Vero Beach Market Report for 32963 February 2024

The Vero Beach Real Estate Market Report for zip code 32963 in February 2024 shows that the real estate market is still a Buyer’s Market for Single Family homes but sales of condos on the Vero Beach barrier island were improved we ate now in a Balanced Market for condos on the island. . The inventory for both condos and single family homes was increased again this month as we are now officially in the middle of the winter season as buyers’ demand for Vero Beach homes on the barrier island remains steady.

Vero Beach real estate sales increased for condos but decreased for single family homes in February of 2024. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In February 2024, the Vero Beach single-family homes market in 32963 was again a Buyer’s Market with only 7% Sales Ratio.
• There were 228 single family homes for sale on the island but only 15 were sold in February 2024.
• The inventory (homes available for sale) in February 2024 increased by 213% versus January of 2024. If inventory continues to increase relative to demand, it is likely that will continue to see more price adjustments.
• Homes sold for a median of 88.89% of list price with an average of 101 Days on the Market (DOM) in February 2024, a slight decrease from last month as buyers’ were still bidding down list 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 7 sales and sales ratio of only 18%.
• In February 2024 the median sales price for single-family homes decreased by 19% to $1,050,000 compared to January, as some buyers were targeting lower priced single family homes on the island.
• The most active market for single family homes on the island in February 2024 was the Central Beach area with 95 homes for sale, 30 Pending Sales, but only 2 sales, and 47.5 months of remaining inventory (absorption rate) and a Strong Buyers Market. The increase in pending sales will determine next month’s market status.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 157 condos for sale on the island and 30 were sold in February 2024.
• The Vero Beach condominium market in 32963 became a Balanced Market with 19% Sales Ratio as some buyers were actively pursued condos on the island.
• The inventory (condos available for sale) in February 2024 increased by 10% compared to January as some sellers are waiting to see a better economic environment as we are now in the middle of the traditionally strong winter season.
• Condos sold for a median of 98.06% of list price but the average of the Days on the Market (DOM) jumped to 96 as buyers were somewhat hesitant to commit to a purchase.
• The most active price band was for condos priced over $2,000,000, with 13 sales and an impressive sales ratio of 93%!
• The median sales price for attached homes (condominiums) in February 2024 jumped by 45% to $1,399,500 compared to January.
• The most active market for condos in February 2024 on the barrier island was the Central Beach area with 59 condos for sale, 30 Pending Sales, 17 sales, 3.5 months of remaining inventory (absorption rate) and a 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.