Palm City Florida Market Report ZIP Code 34990 – Condo, November 2011

Palm City Florida Market Report ZIP Code 34990 – Condo, November 2011

Palm City Real Estate Snapshot for ZIP Code 34990, Condo Sales for November 2011

For November, 2011 in the 34990 Zip Code area of Palm City, Florida :



There are currently 60 active condo listings. (Up 1 from October)

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3 Condo sales are pending and awaiting close or lender approval. (Up 1 from last month)

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1 Condos Sold in November. (A decrease of 1 condo from October)

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The 34990 zip code area of Palm City condo market is a fairly small section of this area as most property in Palm City is either single family homes or town homes.  With only 60 currently active listings, it is not a very large market.   Last year at this time there were 78 active listings, and the market was more active with 5 pending sales and 6 closed sales as compared to this years anemic 3 and 1 respectively.  The condo market overall remains significantly more sluggish as compared to the single family residential market.
Speculating on the reasons for this could be the current low prices of single family units.  The difficulty of obtaining financing for condos in this lending environment and the nervousness regarding the economy and future being felt by the more senior set that tend to go for the condo type of housing.  Condo sales tend to be more active after the holidays and we will hopefully see an increase in activity following the holiday season.

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Palm City Florida Market Report ZIP Code 34990 – Condo, November 2011

Stuart Florida Market Report ZIP Code 34997 – Condo, November 2011

Stuart Florida Market Report ZIP Code 34997 – Condo, November 2011

Stuart Real Estate Snapshot for ZIP Code 34997, Condo Sales for November 2011

 

For November, 2011 in the 34997 Zip Code area of Stuart, Florida :

 

There are currently 119 active condo listings (A decrease of 1 condo form October).

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24 Condo sales are pending and awaiting close or lender approval (Up 11 from October).

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5 Condos Sold in June (Down 5 from October).

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Bucking the trend for the other Stuart condo area market snapshots, the Stuart condo market for the area in ZIP code 34997 showed a decrease in inventory as well as an increase in pending sales.  Unfortunately closed sales were also off.

Compared to last year, inventory is significantly reduced (179 units to the present 119).  The sales and pendings are basically unchanged.  The majority of sales in this market area remain in the lower price ranges.

 

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Stuart Real Estate Snapshot for ZIP Code 34997, Condo Sales for November 2011

Stuart Florida Market Report ZIP Code 34996 – Condo, November 2011

Stuart Florida Market Report ZIP Code 34996 – Condo, November 2011

Stuart Real Estate Snapshot for ZIP Code 34996, Condo Sales for November 2011

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

 

There are currently 225 active condo listings (Up 12 from last month).

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21 Condo sales are pending and awaiting close or lender approval (A decrease of 3 from October).

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14 Condos Sold in November (A decrease of 3 condo from October)

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The Stuart condo market for the area in ZIP code 34996 had another month of increased inventory for November. Also, a second month of small decreases in closed and pending sales.  Hopefully, this is just a typical seasonal slow down as we get into the holiday months. The large increase in inventory is troubling for sellers as this may have significant downward pressure on prices for the coming winter season if this trend continues.

There were a couple of higher priced sales this past month, which helps the average sales price report and brings those numbers up a bit.  Inventory does remain approximately 20% below the 2010 level, but unfortunately sales as well as pending sales were also down.  The 2012 selling season should start to heat up in the January report (two months from now) and hopefully the trend will be positive.

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Stuart Florida Market Report ZIP Code 34996 – Condo, November 2011

Stuart Florida Market Report ZIP Code 34994 – Condo, November 2011

Stuart Florida Market Report ZIP Code 34994 – Condo, November 2011

Stuart Real Estate Snapshot for ZIP Code 3499, Condo Sales for November 2011

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

 

There are currently 146 active condo listings (Up 11 from October).

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35 Condo sales are pending and awaiting close or lender approval. (Up 4 from last month)

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10 Condos Sold in November (Down 11 units from October).

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Unlike the residential market in Martin County, Florida, the Stuart condo market for the area in ZIP code 34994 continues to show some weakness.  While inventory is down significantly from last years levels (177 units in 2010 to 146 in 2011), sales were off from the previous month as well as last year.  Inventory has also risen for the past two months.  On a positive note, pending sales were up slightly.  The vast majority of sales in this Stuart (34994 zip code market) are selling in the lower spectrum of the price range.

How much of this market trend can be attributed to the slower holiday season is not known at this point.  In the next few months, the peak season for condos will show what the market can bear for the 2012 Treasure Coast condo sales season.

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Stuart Florida Market Report ZIP Code 34994 – Condo, November 2011

Hobe Sound Florida Market Report ZIP Code 33455 – Residential, November 2011

Hobe Sound Florida Market Report ZIP Code 33455 – Residential, November 2011

 

Hobe Sound Real Estate Snapshot for ZIP Code 33455, Residential Sales for November 2011

 

For November, 2011 in the 33455 Zip Code area of Hobe Sound, Florida :

There are currently 316 active listings. ( Down 12 from October)

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71 Residential sales are pending and awaiting close or lender approval (Up 12 from October)

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15 Homes Sold in November (A decrease of 15 homes from last month)

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Bucking the trend from the rest of Martin County, the Hobe Sound real estate market (ZIP Code 33455) had a second month of decreasing inventory and increasing pending sales.  Unfortunately closed sales were down by 50% from 30 units (a strong October) to only 15 last month.

Comparing to last November, we had 431 active listings, 51 pending sales and 16 closed sales.  Even with a significant decrease in inventory, sales as well as pending sales remain strong.  In addition, recent sales have tended toward more medium and upper end price ranges which shows many higher income buyers coming back into the market.

Provided we don’t see a drastic increase in distressed properties (short sales and bank owned foreclosures), we should be in line for a good performance from the Hobe Sound real estate market in 2012.

 

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Hobe Sound Florida Market Report ZIP Code 33455 – Residential, November 2011