Vero Beach Market Report for 32963 May 2023

The Vero Beach Real Estate Market Report for zip code 32963 in May 2023 shows that buyers were still very active and we continue to be in a sellers market for both single family homes and condos on the island. The inventory was again slightly decreased while buyers’ demand for Vero Beach homes is still intact resulting in more closings and higher sale prices.

Vero Beach real estate sales increased again in May 2023 and at almost the same levels as during the 2022 season. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In May 2023, the Vero Beach single-family market in 32963 was still a Sellers Market with 39% Sales Ratio.
• There were 129 single family homes for sale on the island and 50 were sold in May 2023.
• The inventory (homes available for sale) decreased again in May but still 234% higher than the same period in 2022. If inventory continues to remain steady relative to demand, it is likely that will affect pricing, as we have started seeing more price reductions.
• Homes sold for a median of 93.73% of list price in May 2023, an evidence of buyers not accepting sellers’ list prices.
• 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 508%.
• In May 2023 the median sales price for single-family homes increased by 26% to $1,325,000 compared to April.
• The most active market for single family homes on the island in May 2023 was again the Central Beach area with 36 homes for sale, 27 Pending Sales, 25 sales, and 1.4 months of remaining inventory (absorption rate) and a Strong Sellers Market.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 67 condos for sale on the island and 26 were sold in May 2023.
• The Vero Beach condominium market in 32963 continues to be a favorite with buyers and it is a Sellers Market with an 39% Sales Ratio amid steady inventory.
• The inventory (condos available for sale) in May 2023 slightly decreased by 3% compared to April and still 176% higher than the same period last year.
• Condos sold for a median of 95.23% of list price with an average of 59 Days on the Market (DOM) in May 2023, but strong sales of higher priced condos on the island (area code 32963) keep prices high.
• The most active price band was again $1,000,000 to $2,000,000, with 5 sales and a sales ratio of 50%
• The median sales price for attached homes (condominiums) in May 2023 slightly increased by 3% to $660,000 compared to April as more higher priced condos were sold.
• The most active market for condos in May 2023 on the barrier island was again the Central Beach area with 28 condos for sale, 34 Pending Sales, 12 sales, 2.3 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.