Palmetto Bay had a very good second quarter of sales.  The month of June was an especially good month that closed the quarter out with a strong sales volume.  Between April 1st and June 30th there were 88 sales for a total sales volume of $52,112,699.

TOTAL SALES VOLUME

During the second quarter of 2017 there were a total of $52,112,699 in sales.  That amount is over $4.5 million more in sales than the first quarter of this year.  The total sales volumes for Q2 is almost 30% of the total sales volume for Palmetto Bay in 2016.  As I wrote in the Q1 market report, Palmetto Bay sales for 2017 are on pace to beat the total sales volume of 2016.

Palmetto Bay Second Quarter Sales Volume

TOTAL NUMBER OF SALES 

The second quarter of 2017 generated 8 less closed sales than the same period in 2016.  Last year, the total number of sales for the second quarter was 96.  Compared to 2015, the total number of sales was 12 less.  Over the past three years the average total sales for the second quarter has been $53.4 million.

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.  The average days on market for Palmetto Bay homes during the second quarter of 2017 was 135.  That is a 20% increase from the time on market during the second quarter of 2016.  Compared to the Q1 2017, the average days on market increased 31%.

SALES PRICE TO LIST PRICE RATIO

The average sale prior to list price ratio during the second quarter was 95%.  This means that homes sold for within 5% of the last asking price.  Compared to the original list price, the average ratio was 92%.  These percentages are nearly identical to the ratios for Q1.

SALES BY PRICE RANGE

Over $1,000,000

There were 3 sales over 1 million totaling $3,772,100 in total sales volume.  Homes listed between $1M and $1.5M sold for an average sale price per square foot of $291.12.  On average it took 83 days for those same properties to sell.  The average sale price to original list price ratio for homes over $1M was 90%.

$800,000 – $1,000,000

In this price range there were 10 sales for a total sales volume of $8,769,000.  The average sale price per square foot was $215.  On average it took 98 days for homes in this price range to sell.  The average sale price to original list price ratio was 96%.

$600,000 – $800,000

In this price range there were 21 sales for a total sales volume of $14,276,400.  The average sale price per square foot was $221.  On average it took 133 days for homes in this price range to sell.  The average sale price to original list price ratio was 92%.

$400,000 – $600,00 

In this price range there were 42 sales for a total sales volume of $21,329,199.  The average sale price per square foot was $217.  On average it took 147 days for homes in this price range to sell.  The average sale price to original list price ratio was 92%.

Less than $400,000

In this price range there were 11 sales for a total sales volume of $3,766,000.  The average sale price per square foot was $206.  On average it took 99 days for homes in this price range to sell.  The average sale price to original list price ratio was 93%.

Second Quarter Trends

The second quarter ended strong with a great June sales volume.  [See the June 2017 market report here].  As of right now, the total sales volume for the year is beating last year’s first half.  At this pace 2017 will be a better year than 2016 in terms of sales volume.  With the increased demand at the end of June, there is a good possibility that the sales for the third quarter will be good.  Factors that could affect these are mortgage interest rates and the total closed sales in July.  With the first three weeks of June 2017 experiencing heaving rains, it would not be very surprising to see a lower number sales in the 30 to 45 day period proceeding that weather.

For Palmetto Bay homeowners thinking of selling now is a good time to list.  The demand seen at the end of June demonstrates there are buyers looking for Palmetto Bay homes.  For a free property evaluation please contact adrian@adrianfoley.com.  Find out what your home is worth in today’s market.

 

 

 

 

 

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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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