Palm City Florida Market Report ZIP Code 34990 – Residential, September 2012
Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for September 2012
For September 2012 in the 34990 Zip Code area of Palm City Florida :
There are currently 402 active listings (An increase of 2 homes from August)
170 Residential sales are pending and awaiting close or lender approval. (An increase of 9 homes from last month)
33 Homes Sold in September (Decreased by 35 homes from August)
For the Palm City, zip code 34990, area of Martin County Florida activity slowed in September after a super spring. Closed sales were off by a significant amount (50%). However, pending sales were up showing some good potential for the fall. The inventory of available homes for sale increased marginally, but still remain at levels lower than they’ve been in quite a few years. The market activity remains active, much more so than in the past few years.
The current absorption rate shot up to just over 12 months, which is considered to be a buyers market. A 6 month absorption rate is typically considered a balanced market that doesn’t favor either sellers or buyers. Much of these numbers are a reflection of the slower activity which is typical for our area in the summer months.
The September 2011 numbers were: 482 active listings, 124 pending sales and 49 closed sales. Considerably improved market activity for September 2012, especially when the lower inventory is factored into the results.
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