Palmetto Bay Market Data for November 2009-through November 2010.

We have excluded Foreclosures and Short Sales from the charts. We hope you find this information useful. Please contact us if you would like to discuss the market trends further.
This is Homes for Sale Vs. Sold Homes in Palmetto Bay.
Inventory is still high shown with 8% more homes on the market , 25% less closed and 15.8% less pended as the same month a year ago.

Average Price for Homes on the Market Vs. Sold Property Prices in Palmetto Bay.
Average asking price is down 1.6% with the average sold price UP 12.7%. This shows us that sellers are becoming more realistic in the Palmetto Bay marketplace, signifying a good time to buy!

Average Square Foot Asking Price in Palmetto Bay.
The average asking price per square foot has also stabilized. It’s up only 5% from same time last year.

Months of Inventory in Palmetto Bay.

And one of the most important indicators for a market place, is how many months of inventory there is. As months of inventory rise, prices fall. Palmetto Bay has about a 11.9 months supply of inventory, an increase of around 44% from the same time last year.

9 months + of home supply = Falling Prices
6-9 months of home supply = Balanced Markets
3-6 months of home supply = Increasing Prices

Lynn Cromer & Robin Parker are real estate sales and marketing professionals for Coldwell Banker in beautiful Pinecrest, Florida. For more information on Pinecrest, Florida or the communities of Coral Gables, Palmetto Bay and Coconut Grove, Lynn can be reached at 305-962-4068, Robin at 305-546-0447, by email at info@WeSellMiami.com or online at www.WeSellMiami.com.