Palm City Florida Market Report ZIP Code 34990 – Residential, July 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, July 2012

 

Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for July 2012

 

For July 2012 in the 34990 Zip Code area of Palm City Florida :


There are currently 416 active listings (A decrease of 25 homes from June)

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169 Residential sales are pending and awaiting close or lender approval. (A decrease of 20 homes from last month)

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63 Homes Sold in July (Decreased 7 homes from June)

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For the Palm City, zip code 34990, area of Martin County Florida activity remained strong for July after a super spring.  Both closed and pending sales declined slightly for this month.  The inventory of available homes for sale also declined again, now at levels approaching those during the height of the real estate boom in the mid 2000’s.  Still good numbers and market activity remains active, more so than the past few years.

The current absorption rate is 6.6 months, which is considered to be a balanced market that doesn’t favor either sellers or buyers.

 

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Palm City Florida Market Report ZIP Code 34990 – Residential, July 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, June 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, June 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Condo Sales for June 2012

For June 2012 in the 34990 Zip Code area of Palm City, Florida :

There are currently 66 active condo listings. (Unchanged from May)

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

3 Condos Sold in June. (Up 1 from May)

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 town homes.  For June, there was fair activity for this market.  The inventory declined.  Pending sales were down from May, and there was a small increase in sales  But, with the fairly small market base, we don’t expect to see any major shifts in the market.
Last years numbers for the Palm City (34990 zip code area) Condo market were 56 active listings, 7 pending sales and 3 closed sales.  As opposed to all of our Martin County markets, inventory is higher from last year.  Sales and pending activity remains virtually unchanged.

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Palm City Florida Market Report ZIP Code 34990 – Condo, June 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, June 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, June 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for June 2012

For June 2012 in the 34990 Zip Code area of Palm City Florida :

There are currently 441 active listings (A decrease of 21 homes from May)

189 Residential sales are pending and awaiting close or lender approval. (A decrease of 14 homes from last month)

70 Homes Sold in June (Decreased 11 homes from May)

For the Palm City, zip code 34990, area of Martin County Florida, activity slowed some from the very strong spring.  Both closed and pending sales declined, while the inventory also continued to shrink.  Still good numbers and market activity remains active, more so than the past few years.

Comparing these numbers to June of 2011, when there were 503 active listings, 132 pending sales and 56 homes sold.  Much better market activity for Palm City this year than in the past few years.  Definitely an improving market.

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Palm City Florida Market Report ZIP Code 34990 – Residential, June 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, May 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, May 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Condo Sales for May 2012

For May 2012 in the 34990 Zip Code area of Palm City, Florida :

There are currently 66 active condo listings. (Down 2 from April)

8 Condo sales are pending and awaiting close or lender approval. (Up 5 from last month)

2 Condos Sold in May. (Up 1 from April)

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 town homes.  For May, there was good activity for this market.  Inventory continues to decline.  Both pending and closed sales were up from last month.  For this segment of the Martin County real estate market, we expect to see continued steady activity.  But, with the fairly small market base, we don’t expect to see any major shifts in the market.

Last years numbers for the Palm City (34990 zip code area) Condo market were 58 active listings, 10 pending sales and 2 closed sales.  As opposed to most Martin County markets, inventory is slightly higher from last year.  However, the sales activity has also improved slightly.

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Palm City Florida Market Report ZIP Code 34990 – Condo, May 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, May 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, May 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for May 2012

For May 2012 in the 34990 Zip Code area of Palm City Florida :

 

There are currently 462 active listings (An increase of 12 homes from April)

203 Residential sales are pending and awaiting close or lender approval. (A decrease of 25 homes from last month)

70 Homes Sold in May (Increased 21 homes from April)

For the Palm City, zip code 34990, area of Martin County Florida, the strong April continued into May with excellent closed sales.  Pending sales decreased in May which may indicate some slower closed sales in the months ahead.  Inventory was also up slightly as more home owners may realize that this could be an excellent time to sell their home.

Comparing these numbers to May of 2011, when there were 532 active listings, 129 pending sales and 61 homes sold.  Showing an all around improvement from last year, though only moderately better.  Interest levels for buyers remains high in the Palm City market and we are looking for continued strong activity in this market.

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Palm City Florida Market Report ZIP Code 34990 – Residential, May 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, April 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, April 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Condo Sales for April 2012

For April 2012 in the 34990 Zip Code area of Palm City, Florida :



There are currently 66 active condo listings. (Unchanged from March)

3 Condo sales are pending and awaiting close or lender approval. (Up 1 from last month)

1 Condo Sold in April. (Down 2 from March)

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 town homes. Most of the condos in Palm City are not as attractive to Martin County’s seasonal buyers and tend to be more attractive to a greater number of year round residents. This segment of the market currently is treading water with small changes in all categories.  The only bright note is the single sale this month was one of the higher priced condos in the Admiralty.

Last years numbers for the Palm City (34990 zip code area) Condo market were 58 active listings, 10 pending sales and 2 closed sales.  This segment of the martin County real estate market is just not performing at this time, unlike most of our other areas as well as the residential Palm City market.

