Stuart Florida Market Report ZIP Code 34997 – Condo, May 2012
Stuart Real Estate Snapshot for ZIP Code 34997, Condo Sales for May 2012
For May 2012 in the 34997 Zip Code area of Stuart, Florida :
There are currently 110 active condo listings (A decrease of 5 condos form April).
29 Condo sales are pending and awaiting close or lender approval (Down 5 condos from April).
14 Condos Sold in June (A decrease of 4 condos from April).
A slightly disappointing month for the Stuart condo market for the area in ZIP code 34997. While inventory decreased to 110 condos both pending and closed sales were also off. The 34997 zip code area of Stuart contains a fairly good supply of condo communities, but there is definitely a shortage of good inventory which is affecting sales. The current one-month absorption rate is just under 8 months. Still a buyer’s market, but close to a balanced market which would be with a 6 to 7-month absorption rate.
Last years numbers were 111 active listings, 30 pending sales and 8 closed sales. The market is marginally better than May of 2011. We are now being hampered by lack of inventory.
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