Vero Beach Mainland Market Report November 2023

The November 2023 Real Estate Market Report for Vero Beach Mainland shows that we have moved to a Balanced Market as buyers were hesitant to make a move possibly anticipating lower interest and mortgage rates. We continue to see increase in the inventory while buyers’ demand has subsided.

Sale prices continue to stabilize amid slowing activity with more price adjustments showing that the elevated prices are affecting sales. We still need to see whether the upcoming winter season will play a role in demand and sale prices. Following are some statistics for this month.

Vero Beach Mainland Real Estate Market Insights

• In November 2023, the Vero Beach Mainland moved to a more Balanced Market with a 17% Sales Ratio.
• There were 679 homes for sale on the mainland but only 114 were sold in November 2023.
• The inventory (homes available for sale) in November 2023 increased by 16% from October as more sellers are anticipating a strong winter season when snowbirds arrive. The steady flow of new inventory may keep listing and sale prices steady for a while.
• In November 2023, homes sold for a median of 97.39% of list price, at slightly higher level than last month amid stabilizing prices.
• The most active price band for Vero Beach Mainland homes was again homes priced from $500,000 to $1,000,000, with 25 sales but with sales ratio of only 12%, and buyers are still targeting higher priced homes in Vero Beach mainland.
• In November 2023 the median sales price slightly increased by 3% compared to October with median price at $352,500.
• The most active market in November 2023 was again the Southeast County area with 264 homes for sale, 67 Pending Sales, 44 sales, 6 months of remaining inventory (absorption rate) and barely a Sellers Market.

For a more comprehensive market analysis for a specific Vero Beach area or neighborhood on the Mainland or any other zip code use the request form below.