The Palmetto Bay July 2017 real estate market was slower than the previous month of June. 27 homes sold for a total sales volume of $15,732,687. 1o properties went under contract and 29 new listings came to market.
One of the first numbers to look at when analyzing the market is the latest For Sale and Sold numbers. These give you an indication of what the absorption rate is, which in turn gives an idea of how buyers are behaving within the current market conditions. 27 homes sold in July and 29 homes were listed. For home sellers and potential sellers it is a trend to watch since more homes came to market than sold. Generally, this is the early sign of a slowing absorption rate and increasing inventory. However, given the amount of people that leave town during the month of August it is not surprising to see a slow month.
Based on closed sales at the end of the 12 month period between July 2016 and the end of July 2016, there are 5 months of supply of homes in Palmetto Bay. The absorption rate for the month of July 2017 is 5 months of supply. Slightly higher than the prior month but still within the seller’s market. [Remember, within every market there are segments that have greater or less supply than others].
Generally, the majority of sales in Palmetto Bay occur in the $600,000 to $400,000 price range. The market last month was almost evenly split with 13 of the 27 sales falling within that range. The highest home sale was 6690 SW 152 St. That property closed at $1,442,000.
The Palmetto Bay July 2017 average sale price per square foot was $231.10. That is a 1% improvement from the prior month’s average, and marks two consecutive months of increasing value. The average for the entire market has been increasing over the past five months. Of course, this is an average for the entire market and it is important to compare your home or desired home to the sales of comparable Palmetto Bay homes. The average price per square foot now is better than it was during 2016, where average market prices fluctuated between the $190’s and low $220’s.
Now is a good time to consider listing your Palmetto Bay home for sale. The market demand is highest it has been all year, and the average values are reflecting that current demand. For free property valuation please send an email request to [email protected]
Make sure to check out this great Palmetto Bay Home! Click on the Photo for more information.
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