2016 Palmetto Bay Real Estate Market Report

Last year was a good year for the Palmetto Bay single family home real estate market.  There was over $177,00,000 in total sales volume.  That amount was generated by 318 sales.

Total Sales Volume

The year ended with $177,527,442 in total sales volume.  That amount was almost the same as the year before.  In 2015 the total sales volume for single family homes in Palmetto Bay was $179,638, 316.  In 2014 the total sales volume was $166,908,672.

Number of Sales

2016 generated a greater total sales volume from a lower number of transactions than 2015.  In fact in 2016, the total number of sales was down 8% from the year before in 2015.  During 2016 there were 318 sales of single family homes.  In 2015 there were 345.  In 2014 there were 334.

 

 

Average Days on Market

The average time properties spend on the market is an important indicator of how the overall market is performing.  This data is used to calculate the months of supply, one of the most important market statistics used when evaluating a particular real estate market.  [Click here for more on Months of Supply]  Last year the average days a single family home spent on the market was noticeably longer than the prior two years.  In 2016 the average days on market was 107 days.  That was a 34% increase from the average 80 days it took to sell a home in 2015.

The longer time on the market did not affect the average sale price to list price ratio when compared to 2015.  In 2016 the average sale price to original list price ratio was 94%.  This means that sellers, on average, got 94% of the original list price.  In 2015 that number was 93%.

This does not mean that the days on market did not have any affect on sales prices.  Homes that were on the market less than 50 days sold on average for 97% of their original asking price, or within 3% of their original list price.  Houses on the market between 50 and 100 days sold for an average of 95% of their original asking price.  Houses on the market for over 100 days sold for, on average, 90% of their asking price.  A WHOLE 10% less than the original list price.  [Subscribe to this blog for the upcoming article about the importance of “pricing it right”].

Sales by Price Range

OVER $1,000,000

Last year there were 13 sales over $1M, totaling $17,235,000.  Homes priced between 1 and 1.5 million sold for an average price per square foot of $256.  On average it took 130 days for those same properties to sell.  Surprisingly, homes priced over $1,600,000 sold in less than a month.

 

$900,000 – $1,000,000

In this range there was 5 sales totaling $4,661,000.  The average price per square foot was $228.  Average days on market was 117.  The average square feet of living space in homes in this sale price range was 4,268

 

$800,000-$900,000

Nine home sales totaled $8,361, 999.  The average price per square foot was $208 and the average days on market was 130.  The average square feet of living space in homes in this sale price range was 4,063.

 

$700,000-$800,000

There were 22 home sales in this range totaling $17,169,969.  The average price per square foot was $228 and the average days on market was 108.  The average square feet of living space in homes in this price range was 3,325.

 

$600-$700,000

There were 44 home sales in this range totaling $28,932,627.  The average price per square foot was $188 and the average days on market was 127.  The average square feet of living space in homes in this price range was 3,347.

 

$500,000-$600,000

28.3% of all sales in Palmetto Bay occurred within this price range.  The 90 sales in this range totaling $49,588,228 represent 28% of all sales volume in Palmetto Bay.  The average sale price per square foot was $208 and the average days on market was 102.  The average square feet of living space in homes in the price range was 2,713

 

$400,00 – $500,000

There were 66 sales in this price range totaling $30,533,050.  The average price per square foot was $198 and the average days on market was 109.  The average square feet of living space for homes in the price range was 2,344.

 

$300,000-$400,000

There were 49 sales in this price range totaling $17,814,750.  The average price per square foot was $196 and the average days on market was 80.  The average square feet of living space for homes in the price range was 1,870.

 

$200,000-$400,000

There were 21 sales in this price range totaling $3,065,819.  The average price per square foot was $156 and the average days on market was 146.

 

Palmetto Bay Highlights

 

  • 60% of the total sales volume in Palmetto Bay occurred north of SW 168 street.
  • 45% of the total sales volume occurred within the Coral Reef Elementary school boundary.
  • Homes built between 1950 and 1960 had a higher average price per square foot than homes built in any other decade.  They also had the lowest average days on market at 86.
  • Sales of 4 bedroom homes totaled 48% of the total sales volume, at over $84,000,000.  They also made up 48% of all transactions during 2016.

 

Want to know more about the Palmetto Bay Real Estate market?  Subscribe to this blog and stay up to date.  If you are thinking of selling your Palmetto Bay home, or looking for your next home, contact Adrian Foley at adrian@adrianfoley.com

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Adrian Foley
Adrian Foley
Luxury Real Estate Agent specializing in the Palmetto Bay, Pinecrest, Coral Gables, High Pines, South Miami, Coconut Grove, and Edgewater Markets.

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