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Palm City Florida Market Report ZIP Code 34990 – Condo, April 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, April 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, April 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for April 2012

For April 2012 in the 34990 Zip Code area of Palm City Florida :

There are currently 462 active listings (A decrease of 14 homes from March)

228 Residential sales are pending and awaiting close or lender approval. (An increase of 26 homes from last month)

49 Homes Sold in April (Increased 2 homes from March)

For the Palm City, zip code 34990, area of Martin County Florida, the strong March continued into April with positive movement in all categories. Very strong results!

Comparing these numbers to April of 2011, when there were 524 active listings, 151 pending sales and 59 homes sold, very similar numbers with a significantly smaller inventory, the exception being the much larger number of pending sales, which should translate into higher closed sales soon.

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Palm City Florida Market Report ZIP Code 34990 – Residential, April 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, March 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, March 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Condo Sales for March 2012

For March 2012 in the 34990 Zip Code area of Palm City, Florida :

There are currently 66 active condo listings. (Down 5 from February)

2 Condo sales are pending and awaiting close or lender approval. (Up 1 from last month)

3 Condos Sold in March. (Down 2 from February)

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.   Most of the condos in Palm City are not as attractive to Martin County’s seasonal buyers and tend to be more attractive to a greater number of year-round residents.  This segment of the market currently is treading water with small changes in all categories.

Last year’s numbers for the Palm City (34990 zip code area) Condo market were 65 active listings, 7 pending sales and 5 closed sales.

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Palm City Florida Market Report ZIP Code 34990 – Condo, March 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, March 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, March 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for March 2012

For March 2012 in the 34990 Zip Code area of Palm City Florida :

There are currently 476 active listings (A decrease of 6 homes from February)

202 Residential sales are pending and awaiting close or lender approval. (An increase of 26 homes from last month)

47 Homes Sold in March (Increased 17 homes from February)

For the Palm City, zip code 34990, area of Martin County Florida, the strong February continued into March with a small decrease in closed sales, but still strong with 47 homes having closed.  A large jump in homes under contract to over 200 and a modest decrease in inventory.  Very strong results!

Comparing these numbers to March of 2011, when there were 555 active listings, 145 pending sales and 59 homes sold, a slightly lower number of sales and a significantly higher number of pending sales which should translate to higher closed numbers in the near future.  Inventory remains about 15% lower than last year.

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Palm City Florida Market Report ZIP Code 34990 – Residential, March 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, February 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, February 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Condo Sales for February 2012

For February 2012 in the 34990 Zip Code area of Palm City, Florida :

There are currently 71 active condo listings. (Up 3 from January)

1 Condo sales are pending and awaiting close or lender approval. (Down 5 from last month)

5 Condos Sold in February. (Up 2 from January)

The 34990 zip code area of the 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 71 currently active listings, it is not a very large market. Last year at this time there were 71 active listings, 9 pending sales, and 3 closed sales as compared to this year’s 1 and 5 respectively. The condo market remains significantly more sluggish compared to the single-family residential market. We are seeing a new normal being established for this smaller segment of the Martin County real estate market.

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Palm City Florida Market Report ZIP Code 34990 – Condo, February 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, February 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, February 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for February 2012

For February 2012 in the 34990 Zip Code area of Palm City Florida :

There are currently 482 active listings (Increase of 8 homes from January)

176 Residential sales are pending and awaiting close or lender approval. (An increae of 15 homes from last month)

49 Homes Sold in February (Increased 17 homes from January)

For the Palm City, zip code 34990, area of Martin County Florida, another positive month in terms of closed sales and future pending sales.  Inventory crept up by a small number, but sales activity remains strong in Palm City residential real estate. Comparing these numbers to February of 2011, when there were 570 active listings, 144 pending sales and 46 homes sold, very similar numbers with a significantly smaller inventory.

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Palm City Florida Market Report ZIP Code 34990 – Residential, February 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, January 2012

Palm City Florida Market Report ZIP Code 34990 – Condo, January 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Condo Sales for January 2012

For January 2012 in the 34990 Zip Code area of Palm City, Florida :

There are currently 68 active condo listings. (Up 3 from December)

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

3 Condos Sold in January. (Up 2 from December)

     The 34990 zip code area of the 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 68 currently active listings, it is not a very large market. Last year there were 76 active listings, and the market was more active with 8 pending sales and 2 closed sales compared to this year’s 6 and 3 respectively. The condo market overall remains significantly more sluggish as compared to the single-family residential market but Palm City did see some positive movement for January.

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Palm City Florida Market Report ZIP Code 34990 – Condo, January 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, January 2012

Palm City Florida Market Report ZIP Code 34990 – Residential, January 2012

Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for January 2012

For January 2012 in the 34990 Zip Code area of Palm City Florida :

There are currently 474 active listings (Decreased by 4 homes from December)

161 Residential sales are pending and awaiting close or lender approval. (An increase of 47 homes from last month)

32 Homes Sold in January (Decreased 25 homes from December)

     For the Palm City, zip code 34990, area of Martin County Florida, it was an exceptionally strong month for contracts written, reflected in the big jump in pending sales. Unfortunately, sales were off by 25 homes, but this number should be much better in the coming months as the pending sales close.

