Palm City FL 34990 Residential Market Report January 2016
Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for January 2016
For January 2016 in the 34990 Zip Code area of Palm City Florida :
There are currently 400 active listings (Increased by 25 homes from December)
156 Residential sales are pending and awaiting close or lender approval. (Increased by 42 homes from last month)
49 Homes Sold in December (Decreased by 11 sold homes from December)
The Palm City FL, zip code 34990, residential real estate market had a strong increase in inventory as well as pending sales to begin the year. Unfortunately sales were off as compared to last month, but I expect this to be only short term as the increase in the under contract numbers should result in more closed sales for the coming months.
The current absorption rate increased to to 8.2 months from 6.3 months in December. Back into a buyers 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 January 2015 numbers were: 443 active listings, 158 pending sales and 55 closed sales. Slightly higher closed sales last year but it was with less inventory. Pending sales are just about the same even with the lower number of available Palm City homes for sale.
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