Vero Beach, FL

Vero Beach

Vero Beach has benefited from a lot of the dynamics that made Florida real estate markets boom during the pandemic. Vero Beach sales prices were on a slow downtrend in 2015-2019, but saw a sharp uptick with prices more than doubling from $5.9M in 2019 to $12.9M in 2021. This pattern is similar to other Florida markets. Since 2021, however, Vero Beach is slipping downwards again, with average sales prices down every year compared to the previous year.

Highlights

1. Average sales prices have been down every year since 2021

2. However, prices remain elevated compared to pre-COVID years

3. 300 DOM is comparable to US average, but fast for Vero 

Despite strong pandemic-era growth, Vero Beach remains a troubled market

Before 2020, the top properties of Vero Beach were troubled by extremely long sales cycles with a significant portion of them staying on the market for over 1,000 days. In the last few years, this has shrunk to a now comparable level to US and Florida averages (~300 days). This, however, somewhat masks a troubling trend: properties that don’t sell in the first 180 days tend to sell at a very significant 28% discount to their original listing price. While properties that sell in under 180 days sell only at an 8% discount to the listing price—enjoying both a smoother sale and more favorable economics. Coupled with declines in sale prices, it seems prudent for sellers to optimize for speedy transactions instead of sitting things out.