Palm City Florida Market Report ZIP Code 34990 – Condo, December 2011

Palm City Real Estate Snapshot for ZIP Code 34990, Condo Sales for December 2011

For December 2011 in the 34990 Zip Code area of Palm City, Florida :

There are currently 65 active condo listings. (Up 5 from November)

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

1 Condo Sold in December. (Unchanged from November)

The 34990 zip code area of Palm City condo market is a fairly small section of this area as most property in Palm City is either single-family homes or townhomes. With only 65 currently active listings, it is not a very large market.  Last year at this time there were 78 active listings, and the market was more active with 5 pending sales and 6 closed sales as compared to this year’s anemic 3 and 1 respectively. The condo market overall remains significantly more sluggish as compared to the single-family residential market.

Speculating on the reasons for this could be the current low prices of single-family units. The difficulty of obtaining financing for condos in this lending environment and the nervousness regarding the economy and future are being felt by the more senior set that tends to go for the condo type of housing. Condo sales tend to be more active after the holidays and we will hopefully see an increase in activity following the holiday season.