Vero Beach Market Report for 32963 October 2022

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

Vero Beach real estate sales in October 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 October 2022, the Vero Beach single-family market in 32963 was a Buyers Market with a 10% Sales Ratio.
• There were 125 single family homes for sale on the island and 12 were sold in October 2022.
• The inventory (homes available for sale) In October was slightly higher than in September but 60% higher than the same period in 2021. If inventory continues to grow relative to demand, it is likely that we will see downward pressure on pricing.
• Homes sold for a median of 98.68% of list price in October 2022, an indication that the listing 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 4 sales and sales ratio of 23%.
• In October 2022 the median sales price for single-family homes increased by 18% to $1,487,500 compared to September. The prices appear to have stabilized for now.
• The most active market for single family homes on the island in October 2022 was again the Central Beach area with 31 homes for sale, 17 Pending Sales, 6 sales, and 5.2 months of remaining inventory (absorption rate) and a Slight Sellers Market .

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 52 condos for sale on the island and 12 were sold in October 2022.
• The Vero Beach condominium market in 32963 has started cooling down but it remains in a Slight Sellers Market with an 23% Sales Ratio amid increasing inventory.
• The inventory (condos available for sale) in October 2022 increased by 11% compared to September and 20% higher than the same period in 2021.
• Condos sold for a median of 97.05% of list price with an average of 56 Days on the Market (DOM) in October 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 moving forward
• The most active price band was $1,000,000 to $2,000,000, with 4 sales and a sales ratio of 46%
• The median sales price for attached homes (condominiums) in October 2022 jumped by 40% to $890,000 compared to September, mainly due to sales of high-priced condos.
• The most active market for condos in October 2022 on the barrier island was again the Central Beach area with 31 condos for sale, 32 Pending Sales, 7 sales, 4.4 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.