Palmetto Bay Real Estate Market - View Palmetto Bay Real Estate Market Trends in Florida

Winter 2012 Market Update If you can qualify, now is an exceptional time to buy a home in Palmetto Bay. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 305-772-2521
Average Home Price	$450,000 - View Graph Trend

Average Price Compared to Last Year	Down 25-30%

Average Time on Market	90-120 days

Best Selling Price Range	$450,000 - $499,000

Worst Selling Price Range	$600,000 - $649,000

Prices As % of Asking Price	85-90%

Existing Home Prices for the past 90 days are?	No Change

Market Trend	No Change

Buyers’ or Sellers’ Market	More sellers than buyers

Buyer Activity for the past 90 days in Palmetto Bay is	Increasing

Seller Activity for the past 90 days in Palmetto Bay is?	Increasing

Multiple Offers?	Yes

Multiple Offers Commentary	Sellers on homes are getting multiple offers especially on homes that are currently in the process of being foreclosed upon, as buyers are looking to see if they can benefit from the drop in prices in Palmetto Bay. Palmetto Bay is a unique community as there is a large range of prices given it's proximity the Village of Pinecrest, and you can find homes that are as small as 3 bedrooms 2 baths, and homes that are 5 or more bedrooms, with living area square footage ranging from 1400 sq ft to well over 5000 sq. ft. Getting the median price range in Palmetto is difficult to determine given the range of size of the homes as well as the community being a very large neighborhood.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?	35-40%

Is Financing Available For Qualified Buyers?	Yes

Housing Inventory	Good supply - Some Prices

Inventory Comments	Palmetto Bay like many neighborhoods has seen a drop in price and longer marketing time. Due to homes being in the process of foreclosure, the time reflected on the market is attributed to the time that it takes the lenders to authorize a short sale. Homes are going under contract a bit faster lately as not as many homes are coming on the market. There does appear to be a lull in new home listings coming on the market. There are many factors that have come into play, as lenders deal with foreclosures and short sales.

Greatest Activity	Repeat Buyers

Reason to Buy/Sell	Lower prices with good selection and competitive interest rates creates a perfect time to buy in Palmetto Bay! Palmetto has lots of good top rated schools, Southwood Middle School is a visual and performing art magnet school. Palmetto Bay also has many parks.

Nearest Metro Area	Miami

Housing Hot Spots	Most cities within the Miami-Dade County area are considered 'Housing Hotspots'

Average Sold Price	$450,000 - View Graph Trend

Palmetto Bay Local News

Sluggish housing market in line for a better 2012, according to quarterly survey

The figures are still flat-lining, but there appears to be signs of life out there for a housing market that's dying for an upward tick of good news.

The up-and-down ride for real estate the past few years was seen again in the fourth quarter of 2011, according to a survey of HouseHunt real estate agents across the country. There are pockets of good news offset by bad, with home values and prices basically bumping along the bottom of the grid on a perceived never-ending rocky road.

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