Palmetto Bay Real Estate Sales Chart, September 2009
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!
If you have been looking to sell or buy a home in Palmetto Bay recently you understand what I am talking about! Unless you or your realtor are on top of every new listing, it is likely you will miss out on it. The average price-per-square-foot in September of 2008 was $169. This number dipped as low as $123 in February of 2009 and has been increasing ever since. Today we are at an average of $156 per square foot. That is quite a comeback!