Vero Beach Market Report for 32963 March 2023

The Vero Beach Real Estate Market Report for zip code 32963 in March 2023 shows that buyers were very active and shifting the market into a sellers market for both single family homes and condos on the island. Despite the continued increase in the inventory, the strong buyer demand for homes on the barrier island resulted in increases in closings and pending sales.

Vero Beach real estate sales in March 2023 increased and approached the same levels as during the same period last year. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In March 2023, the Vero Beach single-family market in 32963 was a Sellers Market with 27% Sales Ratio.
• There were 157 single family homes for sale on the island and 43 were sold in March 2023.
• The inventory (homes available for sale) slightly increased in March but still 34% higher than the same period in 2022. If inventory continues to grow at the same rate relative to demand, it is likely that will affect pricing especially after the winter season.
• Homes sold for a median of 96.37% of list price in March 2023, as more buyers were 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 14 sales and sales ratio of 52%.
• In March 2023 the median sales price for single-family homes decreased by 17% to $1,355,000 compared to February, mainly due to sales of lower priced homes.
• The most active market for single family homes on the island in March 2023 was the Central Beach area with 37 homes for sale,44 Pending Sales, 16 sales, and 2.6 months of remaining inventory (absorption rate) and a Strong Sellers Market.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 72 condos for sale on the island and 24 were sold in March 2023.
• The Vero Beach condominium market in 32963 got targeted by buyers and it is a Sellers Market with an 33% Sales Ratio amid steady inventory.
• The inventory (condos available for sale) in March 2023 increased by 11% compared to February and still 300% higher than the same period last year.
• Condos sold for a median of 96.66% of list price with an average of 55 Days on the Market (DOM) in March 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 4 sales and a sales ratio of 200%
• The median sales price for attached homes (condominiums) in March 2023 increased by 17% to $616,500 compared to February as more condos were sold.
• The most active market for condos in March 2023 on the barrier island was again the Central Beach area with 38 condos for sale, 43 Pending Sales, 8 sales, 4.8 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.