Palm City FL 34990 Condo Market Report September 2016

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

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

There are currently 71 active condo listings. (Increased by 10 condos from August)

  

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

4 Condos Sold in September. (Up by 3 condos from August)

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.  We should have an increase in sales later this year or in the beginning of next year as we enter the condo season.

The current absorption rate for condos in the 34990 zip code area dropped to 17.8 months (was 61 months in September). 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 September 2015 numbers were: 52 active listings, 8 pending sales and 3 closed sales.   There’s significantly more inventory this year and only slightly higher closed and pending activity.