Vero Beach Market Report for 32963 March 2024

The Vero Beach Real Estate Market Report for zip code 32963 in March 2024 shows that the real estate market is still a Buyer’s Market for Condos but became a Balanced Market for Single Family homes on the barrier island as inventory improved . The inventory for condos and single family homes slightly increased again this month as we are now into the end of the winter season and buyers’ demand for Vero Beach homes on the barrier island remains steady.

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

Vero Beach Market for Single Family homes in 32963

• In March 2024, the Vero Beach single-family homes market in 32963 became a Balanced Market with 15% Sales Ratio.
• There were 219 single family homes for sale on the island and 33 were sold in March 2024.
• The inventory (homes available for sale) in March 2024 decreased slightly by 4% versus February of 2024. If inventory remains steady relative to demand, it is likely that will see that sale prices will stabilize.
• Homes sold for a median of 93.22% of list price with an average of 97 Days on the Market (DOM) in March 2024, a slight increase from last month as buyers’ were still active amid some price adjustments.
• 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 8 sales and sales ratio of only 22%.
• In March 2024 the median sales price for single-family homes jumped by 44% to $1,485,000 compared to February, but some buyers were still targeting lower priced single family homes on the island.
• The most active market for single family homes on the island in March 2024 was the Central Beach area with 95 homes for sale, 34 Pending Sales, 13 sales, and 7.3 months of remaining inventory (absorption rate) and a Balanced Market. The increase in pending sales is a good indicator that April may be a good month for sales of single family homes on the island.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 179 condos for sale on the island and 24 were sold in March 2024.
• The Vero Beach condominium market in 32963 favored slightly the buyers and became a Buyers Market with 13% Sales Ratio as some buyers were focus on single family homes on the island this month.
• The inventory (condos available for sale) in March 2024 increased by 14% compared to February but some sellers are still waiting to see a better economic environment to make their move.
• Condos sold for a median of 96.62% of list price but the average of the Days on the Market (DOM) dropped by 38% to 60 DOM as buyers were more active as the winter season is coming to an end.
• The most active price band was for condos priced from $1M to $2M, with 5 sales but with a sales ratio of only 17%
• The median sales price for attached homes (condominiums) in March 2024 dropped by 49% to $711,500 compared to February as more lower priced condos were sold.
• The most active market for condos in March 2024 on the barrier island was the Central Beach area with 68 condos for sale, 33 Pending Sales, 14 sales, 4.9 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.