Stuart Florida Market Report ZIP Code 34996 – Residential, February 2012

Stuart Florida Market Report ZIP Code 34996 – Residential, February 2012

 

Stuart Real Estate Snapshot for ZIP Code 34996, Residential Sales for February 2012

 

 

For February, 2011 in the 34996 Zip Code area of Stuart, Florida :

There are currently 183 active listings (Down 7 from January).

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35 Residential sales are pending and awaiting close or lender approval (Up 7 from January).

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8 Homes Sold in February (Up 2 from January).

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The 34996 zip code area of Stuart Florida along with the majority of areas in the Treasure Coast had a strong February market with all tracked categories moving in the right direction.

Comparing the numbers to February of 2011, there were 206 active listings, 30 pending sales and 7 closed sales.  With the inventory continuing to decline, sales levels and pending sales levels remain at or above last years levels.  Those properties that are attractive and priced well continue to sell, and often quite fast.

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Stuart Florida Market Report ZIP Code 34996 – Residential, February 2012

Stuart Florida Market Report ZIP Code 34994 – Condo, February 2012

Stuart Florida Market Report ZIP Code 34994 – Condo, February 2012

Stuart Real Estate Snapshot for ZIP Code 34994, Condo Sales for February 2012

For February, 2011 in the 34994 Zip Code area of Stuart, Florida :

 

There are currently 148 active condo listings (Down by 6 condos from January).

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46 Condo sales are pending and awaiting close or lender approval. (Up 13 from last month)

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15 Condos Sold in February (Up 4 units from January).

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After a pretty slow start to 2012, the Stuart Condo market for zip code 34994 showed some life in February with all trends moving in the right direction.  Noticeable was a large jump in pending sales. Compared to February of 2011, when there were 141 active listings, 24 pending sales and 3 closed sales. The inventory is down from last year, but pending and closed sales remain weak in this segment of the market. This is increasing pressure for additional price drops, unless sales can pick up in the latter part of this season.

The next few months, the peak season for condos will show what the market can bear for the 2012 for the Treasure Coast condo market.

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Stuart Florida Market Report ZIP Code 34994 – Condo, February 2012

Stuart Florida Market Report ZIP Code 34994 – Residential, February 2012

Stuart Florida Market Report ZIP Code 34994 – Residential, February 2012

Stuart Real Estate Snapshot for ZIP Code 34994, Residential Sales for February 2012

For February, 2012 in the 34994 Zip Code area of Stuart, Florida :

 

There are currently 148 active listings (Down 5 from January).

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43 Residential sales are pending and awaiting close or lender approval (Up 5 from January).

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7 Homes Sold in February (Up 1 homes from January)

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The 34994 ZIP code area of Stuart continues to show a steady improvement across the board.  Inventory decreased, pending and closed sales were up.   We are rapidly approaching the point that with a dwindling inventory, buyers will either pay a premium if they want this location or look elsewhere.

Last February at this time, there were 99 active listings, 29 pending sales and 6 closed sales.

With the lower number of homes on the market this year, it will be interesting to see what happens as we continue in the height of the season these months.

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Stuart Florida Market Report ZIP Code 34994 – Residential, February 2012

Sewalls Point Market Report – Residential, February 2012

Sewalls Point Market Report – Residential, February 2012

Sewalls Point Real Estate Snapshot, Residential Sales for February 2012

There are currently 66 active listings (an increase of 7 home for sale from January)

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9 Residential sales are pending and awaiting close or lender approval (An decrease of 2 from January)

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3 Homes sold in January (Unchanged from January)

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Continuing slow results for the Sewalls Point market report.  Inventory has gone up to 66 homes while sales remained slow at 3 closed homes and pending sales were also off from the past couple of months.  This compared to other parts of martin County which had some fairly strong results.  The Sewalls Point price point remains high for many of today’s buyers and this is possibly what is causing the slow activity at present.

Comparing the results to February of 2011, the inventory is down from 69 homes, pending sales were 12 last year and no homes sold.  So while it wasn’t a particularly good month this year, still some what better than last year.

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Sewalls Point Market Report – Residential, February 2012

Martin County Florida Condo Market Report for January 2012

Martin County Florida Condo Market Report for January 2012

 

Commentary:

Much like the residential segment of the Martin County real estate market, the Martin County Florida Condo Market Report for January 2012 retreated for the first month of 2012.  Sales for January were an anemic 37 units, down from January of 2011 (42 units)  and also off from December which had 52 sales.  On a positive note, the median sales price was at it’s highest level in over a year.  Unfortunately, I don’t believe that this represents a rise in prices, but rather the mix of types of units that have sold.  There is still too much inventory in some segments to sustain a continued rise in prices, though we are reaching very near the bottom of the market, if we haven’t already passed it.

The inventory is now down to 664 condos, which is down from 673 last month and from 774 in January of 2011.  A decreased inventory generally will trigger an increase in demand as the supply of existing units just isn’t available increasing the urgency for buyers.

Unfortunately the absorption rate remains troubling on the higher end, with January’s one month value of almost 18 months and the three month moving average is now up to 16.2 months. said another way, it’s averaging well over a year for the average condo to sell in Martin County, Florida.  We need to get the absorption rate below 9 months for a healthy market and down to 6 or 7 months to be considered a balanced one.

The big uncertainty that remains is the economy. We believe that if we have any sustained good news, we will see a pretty good rush on the market which will be a nice change from the present. For the longer term, even though we have the best mortgage rates in history at the moment, inflation is making news and this is not good for rates down the line. The Fed is working hard to keep rates down, but for how long, we’re just not to sure.

Our outlook for Martin County is fairly positive as for buyers, prices and rates remain very attractive. For sellers, it doesn’t look like we’re going to see any significant improvements soon, so if you need to sell, you may be better off now than possibly in the near future.

Click on the individual charts to see charts in expanded mode.

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The Definition of Absorption Rate:
Number of months it takes to sell the current inventory at the present rate of sales. Knowing your area’s Absorption Rate, helps to track trends. Understanding the market and where it is headed is part of our job as real estate professionals. Absorption rate is NOT an exact science. Figuring it is based on the premise that one will be looking for a TREND. It is advised to consistently do the numbers each month, to be able to track a trend.

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Data compiled from the Realtor Association of Martin County

See the full set of charts at Treasure Coast FL Homes

Martin County Florida Condo Market Report for January 2012

the Gabe Sanders real estate team

Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

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