Predictions for 2024 Housing in Vero Beach, Florida! THE DALEY BRIEF 🌴 Market Report

Predictions for 2024 Housing in Vero Beach
Rates up, rates down - insurance challenges - what’s a seller or buyer to make of the real estate market for Vero Beach Florida in 2024?
Is the sky falling or is now a good time to buy?
I’m Sally Daley of the Daley Group at Douglas Elliman in Vero Beach Florida.
It’s January 2024 - time for our annual predictions for the coming year for all things real estate in Vero Beach Florida.
So here we go 💪
• Inventory options for home buyers will improve but remain far below pre-2019 levels.
• Sales volume will increase by 10-15% YOY, still well below pre-2019 levels but better than our record low number of sales from last year
• Prices will remain stable, flat to 4% up YOY depending on the house, locale, condition and if they possess ‘something extra” to boost perception of value like waterfront, view or locale
• Supply constraints will continue to dominate our market for the next several years
As each year passes with sales happening with buyers taking mortgages over 6% the percentage of sellers with mortgages under 5% will DECREASE -- and owners considering selling will INCREASE as the percentage of sellers deterred by low mortgages will slowly decline --
• Condition + Insurability Remain Key Criteria For Selling: new roof + ability to insure now nearly supersede move in ready condition, but move in ready condition a very close second.
• Migration from high tax states and higher priced Florida area will continue, as will the work from home phenomenon that’s driving younger buyers relocation to Vero
• Our bifurcated market will remain in place - with new, like new or move-in ready homes with insurable roofs well received with often multiple buyers -- and everything else taking 6-12 months to sell.
• And even if move in ready or new: the price matters -- and must be contextual - meaning appropriate for the neighborhood in which it exists.
We’ve seen beautiful spec homes languish as they are worth far more than their neighbors - and that’s a scary proposition for most buyers.
What do you see happening in the market for 2024? Comment below, we’d love to hear.
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Until next month, I’m Sally Daley at the Daley Group of Douglas Elliman in Vero Beach - take care!
Sally Daley
Broker + Owner
@sallydaleyvero
📱772.538.4503
✉️ [e-mail]

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