Palmetto Bay Real Estate Market Conditions & Reports, Palmetto Bay Market Trends, Florida

Market Commentary Provided by Lila V. Lopez
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

Report Date

Fall 2009

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CONNECT WITH A LOCAL PROFESSIONAL

Lila V. Lopez
Tenzer Realty Inc. & Assoc.
Miami, Florida
305-772-2521
homesbylila@yahoo.com
Agent Home Page

Nearest Metro Area

Miami

Buyers’ or Sellers’ Market

More sellers than buyers

Average Time on Market

90-120 days

Market Trend

No Change

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.

Average Home Price

$450,000 - View Graph Trend

Best Selling Price Range

$450,000 - $499,000

Worst Selling Price Range

$600,000 - $649,000

Compared to Last Year

Down 25-30%

Prices As % of Asking Price

85-90%

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.

Greatest Activity

Repeat 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

Is Financing Available For Qualified Buyers in Palmetto Bay?

Yes

Existing Home Prices for the past 90 days are

No Change

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

35-40%

Housing Hot Spots

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

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.

Average Sold Price

$450,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

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