State of the Market: Palmetto Bay
If you’re looking for an idyllic small town feel without getting too far from downtown Miami, Palmetto Bay is for you. Directly adjacent to Biscayne Bay this city – marked by its signature blue street signs – was incorporated just over a decade ago. It has been dubbed “The Village of Parks” for good reason. Six park facilities offer recreation activities and preservation of the natural environment. Palmetto Bay is home to a new neighborhood library as well as excellent public and private schools. It’s a great place to be, and now is a good time to find your dream home.
So, What’s the Market Doing?
The market in Palmetto Bay is currently showing us a lot of stability. The sold to list price ratio is holding steady at just over 90%. This means you can expect to see full price, or near fully price, offers come in for a majority of listings. Average days on the market is currently at 45 days. This is down 10% from the previous month and has been falling since March.
We are seeing some appreciation, or upward trend, that sellers will enjoy. Price per square foot along with the average sold prices in Palmetto Bay are up slightly. These small changes mean it’s very important to start with the right list price for your property.
Recent Shift Into a Seller’s Market
One of the ways we determine a buyers’ vs a sellers’ market is the amount of available inventory of homes. It may sound odd, but this is measured in months. Six months or more of available inventory is considered a buyers’ market because more inventory to choose from puts buyers in a stronger position to negotiate against the asking price. Palmetto Bay’s current inventory is a bit more than two months’ worth. This means we’re seeing a current shift into a market that favors sellers.
Sellers shouldn’t expect the epic bidding wars that come with lower inventory. Buyers will still need to be decisive but will have enough time to view their top few options before making an offer. This is as level a playing field as you’ll find anywhere in Miami.
Lower inventory in this neighborhood shouldn’t be a deterrent to buyers. There are still options available, but buyers will need to be motivated to make an offer quickly to avoid losing an opportunity to do so. Sellers may be able to hold out for a better offer in some cases, but we’re not anticipating major bidding wars in the current climate.
Whether you’re ready to list your home or are looking to buy your next home, The Kern Team can help. Our Realtors are experts in Miami area real estate. Give us a call.
