In looking for an overall trend, sometimes it is best to take a big-picture approach, so I recently looked back at the past 5 years of market activity in houses between $900,000-$1,250,000, located in Palmetto Bay on dry lots, between 4 and 6 bedrooms, with no financial distress. In comparing the third quarter of 2013 to the third quarter of this year, inventory is up by 50%. Sales appear to be up by 200% in 2016 versus 2013, but that is misleading because the difference is truly just 1 or 2 closed sales, which is not that dramatic difference that 200% would lead you to believe!
The average sale price per square foot has gone up by almost $100/SF since 2013, which is a plus for Palmetto Bay sellers; however, the average time that a home sits on the market has increased by 75% as compared to 3 years ago. Therefore it certainly behooves a seller in this (and any!) neighborhood to price their home realistically instead of risking an overly long time on the market.
The long and short of it is that Palmetto Bay is a lovely community where people want to live, but with the abundance of inventory as compared to the same time period 3 years ago, buyers can afford to be picky. See my notes and charts on the current Palmetto Bay Real Estate trends.
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