Vero Beach Market Report for 32963 January 2024

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

Vero Beach real estate sales decreased for condos bur increased for single family homes in January 2024 and slightly higher than the same period in 2023. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In January 2024, the Vero Beach single-family homes market in 32963 was a Buyer’s Market with only 10% Sales Ratio.
• There were 202 single family homes for sale on the island and 21 were sold in January 2024.
• The inventory (homes available for sale) in January 2024 increased by 22% versus December of 2023. If inventory continues to increase relative to demand, it is likely that will see some more price adjustments, but that could change as we get more into the traditionally strong winter season.
• Homes sold for a median of 94.14% of list price with an average of 98 Days on the Market (DOM) in January 2024, a slight increase from last month as buyers’ were still bidding down 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 7 sales and sales ratio of only 19%.
• In January 2024 the median sales price for single-family homes jumped by 49% to $1,300,000 compared to December, as some buyers were targeting higher priced homes on the island.
• The most active market for single family homes on the island in January 2024 was the South Beach area with 46 homes for sale, 10 Pending Sales, 6 sales, and 7.7 months of remaining inventory (absorption rate) and a Balanced Market.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 139 condos for sale on the island and 14 were sold in January 2024.
• The Vero Beach condominium market in 32963 was a Buyer’s Market with only 10% 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 January 2024 increased by 10% compared to December but more sellers are waiting to see a better economic environment as we are now in the winter season.
• Condos sold for a median of 97.27% of list price with an average of only 21 Days on the Market (DOM) as those buyers were quick to grab a condo on the island.
• The most active price band was for condos priced from $1,000,000 to $2,000,000, with 4 sales but with a sales ratio of only 19%
• The median sales price for attached homes (condominiums) in January 2024 jumped by 45% to $995,000 compared to December.
• The most active market for condos in January 2024 on the barrier island was the Central Beach area with 54 condos for sale, 33 Pending Sales, 4 sales, but 13.5 months of remaining inventory (absorption rate) and a Buyer’s 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.