Vero Beach Market Report for 32963 July 2024

The Vero Beach Real Estate Market Report for zip code 32963 in Ju;y2024 shows that the real estate market became a Balanced Market for Single Family homes as sales rebounded, but remained a Balanced Market for condos on the barrier island. Sales for single family homes increased dramatically this month as demand for Vero Beach homes on the barrier island continues.

Vero Beach real estate sale prices increased for Condos on the barrier island but decreased for single family homes in June of 2024. Following are some statistics for this month.

Vero Beach Market for Single Family homes in 32963

• In July 2024, the Vero Beach single-family homes market in 32963 became a Balanced Market with 18% Sales Ratio.
• There were 173 single family homes for sale on the island and 32 were sold in July 2024.
• The inventory (homes available for sale) in July 2024 decreased by 5% versus June of 2024. If inventory remains at these levels relative to demand, it is likely that will see that sale prices will keep adjusting.
• Homes sold for a median of 92.94% of list price with an average of 88 Days on the Market (DOM) in July 2024, a slight increase from last month as buyers’ were still active in Vero Beach.
• 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 9 sales and sales ratio of 30%.
• In July 2024 the median sales price for single-family homes decreased by 4% to $1,232,000 compared to June, as some buyers targeted lower priced single family homes on the barrier island.
• The most active market for single family homes on the island in July 2024 was the Central Beach area with 74 homes for sale, 14 Pending Sales, 14 sales, 5.4 months of remaining inventory (absorption rate) and a Sellers Market. The decrease in pending sales in July is an indicator that the summer could be slower for sales of single family homes on the island.

Vero Beach Market for Attached Homes/Condominiums in 32963

• There were 148 condos for sale on the island and only 10 were sold in July 2024.
• The Vero Beach condominium market in 32963 was a Buyers Market with only 7% Sales Ratio as buyers’ demand for condos on the island was muted again in June.
• The inventory (condos available for sale) in July 2024 slightly decreased compared to June as some sellers were hesitant to list their condos and still waiting to see a better market environment.
• Condos sold for a median of 92.34% of list price as the average of the Days on the Market (DOM) jumped by 20% to 125 DOM as buyers were again more hesitant to commit to a purchase.
• The most active price band was for condos priced over $2M, with only 3 sales and a sales ratio of 30%
• The median sales price for attached homes (condominiums) in July 2024 jumped by 76% to $887,500 compared to June as higher priced condos appeared to be favored by the buyers.
• The most active market for condos in Ju;y2024 on the barrier island was the Central Beach area with 68 condos for sale, 15 Pending Sales, 3 sales, 22.7 months of remaining inventory (absorption rate) and a Strong Buyers Market .

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