for condos in December 2022 on the barrier island was again the Central Beach area with 34 condos for sale, 39 Pending Sales, 2 sales, 17 months of remaining inventory (absorption rate) and a Buyers Market. The increase in Pending Sales will most probably result in getting back to a balanced or sellers market.

For a more comprehensive market analysis for a specific Vero Beach area or neighborhood in 32963 or any other zip code use the request form below.