Vero Beach Market Report for 32963 February 2023

The Vero Beach Real Estate Market Report for zip code 32963 in February 2023 shows that we have a split personality market with a Buyers Market for single family homes and a Sellers Market for condos on the barrier island. The inventory continues to increase while demand has remained at the same levels. As we are now into the peak of the winter season, sellers need to consider the current market conditions and price their homes right to attract buyers especially for sellers of single family homes in the Vero Beach barrier island, zip code 32963.

Vero Beach real estate sales in February 2023 increased but not as much to the same period last year. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In February 2023, the Vero Beach single-family market in 32963 was a Buyers Market with 13% Sales Ratio.
• There were 152 single family homes for sale on the island and only 19 were sold in February 2023.
• The inventory (homes available for sale) remained steady in February but still 290% higher than the same period in 2022. 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 95.67% of list price in February 2023, as more buyers are actively looking for a home in Vero Beach barrier island keeping prices steady.
• The most active price band for single family homes on the barrier island was $500,000 to $1,000,000 , with 6 sales and sales ratio of 25%.
• In February 2023 the median sales price for single-family homes jumped by 31% to $1,600,000 compared to January, mainly due to sales of higher-end homes.
• The most active market for single family homes on the island in February 2023 was the Central Beach area with 39 homes for sale,40 Pending Sales, 8 sales, and 4.9 months of remaining inventory (absorption rate) and a Sellers Market. The reader can observe that supply and demand differ between the beach areas.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 65 condos for sale on the island and 17 were sold in February 2023.
• The Vero Beach condominium market in 32963 got a boost this month as more buyers target this segment and it went back to a Sellers Market with an 26% Sales Ratio amid depleting inventory.
• The inventory (condos available for sale) in February 2023 decreased by 14% compared to January but still 260% higher than the same period in 2022.
• Condos sold for a median of 9484% of list price with an average of 61 Days on the Market (DOM) in February 2023, as lower priced condos are selling fast on the island (area code 32963).
• The most active price band was $550,000 to $600,000, but with only 3 sales and a sales ratio of 50%
• The median sales price for attached homes (condominiums) in February 2023 dropped by 15% to $525,000 compared to January as more lower priced condos were sold.
• The most active market for condos in February 2023 on the barrier island was again the Central Beach area with 33 condos for sale, 46 Pending Sales, 6 sales, 5.5 months of remaining inventory (absorption rate) and a Sellers Market. The increase in Pending Sales will indicates that buyers’ demand for condos on the island is still intact.

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.