     Comparing these numbers to January of 2010, when there were 584 active listings, 136 pending sales, and 29 homes sold, showing better numbers with a significant decrease in inventory.  The Palm City real estate market continues to show improvement.

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Palm City Florida Market Report ZIP Code 34990 – Residential, January 2012

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

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.

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

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

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

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

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

There are currently 478 active listings (Increased by 10 homes from November)

114 Residential sales are pending and awaiting close or lender approval. (A decrease of 30 homes from last month)

57 Homes Sold in December (An increase of 21 homes sold from November)

For the Palm City, zip code 34990, area of Martin County Florida, it was a strong month for closed sales.  Unfortunately, it was also the second month of increasing inventory (active listings) and also a decrease in pending sales for the future.  Comparing these numbers to December of 2010, when there were 577 active listings, 110 pending sales and 45 homes sold, we are in a better position in all categories.  With the height of the snowbird season coming, we should see some increase in activity.  The Palm City market, however, is not as seasonally influenced as our more coastal areas as this market is heavily influenced by family areas that tend not to be as seasonal, with an increase in activity normally more towards the spring and summer seasons.

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

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

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

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

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

There are currently 60 active condo listings. (Up 1 from October)

3 Condo sales are pending and awaiting close or lender approval. (Up 1 from last month)

1 Condo Sold in November. (A decrease of 1 condo from October)

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 60 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.

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

Palm City Florida Market Report ZIP Code 34990 – Residential, November 2011

Palm City Florida Market Report ZIP Code 34990 – Residential, November 2011

Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for November 2011

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

There are currently 468 active listings (Increased 11 homes from October)

144 Residential sales are pending and awaiting close or lender approval. (Increased 6 from last month)

36 Homes Sold in November (A decrease of 5 homes from October)

For the Palm City, zip code 34990, area of Martin County Florida, we had a second month of increasing inventory, although modest in number.  Also an increase in pending sales, but unfortunately a decrease in closed sales.  Comparing the numbers to November of 2010 when there were 608 active listings, 121 pending sales and 40 closed sales, there is significantly less inventory this year, with sales close to equal of last year as well as a higher number of pending sales.  Of the closed sales in the past few months, there are a significantly higher number of homes in the medium to upper price ranges as compared to the past few years, showing a renewed interest in the medium and upper end of the market.

Provided the numbers for distressed homes don’t increase in 2012, we should see continued growth and good activity in the Palm City, Florida real estate market.

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Palm City Florida Market Report ZIP Code 34990 – Residential, November 2011

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

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

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

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

There are currently 59 active condo listings. (Down 2 from September)

2 Condo sales are pending and awaiting close or lender approval. (Down 2 from last month)

2 Condos Sold in October. (An increase of 1 condo from September)

Unlike the rest of Martin County, the Palm City condo market report (ZIP Code 34990) had a decrease in inventory from last month.  Unfortunately, pending sales are very slow as well as closed or completed sales.  The Palm City condo market is slightly different from the rest of the county as the mix tends to favor more year-round residents and is less prone to the seasonal inventory increase we typically experience during the holiday season.

As long as the inventory doesn’t increase appreciably this should be a good winter for Palm City condo sales, though prices will not see an increase as of yet due to competition from the neighboring areas as well as the number of distressed sales on the market. Should the inventory increase, pricing pressure may lead to some continued decreases.

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

Palm City Florida Market Report ZIP Code 34990 – Residential, October 2011

Palm City Florida Market Report ZIP Code 34990 – Residential, October 2011

Palm City Real Estate Snapshot for ZIP Code 34990, Residential Sales for October 2011

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

There are currently 468 active listings (A decrease of 14 homes from September)

138 Residential sales are pending and awaiting close or lender approval. (Increased 14 from last month)

41 Homes Sold in October (A decrease of 8 homes from September)

Other than closed sales, which were off by8 homes for October, the other trends were positive for Palm City (zip code 34990).  A decrease of inventory will make homes a bit more scarce and with the decrease in supply, prices should remain more stable than in previous months.  An increase in pending sales should mean more closed sales for the coming months.  With the holiday season coming up, we expect a decrease in activity for the season, following a gradual increase as we move into January.

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Palm City Florida Market Report ZIP Code 34990 – Residential, October 2011

Palm City Florida Market Report ZIP Code 34990 Condo, September 2011

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

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

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

There are currently 61 active condo listings. (Up 9 from August)

4 Condo sales are pending and awaiting close or lender approval. (Down 1 from last August)

1 Condo Sold in September. (A decrease of 3 condos from August)

The Palm City condo market report (ZIP Code 34990) showed a slow month for September 2011 as sales, as well as pending sales, were all off for the month.  In addition, the inventory rose for the first time this year.  Hopefully, this is just a seasonal result as this is the slow time on the Treasure Coast for condo sales.

As long as the inventory doesn’t increase appreciably this should be a good winter for Palm City condo sales, though prices probably will not increase yet.  Should the inventory continue to increase, pressure will be on prices and may show some more decreases in the future.

Palm City, FL Real Estate

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