Is the Vero Beach real estate market on your radar? 

Let’s test how much you really know about the single family market on our barrier island.

(Hint: Do not listen to twitter or CNBC trolls for your answers as they will be WRONG!)

1. Are current inventory levels back to pre-COVID levels?

   No! While our current inventory at 169 homes for sale is certainly higher than our low point of 2022, inventory is rising but is still a whopping 45% BELOW pre-COVID historic norms of 300-350 homes for sale.

2. Is everyone reducing their asking prices?

   No! In fact the percent of owners who reduced their asking prices went DOWN to 41% off our early May peak of 51% of owners reducing their pricing to attract a buyer.

3. Are we in a Buyer’s or Seller’s market?

   Trick question! We are in a BALANCED market. 

   What tips the market to the Buyer or the Seller? Condition and pricing must be aligned to favor the Seller. If pricing is off for condition, the market favors the Buyer.

4. Is the average time to sell up or down?

   Another trick question! Days to sell has been remarkably stable over the past 12 months at around 3-4 months typical to get a contract.

   Is that higher than 2021-2022 levels? Yup. But again, context matters. Pre-COVID, our historic days to sell was 325-353 days, nearly a YEAR. 

   So Sellers: yes it’s taking longer to sell – but still only a fraction of the time it took pre-COVID.

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