Vero Beach Market Report for 32963 May 2024

The Vero Beach Real Estate Market Report for zip code 32963 in May 2024 shows that the real estate market was still a Balanced Market for both Condos and Single Family homes on the barrier island amid improving inventory. Sales for condos and single family homes slightly increased again this month after the strong winter season as buyers’ demand for Vero Beach homes on the barrier island remained steady.

Vero Beach real estate sale prices also increased for both single family homes and Condos ion the barrier island in March of 2024. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In May 2024, the Vero Beach single-family homes market in 32963 was again a Balanced Market with 20% Sales Ratio.
• There were 208 single family homes for sale on the island and 41 were sold in May 2024.
• The inventory (homes available for sale) in May 2024 increased slightly by 1% versus April of 2024. If inventory remains steady relative to demand, it is likely that will see that sale prices will also stabilize.
• Homes sold for a median of 93.85% of list price with an average of 84 Days on the Market (DOM) in May 2024, a slight decrease from last month as buyers’ were still active post winter season.
• 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 10 sales and sales ratio of 26%.
• In May 2024 the median sales price for single-family homes increased by 11% to $1,475,000 compared to April, as some buyers targeted higher priced single family homes on the barrier island.
• The most active market for single family homes on the island in May 2024 was the Central Beach area with 82 homes for sale, 26 Pending Sales, 20 sales, and 4.1 months of remaining inventory (absorption rate) and a slight Sellers Market. The decrease in pending sales in May is an indicator that June could be a slower month for sales of single family homes on the island.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 168 condos for sale on the island and 29 were sold in May 2024.
• The Vero Beach condominium market in 32963 was a Balanced Market with 17% Sales Ratio as buyers were active for condos on the island this month.
• The inventory (condos available for sale) in May 2024 remained at the same level compared to April as some sellers are still waiting to see a better economic environment to list their condos.
• Condos sold for a median of 94.72% of list price as the average of the Days on the Market (DOM) declined by 42% to 57 DOM as buyers were a little more eager to commit to a purchase before season’s end.
• The most active price band was for condos priced from $1M to $2M, with 9 sales but with a sales ratio of 29%
• The median sales price for attached homes (condominiums) in May 2024 slightly increased by 4% to $748,000 compared to April as higher priced condos appeared to be favored by the buyers.
• The most active market for condos in May 2024 on the barrier island was the Central Beach area with 73 condos for sale, 17 Pending Sales, 14 sales, 5.2 months of remaining inventory (absorption rate) and a slight 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.