Palmetto Bay had a fantastic first quarter of sales. In fact, in was the best first quarter in over 10 years! Between January 1st and March 31 there were 80 home sales for a total sales volume of $47,380,125.
During the first three months of the year there was a total sales volume of $47,380,125. That amount is $10 million more than the first quarter of 2016. The total sales volume is slightly more than 25% of the total sales volume for Palmetto Bay in 2016 [read more on that here]. At this sales pace, Palmetto Bay is looking at beating the total sales volume of 2016!
The first quarter of 2017 generated 15 more closed sales than the same period in 2016. Last year, the total number sales for the first quarter was 65. This year’s total number of sales was 3 more than the total of 77 during the first quarter of 2015. That year is the second best first quarter total sales volume, with over $38 million. Palmetto Bay generated over $9 million more in sales with only 3 more homes sold in 2017 than during the first quarter of 2015.
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]. The average days on market for Palmetto Bay homes during the first quarter of 2017 was 103 days. That is a 20% decrease from the time on market during the first quarter of 2016.
The average sale price to list price ratio during the first 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 91%. Homes that spent less than 100 days on the market sold for 93% of their original list price.
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There were 5 sales over 1 million totaling $6,867,000 in total sales volumes. Homes listed between $1M and $1.6M sold for an average sale price per square foot of $203. On average it took 187 days for those same properties to sell. The average sale price to original list price ratio for home sales over 1M was 83%.
$800-000 – $1,000,000
In this price range there were 5 sales for a total sales volume of $4,398,000. The average sale price per square foot was $203. On average it took 125 days for homes in this price range to sell. The average sale price to original list price ratio was 93%.
$600,000 – $800,000
There were 12 sales in the price range for a total sales volume of $8,837,000. The average sale price per square foot was $214. On average it took 104 days to sell homes in this price range. The average sale price to original list price ratio was 93%.
$400,000 – $600,000
The majority of Palmetto Bay home sales occur within this price range. There were 45 sales in this segment for a total sales volume of $23,236,625. Breaking that down further, between $500,000 and $600,000 there were 29 sales for a total sales volume of $15,948,500. Between $400,000 and $500,000 there were 16 sales for a total sales volume of $6,788,125.
The average sales price per square foot between $400,000 – $600,000 was $198.55. The average days on market was 97. The average sale price to original list price ratio was 91%.
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