Palm City FL 34990 Condo Market Report October 2016

Palm City Real Estate Snapshot for ZIP Code 34990, Condo Sales for October 2016

 

For October 2016 in the 34990 Zip Code area of Palm City, Florida :

There are currently 76 active condo listings. (Increased by 5 condos from September)

  

9 Condo sales are pending and awaiting close or lender approval. (Unchanged from last month)

5 Condos Sold in October. (Up by 1 condos from September)

The Palm City FL 34990 condo real estate market is a fairly small segment of the Martin County condo market. Inventory has been rising for a few months now and closed sales are not increasing enough to offset this increase even though it has increased.

The current absorption rate for condos in the 34990 zip code area dropped to 15.2 months (was 17.8 months in October). Remaining a strong buyers’ market for Palm City condominiums.  A balanced market is considered to be an absorption rate of around 6 to 7 months.

The October 2015 numbers were: 54 active listings, 10 pending sales and 3 closed sales.   A little more closed activity this year, but this is with a significantly greater inventory of active condos listed for sale.

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