Stuart Florida Market Report ZIP Code 34996 – Condo, December 2011

Stuart Real Estate Snapshot for ZIP Code 34996, Condo Sales for December 2011

For December 2011 in the 34996 Zip Code area of Stuart, Florida :

There are currently 226 active condo listings (Up 1 from last month).

19 Condo sales are pending and awaiting close or lender approval (A decrease of 2 condos from November).

12 Condos Sold in December (A decrease of 2 condos from November)

Surprisingly, the Stuart condo market for the area in ZIP code 34996 had a small decrease (or basically unchanged inventory from last month.  It will be interesting to see if this trend continues as many condo sellers tend to place their units on the market as the season begins to heat up during December and January.   There were slight decreases in both pending and closed sales. 

Compared to the end of last year in December of 2010, the numbers were  259 active listings, 46 pending sales and 20 closed sales.  Unlike many other segments of both our single-family and condo markets here on the Treasure Coast and particularly in Martin County, this segment of the Stuart condo market is not faring nearly as well as last year.

Stuart Florida Market Report ZIP Code 34996 – Condo, November 2011

Stuart Real Estate Snapshot for ZIP Code 34996, Condo Sales for November 2011

For November 2011 in the 34996 Zip Code area of Stuart, Florida :
There are currently 225 active condo listings (Up 12 from last month).

21 Condo sales are pending and awaiting close or lender approval (A decrease of 3 from October).

14 Condos Sold in November (A decrease of 3 condos from October)

The Stuart condo market for the area in ZIP code 34996 had another month of increased inventory for November. Also, the second month of small decreases in closed and pending sales.  Hopefully, this is just a typical seasonal slowdown as we get into the holiday months. The large increase in inventory is troubling for sellers as this may have significant downward pressure on prices for the coming winter season if this trend continues.

There were a couple of higher-priced sales this past month, which helps the average sales price report and brings those numbers up a bit.  The inventory does remain approximately 20% below the 2010 level, but unfortunately, sales, as well as pending sales, were also down.  The 2012 selling season should start to heat up in the January report (two months from now) and hopefully, the trend will be positive.

Stuart Florida Market Report ZIP Code 34994 – Condo, November 2011

Stuart Real Estate Snapshot for ZIP Code 3499, Condo Sales for November 2011

For November 2011 in the 34994 Zip Code area of Stuart, Florida :

There are currently 146 active condo listings (Up 11 from October).

35 Condo sales are pending and awaiting close or lender approval. (Up 4 from last month)

10 Condos Sold in November (Down 11 units from October).

Unlike the residential market in Martin County, Florida, the Stuart condo market for the area in ZIP code 34994 continues to show some weakness.  While inventory is down significantly from last year’s levels (177 units in 2010 to 146 in 2011), sales were off from the previous month as well as last year.  Inventory has also risen for the past two months.  On a positive note, pending sales were up slightly.  The vast majority of sales in this Stuart (34994 zip code market) are selling in the lower spectrum of the price range.

How much of this market trend can be attributed to the slower holiday season is not known at this point.  In the next few months, the peak season for condos will show what the market can bear for the 2012 Treasure Coast condo sales season.