Market Report: Stuart Florida Real Estate Snapshot for Zip Code 34997, Condo Sales for June 2011

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

There are currently 103 active condo listings (down 8 from last month).

27 Condo sales are pending and awaiting close or lender approval (Down 3 from May).

8 Condos Sold in May (No change from last month).

Condo Sales in the 34997 area of Stuart Florida were unchanged for June.  As with all other areas in Stuart, the inventory continues to shrink,  Pending sales were down as we will probably see a slower market for condos during the summer and early fall season.  Typical for this area of the Treasure Coast.  Actually, quite good numbers considering the weak economy and the pretty bad news reports for June.  With the decreasing inventory, demand will sooner or later catch up to supply leading to a more balanced market and hopefully an appreciation of values.

Market Report: Stuart Florida Real Estate Snapshot for Zip Code 34996, Condo Sales for June 2011

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

There are currently 203 active condo listings (down 8 from last month).

21 Condo sales are pending and awaiting close or lender approval (down 17 from May).

30 Condos Sold in June (Up 8 units from last month)

The condo market for zip code 34996 in Stuart saw an increase in closed sales while pending sales showed a marked decline.  Not unusual as the summer season tends to be slow for condo sales, which are mostly seasonal homes for our residents from the north.  Inventory continues to decrease, which is a good sign.  Once the supply becomes more in balance with the demand, prices will stop declining and will once again begin to rise.  Interestingly enough, quite a few higher-end condos were sold last month.

Market Report: Stuart Florida Real Estate Snapshot for Zip Code 34994, Condo Sales for June 2011

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

There are currently 148 active condo listings (Down 6 from last month).

44 Condo sales are pending and awaiting close or lender approval. (an increase of 8 from May)

10 Condos Sold in June (down 3 units from last month).

After a fairly disappointing May, June has some positive statistics for the condo market in the 34994 zip code area for Stuart Florida.  While sales were off by 3 units, the inventory further declined by another 6 condos and the pending sales rose by 8 units.  Fairly strong numbers during a month with some very poor economic news that have kept many seasonal and second home buyers on the sidelines worried about the future.

Market Report: Stuart Florida Real Estate Snapshot for Zip Code 34997, Condo Sales for May 2011

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

There are currently 111 active condo listings (down 13 from last month).

30 Condo sales are pending and awaiting close or lender approval (up 7 from April).

8 Condos Sold in April (down 1 unit from last month).

Condo Sales in the 34997 area of Stuart Florida were down by just one sale while inventory continues to shrink and pending sales also rose.  While mostly a positive sign, this also shows that a large number of pending sales are distressed properties, which have a large negative effect on pricing.  Overall the trend is fairly positive, especially when compared to other segments of the martin County real estate market.

Market Report: Stuart Florida Real Estate Snapshot for Zip Code 34994, Condo Sales for May 2011

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

There are currently 154 active condo listings (up 6 from last month).

36 Condo sales are pending and awaiting close or lender approval. (a decrease of 3 from April)

13 Condos Sold in May (down 13 units from last month).

A disappointing month for the 34994 zip code portion of Stuart Florida for condo sales.  Inventory rose for the second month in a row.  Both closed and pending sales were also off.  Unfortunately not a good sign for the health of this segment of the market.