Vero Beach Market Report for 32963 December 2023

The Vero Beach Real Estate Market Report for zip code 32963 in December 2023 shows that the real estate market status has changed for both Single Family homes and condos on the island as we now are in a Buyer’s Market on the Vero Beach barrier island. . The inventory of condos was increased again this month as we are entering the winter season as buyers’ demand for Vero Beach homes on the barrier island remains steady.

Vero Beach real estate sales decreased in December 2023 and slightly higher than the same period in 2022. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In December 2023, the Vero Beach single-family market in 32963 was a Buyer’s Market with only 11% Sales Ratio.
• There were 169 single family homes for sale on the island and 19 were sold in December 2023.
• The inventory (homes available for sale) in December 2023 decreased slightly by 4% versus last month. If inventory starts to increase relative to demand, it is likely that will see some price adjustments, but that could change as we enter the traditionally strong winter season.
• Homes sold for a median of 91.21% of list price with an average of 88 Days on the Market (DOM) in December 2023, a decrease from last month as buyers’ were reluctant to accept the listing prices.
• 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 only 5 sales and sales ratio of 42%.
• In December 2023 the median sales price for single-family homes dropped by 38% to $870,000 compared to November, as some buyers gravitated towards lower priced homes on the island.
• The most active market for single family homes on the island in December 2023 was the Central Beach area with 70 homes for sale, 15 Pending Sales, 9 sales, and 7.8 months of remaining inventory (absorption rate) and a Balanced Market.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 126 condos for sale on the island and 16 were sold in December 2023.
• The Vero Beach condominium market in 32963 was a Buyer’s Market with 13% Sales Ratio as some buyers were sitting on the sidelines possibly waiting for an increase in inventory and possibly lower interest rates.
• The inventory (condos available for sale) in December 2023 increased by 18% compared to November but more sellers are waiting to see a better economic environment in anticipation for the upcoming season.
• Condos sold for a median of 94.47% of list price with an average of 58 Days on the Market (DOM) in December 2023.
• The most active price band was for condos priced from $800,000 to $1,000,000, with 4 sales and a sales ratio of 27%
• The median sales price for attached homes (condominiums) in December 2023 dropped by 27% to $687,500 compared to November.
• The most active market for condos in December 2023 on the barrier island was the Central Beach area with 52 condos for sale, 26 Pending Sales, 10 sales, 5.2 months of remaining inventory (absorption rate) and a Buyer’s Market .

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