Stuart Florida Market Report ZIP Code 34997 – Residential, November 2011
Stuart Florida Real Estate Snapshot for ZIP Code 34997, Residential Sales for November 2011
There are currently 527 active listings (an increase of 8 from October).
198 Residential sales are pending and awaiting close or lender approval (Up 5 from October).
42 Homes Sold in October (Down 5 from October)
Compared to October, the 34997 zip code area of Stuart Florida saw movement in the wrong direction, with inventory up for the second month in a row and both pending sales and closed sales off as well. Of more interest, compared to November of 2010, inventory is up by about 100 homes, but sales are more than double and pending sales are almost triple last year’s numbers.
So, it appears that we are seeing a seasonal slowing of the market for the holiday season, but numbers are still dramatically higher than last year’s figures. This is showing great promise for the year ahead. For those waiting for prices to come back to pre-bubble values, we just don’t believe it will happen any time soon. Housing is currently at historically affordable levels and those that can afford or qualify are making their moves. At one point in the future, these low-interest rates are bound to go up making homes less affordable
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