Is Palmetto Bay, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since August 2022
Since last year, Palmetto Bay has remained a Seller's Market.
Key Takeaway
Palmetto Bay is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices
How much do homes in Palmetto Bay, FL cost?
Median Sold Price
$999,966
$414/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Palmetto Bay have sold for 14.3% more than they did a year ago.
Summary: The median home sold price in Palmetto Bay was $999,966 in August 2023, up 14.3% from last year, and the median price per square foot was $414.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $155K | $192.5K | +24.2% |
| 2 Bedrooms | $225K | $260K | +15.6% |
| 3 Bedrooms | $778.2K | $775K | -0.4% |
| 4 Bedrooms | $955.7K | $1.0M | +9.9% |
| 5+ Bedrooms | $1.1M | $1.4M | +19.5% |
Summary: Palmetto Bay housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 24.2%, 2 bedroom homes increased by 15.6%, 3 bedroom homes decreased by 0.4%, 4 bedroom homes increased by 9.9%, and 5+ bedroom homes increased by 19.5%.
Median Sold Price Compared To Nearby Cities
| Pinecrest | $1.7M | $2.1M | +21.6% |
| Palmetto Bay | $875K | $999.9K | +14.3% |
| Princeton-Goulds | $420K | $480K | +14.3% |
| Coral Gables | $1.0M | $1.1M | +9.0% |
| Kendall-Palmetto Bay | $667K | $716K | +7.3% |
Housing Supply
How many homes are available in Palmetto Bay, FL?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 118 | 121 | +2.5% |
Summary: The Palmetto Bay real estate market had 121 homes for sale in August 2023, a 2.5% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 5 | 6 | +20.0% |
| 3 Bedrooms | 24 | 25 | +4.2% |
| 4 Bedrooms | 62 | 56 | -9.7% |
| 5+ Bedrooms | 27 | 33 | +22.2% |
Summary: The Palmetto Bay housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes increased by 20%, 3 bedroom homes increased by 4.2%, 4 bedroom homes decreased by 9.7%, and 5+ bedroom homes increased by 22.2%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 28 | 21 | -25.0% |
Asking Price vs. Sold Price
13 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
5 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palmetto Bay, you may be able to get a good deal. 61.9% of homes here sold below asking price last month.
Summary: A total of 21 homes were sold or pending in Palmetto Bay in August 2023, down by 25.0% month-over-month. Of the 21 sold homes, 62% were sold under asking, 14% were sold at asking, and 24% were sold over asking.
Days on Market
How long does it take to sell a home in Palmetto Bay, FL?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 25 Days | 27 Days | +9.2% |
Summary: Homes in Palmetto Bay had an average of 27 days on market in Aug 2023, up by 9.2% compared to last year.
Breakdown of Home Sale Times
15 Homes Were Sold
Under 30 Days
5 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Palmetto Bay are selling fast, if you're buying plan to act quickly.
Summary: During August 2023, 21 homes were sold in Palmetto Bay; 71% of homes were sold within 30 days, 24% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
© 2023 Miami Association of REALTORS®. All rights reserved. The data relating to real estate on this web site comes in part from the Internet Data Exchange program of the MLS of the Miami Association of REALTORS®. All information is deemed reliable but not guaranteed by the MLS and should be independently verified. The MLS, this broker and their affiliates provide all content therein “AS IS” and without any warranty, express or implied. The information included in this listing is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This property is offered without respect to any protected classes in accordance with the law.
All listings featuring the BMLS logo are provided by BeachesMLS, Inc. Copyright 2023 BeachesMLS, Inc.