Vero Beach Market Report for 32963 August 2024

The Vero Beach Real Estate Market Report for zip code 32963 in Ju;y2024 shows that the real estate market became a Buyers Market for Single Family homes and a Strong Buyers Market for condos on the barrier island as sales took a dive for both. Sales for single family homes were anemic this month as demand for Vero Beach homes on the barrier island has waned.

Vero Beach real estate sale prices increased slightly single family homes but dropped dramatically for cor Condos on the barrier island in August of 2024. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In August 2024, the Vero Beach single-family homes market in 32963 became a Buyers Market with 11% Sales Ratio.
• There were 150 single family homes for sale on the island and only 16 were sold in August 2024.
• The inventory (homes available for sale) in August 2024 decreased by 13% versus July of 2024. If inventory continues to decline while demand is waning, it is likely that will see that sale prices will keep adjusting downwards.
• Homes sold for a median of 92.78% of list price with an average of 101 Days on the Market (DOM) in August 2024, at almost the same levels as last month as buyers were more hesitant to pull the trigger.
• 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 3 sales and sales ratio of only 13%.
• In August 2024 the median sales price for single-family homes slightly increased by 6% to $1,309,000 compared to July, as home prices have stabilized for single family homes in Vero Beach.
• The most active market for single family homes on the island in August 2024 was the Central Beach area with 76 homes for sale, 15 Pending Sales, 6 sales, 12.7 months of remaining inventory (absorption rate) and a Buyers Market..

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 139 condos for sale on the island and only 4 were sold in August 2024.
• The Vero Beach condominium market in 32963 became a Strong Buyers Market with only 3% Sales Ratio as buyers’ demand for condos on the island has waned.
• The inventory (condos available for sale) in August 2024 slightly decreased again compared to July as some sellers were hesitant to list their condos and still waiting to see a better market environment.
• Condos sold for a median of 89.08% of list price as the average of the Days on the Market (DOM) of 121 days as buyers were again more hesitant to commit to a purchase.
• The most active price band was for condos priced between 450,000 and $500,000 , with only 1 sale and a sales ratio of only 6%
• The median sales price for attached homes (condominiums) in August 2024 dropped by 56% to $387,500 compared to July as lower priced condos appeared to be favored by the buyers this month.
• The most active market for condos in Ju;y2024 on the barrier island was the Central Beach area with 66 condos for sale, 20 Pending Sales but only 1 and 66 months of remaining inventory (absorption rate) and a Strong Buyers Market .

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