Vero Beach Market Report for 32963 November 2023

The Vero Beach Real Estate Market Report for zip code 32963 in November 2023 shows that the real estate market status has changed also for condos on the island as we now are in a Buyers Market along with the single family homes. The inventory was increased again this month in anticipation for the winter season but buyers’ demand for Vero Beach homes on the barrier island hasn’t increased yet.

Vero Beach real estate sales decreased in November 2023 and slightly higher than the same period in 2022. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In November 2023, the Vero Beach single-family market in 32963 was a Buyers Market with only 11% Sales Ratio.
• There were 173 single family homes for sale on the island and only 19 were sold in November 2023.
• The inventory (homes available for sale) in November 2023 increased by 5% versus last month. If inventory starts to increase relative to demand, it is likely that will see some more price adjustments, at least until the traditionally strong winter season.
• Homes sold for a median of 95.73% of list price with an average of 114 Days on the Market (DOM) in November 2023, a slight decrease from last month but buyers’ demand is still subsiding.
• 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 only 5 sales and sales ratio of 14%.
• In November 2023 the median sales price for single-family homes increased by 18% to $1,395,000 compared to October, as some buyers grabbed higher priced homes on the island.
• The most active market for single family homes on the island in November 2023 was the Central Beach area with 71 homes for sale, 19 Pending Sales, 9 sales, and 7.9 months of remaining inventory (absorption rate) and a Balanced Market.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 107 condos for sale on the island and only 14 were sold in November 2023.
• The Vero Beach condominium market in 32963 became a Buyers Market with 13% Sales Ratio as some buyers were siting on the sidelines possibly anticipating lower interest rates.
• The inventory (condos available for sale) in November 2023 increased by 18% compared to October but more sellers are waiting to see a better economic environment in anticipation for the upcoming season.
• Condos sold for a median of 94.84% of list price with an average of 120 Days on the Market (DOM) in November 2023.
• The most active price band was for condos priced from $800,000 to $1,000,000, with 4 sales and a sales ratio of 27%
• The median sales price for attached homes (condominiums) in November 2023 decreased by 18% to $945,000 compared to October.
• The most active market for condos in November 2023 on the barrier island was the Central Beach area with 46 condos for sale, 32 Pending Sales, 7 sales, 6.6 months of remaining inventory (absorption rate) and a Balanced 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.