Vero Beach Market Report for 32963 November 2022

The Vero Beach Real Estate Market Report for zip code 32963 in November 2022 shows that the market for single family homes continues to soften and it is a Buyers Market and a Balanced Market for condos on the barrier island. The inventory continues to increase while buyers’ appetite for homes in Vero Beach has waned. The increase in mortgage rates has definitely put a damper on buyers’ appetite for home purchasing. As sellers are preparing for the upcoming winter season, they need to consider the current market condition and price their homes right in order to sell along with the help of real estate professionals.

Vero Beach real estate sales in November 2022 continue to decrease compared to the same period last year. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In November 2022, the Vero Beach single-family market in 32963 was a Buyers Market with only 6% Sales Ratio.
• There were 129 single family homes for sale on the island and 8 were sold in November 2022.
• The inventory (homes available for sale) In November was slightly higher than in October and 67% higher than the same period in 2021. If inventory continues to grow relative to demand, it is likely that we will see more downward pressure on pricing.
• Homes sold for a median of 94.20% of list price in November 2022, another indication that the listing and sale prices are adjusting to the buyers’ demand.
• The most active price band for single family homes on the barrier island was $1,500,000 to $2,000,000 , with 3 sales and sales ratio of only 13%.
• In November 2022 the median sales price for single-family homes slightly decreased by 7% to $1,390,000 compared to October. The prices appear to stabilize with some downward shift.
• The most active market for single family homes on the island in November 2022 2022 was the Central Beach area with 36 homes for sale, 23 Pending Sales, 1 sale, and 36 months of remaining inventory (absorption rate) and a Buyers Market .

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 64 condos for sale on the island and 13 were sold in November 2022.
• The Vero Beach condominium market in 32963 has started cooling down and it is now a Balanced Market with an 20% Sales Ratio amid increasing inventory.
• The inventory (condos available for sale) in November 2022 increased by 23% compared to September and 77% higher than the same period in 2021.
• Condos sold for a median of 97.22% of list price with an average of 64 Days on the Market (DOM) in November 2022, an indication that the real estate market for condos on the island (area code 32963) is softening. We’ll be watching any changes to this trends for clues as we enter the traditionally strong winter season.
• The most active price band was $800,000 to $1,000,000, with 3 sales and a sales ratio of 43%
• The median sales price for attached homes (condominiums) in November 2022 decreased by 19% to $725,000 compared to October.
• The most active market for condos in November 2022 on the barrier island was again the Central Beach area with 36 condos for sale, 31 Pending Sales, 6 sales, 5.8 months of remaining inventory (absorption rate) and still 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.