Palm City FL 34990 Residential Market Report August 2015
Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for August 2015
For August 2015 in the 34990 Zip Code area of Palm City Florida :
There are currently 355 active listings (Decreased by 8 homes from July)
155 Residential sales are pending and awaiting close or lender approval. (Decreased by 7 homes from last month)
74 Homes Sold in July (Increased by 3 sold homes from July)
After a very strong July, the Palm City FL 34990 residential real estate market continues to show strong sales activity while the inventory of available homes for sale continues to decrease. Prices continue their steady march higher so we’ll see if this is enough of an incentive to make potential sellers put their homes on the market in the coming months. Though, I don’t anticipate any large movement until the end of the holiday season.
The current absorption rate decreased slightly to to 4.8 months from 5.1 months in July. Still a sellers’ market for the Palm City zip code 34990 area for residential sales. A 6 to 7 month absorption rate is typically considered a balanced market that doesn’t favor either sellers or buyers.
The August 2014 numbers were: 436 active listings, 145 pending sales and 76 closed sales. Considering how much smaller inventory there is this year as compared to last, our market activity is better overall than it was in 2014.
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