The Palmetto Bay April 2018 real estate market was more active than the previous month of March. 30 homes sold for a total sales volume of $17,925,900. 25 properties went under contract and a 53 new listings came to market. As of early May 2018, there are 180 homes for sale in Palmetto Bay. In April of 2017 there were 48 homes listed for sale. There were 17 closed sales and 24 pending sales in April 2017 as well. In early May of last year there were 172 homes listed for sale.
For Sale vs. Sold
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. 30 homes sold in April and 53 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.
Based on closed sales at the end of the 12 month period between April 2017 and the end of April 2018, there are 7 months of supply of homes in Palmetto Bay. The absorption rate for the month of April reflects 6 months of supply. This is a balanced 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 evenly split with 15 of the 30 sales falling within that range. The highest home sale was 7640 SW 143 Street. That property closed at $955,000.
The Palmetto Bay July 2017 Market
The Palmetto Bay April 2018 average sale price per square foot was $223.85 That is a 6% improvement from the same month’s average one year ago. It was also the third month in 2018 where the average closed sales price was over $220 per square foot. 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.
Thinking of selling or buying in Palmetto Bay? Contact us for a free, no-obligation, consultation. We would love to talk to you about the Palmetto Bay real estate market and how we can help you find or sell your home. https://www.adrianfoleygroup.com/contactus/