2023 Q1 Vero Beach Market Report

This report will compare first quarter of  last year to first quarter of 2023. On the barrier island the median sale price was $900,000 which is exactly the same as the year before, so essentially flat. The number of closings went from 162 to 129, showing modest decline.

A stat caught my attention that indicates how the market is functioning on the day to day is the asking prices. Last year the median asking price was $899,000, meaning sellers were getting $1,000 over asking price and often had bidding wars. In 2023 it was $950,000 showing sellers have been coming down by $50,000, but ultimately settling in the same place and settling for pricing that is still related to comparable sold homes.

On Vero Beach’s mainland, the median sale price is $346,000 which is up 11% from last year. The number of closings was 434 which is down 26% from last year.

Thank you for reading this report, I will keep watching the market.