January 2023, Vero Beach Market Report

This report is comparing January of this year to last year. On Vero’s barrier island the median sale price was $950,000, an increase of 25%. The number of closings was just 27, which is down by almost 50% from last year. This trend of far fewer closings has been going on since spring of 2022 and has caused this oversupply of inventory. To start February the island sits on over 9 months inventory, which is now very much a buyer’s market.

On Vero Beach’s mainland, median sale price was $330,000, which is up 6% from last year. The number of closings fell by 40%. Inventory of available homes sits at 4 month supply, which is still a seller’s market.

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