The Palmetto Bay June 2017 real estate market was very active. Close to 40 properties sold for a total sales volume over $24,000,000. 19 properties went under contract and 34 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. 39 homes sold in June and 34 homes were listed. For home sellers and potential home sellers it is always good news to see mores homes selling than coming to market.
Based on closed sales at the end of the 12 month period between June 2016 and the end of June 2017, there are just over 5 months of supply of homes in Palmetto Bay. However, the absorption rate for the month of June 2017 indicates that the months of supply is just under 4 months. This means that now is a good time for Palmetto Bay homeowners to list their home because the demand in Palmetto Bay is higher.
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 20 of the 39 sales falling below $600,000. The highest home sale was 14024 Farmer Road. That property closed at $1,367,100.
In June 34 homes were listed. That was lower than the 40 in May and the 48 in April. The average for the year has been close to 40 homes a month.
The Palmetto Bay June 2017 average sale price per square foot was $228.85. That was a near 6% improvement from the prior month’s average. The average for the entire market has been increasing over the past four 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.