Vero Beach Market Report for 32963 July 2023

The Vero Beach Real Estate Market Report for zip code 32963 in July 2023 shows that we experienced some divergence between the condo market which is still a sellers market and the single family homes market is now a balanced market. The inventory was slightly decreased while buyers’ demand for Vero Beach homes on the barrier island has waned a bit as we had fewer sales.

Vero Beach real estate sales slightly decreased again in July 2023 but surpassed the sales during the same period in 2022. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In July 2023, the Vero Beach single-family market in 32963 was a Balanced Market with 19% Sales Ratio.
• There were 128 single family homes for sale on the island and only 24 were sold in July 2023.
• The inventory (homes available for sale) slightly decreased in July 2023 but still 148% higher than the same period in 2022. If inventory continues to remain steady relative to demand, it is likely that will be affecting pricies, as we continue to see more price reductions.
• Homes sold for a median of 95.26% of list price in July 2023, an evidence of buyers are negotiating on list prices.
• The most active price band for single family homes on the barrier island was for homes between $500,000 and $1,000,000, with 8 sales and sales ratio of 33%.
• In July 2023 the median sales price for single-family homes increased by 7% to $1,562,500 compared to June.
• The most active market for single family homes on the island in July 2023 was again the Central Beach area with 48 homes for sale, 14 Pending Sales, 8 sales, and 6.0 months of remaining inventory (absorption rate) and barely a Sellers Market.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 71 condos for sale on the island and 19 were sold in July 2023.
• The Vero Beach condominium market in 32963 continues to be a favorite with buyers and it is still a Sellers Market with an 27% Sales Ratio amid steady inventory.
• The inventory (condos available for sale) in July 2023 slightly increased by 1% compared to June and still 125% higher than the same period last year.
• Condos sold for a median of 95.92% of list price with an average of 70 Days on the Market (DOM) in July 2023, as buyers’ demand for condos on the island (area code 32963) is still intact.
• The most active price band was for condos priced from $1,000,000 to $2,000,000, with 4 sales and a sales ratio of 31%
• The median sales price for attached homes (condominiums) in July 2023 dropped by 46% to $536,000 compared to June as more lower priced condos were sold on the island.
• The most active market for condos in July 2023 on the barrier island was again the Central Beach area with 21 condos for sale, 32 Pending Sales, 13 sales, 1.6 months of remaining inventory (absorption rate) and a Sellers Market.

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