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

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

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

There are currently 150 active condo listings (Up by 3 condos from April).

37 Condo sales are pending and awaiting close or lender approval. (Down 6 from last month)

23 Condos Sold in May (Increased by 8 condos from April).

The Stuart Condo market for zip code 34994 showed an increase of closed sales, reflecting the winter and spring contracts that were written and went into pending status.  As the summer approaches, the inventory has taken another small rise and pending sales also decreased slightly as we typically go into a slower market for condos during the summer and fall months.  It should be noted that the 34994 zip code area of Stuart has a fairly low number of condo developments compared to other zip codes in Martin County and Stuart.

In May of 2011 the numbers were: 154 active listings, 36 pending listings and 13 closed sale.  Better closed sales numbers and pending sales along with a lower inventory.  We are still doing considerably better than last year with an improved real estate market in almost all Martin County residential real estate segments.

The one month absorption rate for this market is now 6.5 months.  Typically a real estate market is considered to be a balanced market with an absorption rate of 6 to 7 months.  Meaning neither a buyers or sellers market.