Stuart Florida Market Report ZIP Code 34996 – Residential, March 2012

Stuart Florida Market Report ZIP Code 34996 – Residential, March 2012

 

Stuart Real Estate Snapshot for ZIP Code 34996, Residential Sales for March 2012

 

 

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

There are currently 165 active listings (Down 18 from February).

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36 Residential sales are pending and awaiting close or lender approval (Up 1 from February).

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22 Homes Sold in March (Up 14 from February).

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The 34996 zip code area of Stuart Florida showed very strong sales activity in March.  Pending sales also remained steady and the inventory declined further in a continued positive trend for this section of the residential single family market in Stuart, Florida.  The current absorption rate is under 8 months and is only a small number away from a balanced market.  When factoring in the distressed sales, this is an impressive result for March.

Comparing the numbers to March of 2011, there were 201 active listings, 31 pending sales and 8 closed sales.  This March’s activity is considerably better than last year, especially when one considers that there were almost 25% fewer homes available for sale on the market.  Impressive results!

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Stuart Florida Market Report ZIP Code 34996 – Residential, March 2012

Stuart Florida Market Report ZIP Code 34994 – Condo, March 2012

Stuart Florida Market Report ZIP Code 34994 – Condo, March 2012

Stuart Real Estate Snapshot for ZIP Code 34994, Condo Sales for March 2012

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

 

There are currently 143 active condo listings (Down by 5 condos from February).

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

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15 Condos Sold in March (Unchanged from February).

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The Stuart Condo market for zip code 34994 showed continued momentum in March with very similar numbers from the previous month. Of note, is the fact that the inventory continues to decline while sales and pendings remained steady.

In March of 2011 the numbers were: Active – 144, Pending – 50 and Sales – 25.  Compared to last year, we are slightly below expectations.

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Stuart Florida Market Report ZIP Code 34994 – Condo, March 2012

Stuart Florida Market Report ZIP Code 34994 – Residential, March 2012

Stuart Florida Market Report ZIP Code 34994 – Residential, March 2012

Stuart Real Estate Snapshot for ZIP Code 34994, Residential Sales for March 2012

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

 

There are currently 84 active listings (Up 6 from February).

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41 Residential sales are pending and awaiting close or lender approval (Down 2 from February).

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7 Homes Sold in March (Down 5 homes from February)

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The 34994 ZIP code area of Stuart showed a slight easing from the fairly good numbers from February.  Inventory was up by 8%, pending and closed sales were off slightly.

Last March at this time, there were 99 active listings, 29 pending sales and 6 closed sales.  So, still better than last year at this time.

In the 34997 zip code of Stuart, Florida there is not a large inventory and many of the homes currently on the market are just not what today’s buyer is in the market looking for.  So, sales will continue to be difficult unless the home is very attractively priced.

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Stuart Florida Market Report ZIP Code 34994 – Residential, March 2012

Sewalls Point Market Report – Residential, March 2012

Sewalls Point Market Report – Residential, March 2012

Sewalls Point Real Estate Snapshot, Residential Sales for March 2012

There are currently 61 active listings (a decrease of 5 homes for sale from February)

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12 Residential sales are pending and awaiting close or lender approval (An increase of 3 from February)

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3 Homes sold in February (Unchanged from February)

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Better results for the Sewalls Point market report. Inventory has gone down a little (5) to 61 homes while sales remained slow at 3 closed homes and pending sales were up slightly to 12 homes. Compared to other parts of martin County which continue to have fairly strong results, the Sewalls Point market is a bit sluggish, but showing activity is high and I suspect we should have increasing sales in the next few months. The Sewalls Point price point remains high for many of today’s buyers and this is possibly what is causing the slow activity at present.

Comparing the results to March of 2011, the inventory is basically unchanged as there were 60 homes on the market last year, pending sales were 11, and 2 homes sold.  Basically the same as last year.  The Sewalls Point average price point remains high for many of today’s buyers and this is possibly what is causing the slow activity at present.

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Sewalls Point Market Report – Residential, March 2012

Martin County Florida Condo Market Report for February 2012

Martin County Florida Condo Market Report for February 2012

 

Commentary:

Much like the residential segment of the Martin County real estate market, the Martin County Florida Condo Market Report for February 2012 showed modest increases for February of 2012. Sales for February were a respectable 57 units, up by 3 from February of 2011 (54 units) and also up from January which had 37 sales. On a negative note, the median sales price took a dive to $85,000.  This is most likely a reflection of the mix of condos that sold in February as opposed to a big drop in values.  More of the lower priced mainland condos were the ones that drove down the median price.

The inventory continues to decline and is now down to 640 condos, which is down from 664 units last month and from 772 condos in February of 2011.  This is the lowest inventory since November of 2005 which was prior to the ‘bubble’.  A decreased inventory will trigger an increase in demand as the supply of existing units just isn’t available increasing the urgency for buyers.

The one month absorption rate is now at 11.23 months, while the three month average is at 13.54 months.  Considerably better than the 14.3 and 15.51 months of February 2011. We still need to see the absorption rate below 9 months for a healthy market and down to 6 or 7 months to be considered a balanced one.

The big uncertainty that remains is the economy. We believe that if we have any sustained good news, we will see a pretty good rush on the market which will be a nice change from the present. For the longer term, even though we have the best mortgage rates in history at the moment, inflation is making news and this is not good for rates down the line. The Fed is working hard to keep rates down, but for how long, we’re just not to sure.

Our outlook for Martin County is fairly positive as for buyers, prices and rates remain very attractive. For sellers, it doesn’t look like we’re going to see any significant improvements soon, so if you need to sell, you may be better off now than possibly in the near future.

Click on the individual charts to see charts in expanded mode.

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The Definition of Absorption Rate:
Number of months it takes to sell the current inventory at the present rate of sales. Knowing your area’s Absorption Rate, helps to track trends. Understanding the market and where it is headed is part of our job as real estate professionals. Absorption rate is NOT an exact science. Figuring it is based on the premise that one will be looking for a TREND. It is advised to consistently do the numbers each month, to be able to track a trend.

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Data compiled from the Realtor Association of Martin County

See the full set of charts at Treasure Coast FL Homes

Martin County Florida Condo Market Report for February 2012

the Gabe Sanders real estate team

Condo Homes, Condos and Land
Waterfront and Golf Course Communities in Martin and Saint Lucie Counties

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