Vero Beach Market Report for 32963 January 2023

The Vero Beach Real Estate Market Report for zip code 32963 in January 2023 shows that we have a Buyers Market for single family homes and a Balanced Market for condos on the barrier island. The inventory continues to increase while demand has remained stable. As we are now into the traditionally strong winter season, sellers need to consider the current market conditions and price their homes right for the Vero Beach visitors and potential buyers.

Vero Beach real estate sales in January 2023 didn’t much increase and were much lower compared to the same period last year. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In January 2023, the Vero Beach single-family market in 32963 was a Buyers Market with only 10% Sales Ratio.
• There were 157 single family homes for sale on the island and only 15 were sold in January 2023.
• The inventory (homes available for sale) increased again in January increased and 314% 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 89.04% of list price in January 2023, another indication of a market where buyers are in a stronger position to negotiate sale price.
• The most active price band for single family homes on the barrier island was $1,000,000 to $1,200,000 , with 3 sales and sales ratio of 60%.
• In January 2023 the median sales price for single-family homes dropped by 20% to $1,200,000 compared to December. The prices appear to have stabilized and are slowly adjusting lower.
• The most active market for single family homes on the island in January 2023 was the Central Beach area with 42 homes for sale, 33 Pending Sales, 3 sales, and 14.0 months of remaining inventory (absorption rate) but a Buyers Market.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 76 condos for sale on the island and 13 were sold in January 2023.
• The Vero Beach condominium market in 32963 is cooling down a bit and it is now a Buyers Market with an 17% Sales Ratio amid increasing inventory.
• The inventory (condos available for sale) in January 2023 increased by 15% compared to November but 270% higher than the same period in 2022.
• Condos sold for a median of 97.9% of list price with an average of 33 Days on the Market (DOM) in January 2023, as lower priced condos are selling fast on the island (area code 32963). We’ll be watching any changes to these trends for clues during this 2023 winter season.
• The most active price band was $1,00,000 to $2,000,000, but with only 3 sales and a sales ratio of 19%
• The median sales price for attached homes (condominiums) in January 2023 dropped by 20% to $619,000 compared to December as more lower priced condos were sold.
• The most active market for condos in January 2023 on the barrier island was again the Central Beach area with 36 condos for sale, 39 Pending Sales, 6 sales, 6 months of remaining inventory (absorption rate) and a Balanced 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.