I wanted to share a happy real estate story today. Lately they are not all happy, as we have witnessed!
Palmetto Bay! This market has told a VERY happy story over the past year! While home sales in Miami have picked up over the past 6 months, Palmetto Bay has had a dramatic turn around in inventory that you see clearly from the graph.
In September of 2008 there were 377 houses listed in Palmetto Bay with 19 selling and 14 pending. Currently there are only 201 homes listed with 29 sold in September and 20 pended that same month. The easy way to read the market is by the current months of inventory. The industry believes 6 months worth of inventory to be a balanced market, not a buyer or seller’s market. In September of last year that inventory was 19.8 months, today it is 6.9 months! Wow, we are seeing some balance in this very crazy market!