Vero Beach Market Report for 32963 September 2023

The Vero Beach Real Estate Market Report for zip code 32963 in September 2023 shows that we are in a holding pattern with condos in balanced market and single family homes in a buyers market. The inventory was slightly increased this month in anticipation for the winter season but buyers’ demand for Vero Beach homes on the barrier island continues to wane.

Vero Beach real estate sales decreased again in September 2023 and almost at the same levels as the same period in 2022. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In September 2023, the Vero Beach single-family market in 32963 was a Buyers Market with only 11% Sales Ratio.
• There were 139 single family homes for sale on the island and only 15 were sold in September 2023.
• The inventory (homes available for sale) in September 2023 increased slightly versus last month. If inventory continues to remain steady relative to demand, it is likely that will see some price adjustments moving forward, at least until the winter season.
• Homes sold for a median of 93% of list price with an average of 57 Days on the Market (DOM) in September 2023, an evidence of buyers demand is waning.
• 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 8 sales and sales ratio of 31%.
• In September 2023 the median sales price for single-family homes dropped by 40% to $870,000 compared to August, as buyers were focusing on lower priced homes on the island.
• The most active market for single family homes on the island in September 2023 was the Central Beach area with 58 homes for sale, 17 Pending Sales, 5 sales, and 11.6 months of remaining inventory (absorption rate) and a Buyers Market.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 77 condos for sale on the island and only 14 were sold in September 2023.
• The Vero Beach condominium market in 32963 moved to a Balanced Market with 18% Sales Ratio as buyers are still interested in condos on the island but assessing the higher list prices and higher interest rates.
• The inventory (condos available for sale) in September 2023 increased by 15% compared to August but more sellers are waiting to see whether better economic environment in anticipation for the upcoming season.
• Condos sold for a median of 95.90% of list price with an average of 73 Days on the Market (DOM) in September 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 25%
• The median sales price for attached homes (condominiums) in September 2023 almost doubled and increased by 93% to $830,000 compared to August as more higher priced condos were sold on the island.
• The most active market for condos in September 2023 on the barrier island was the Central Beach area with 33 condos for sale, 33 Pending Sales, 4 sales, 8.3 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.