Is Palmetto Bay, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Palmetto Bay was a Seller's Market.
Key Takeaway
Palmetto Bay is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.
Housing Prices in Palmetto Bay, FL
How much do homes in Palmetto Bay, FL cost?
Median Sold Price
$1,088,833
$460/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Palmetto Bay have sold for 11.1% more than they did a year ago.
Summary: The median home sold price in Palmetto Bay was $1,088,833 in May 2024, up 11.1% from last year, and the median price per square foot was $460.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $192.5K | $190K | -1.3% |
| 2 Bedrooms | $230.5K | $283.7K | +23.1% |
| 3 Bedrooms | $799.9K | $867.5K | +8.4% |
| 4 Bedrooms | $1.0M | $1.1M | +4.8% |
| 5+ Bedrooms | $1.2M | $1.5M | +21.7% |
Summary: Palmetto Bay housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.3%, 2 bedroom homes increased by 23.1%, 3 bedroom homes increased by 8.4%, 4 bedroom homes increased by 4.8%, and 5+ bedroom homes increased by 21.7%.
Median Sold Price Compared To Nearby Cities
| Kendall-Palmetto Bay | $697.9K | $791.2K | +13.4% |
| Palmetto Bay | $980K | $1.0M | +11.1% |
| Princeton-Goulds | $464.8K | $515K | +10.8% |
| Pinecrest | $2.0M | $2.1M | +7.5% |
| Coral Gables | $1.1M | $1.0M | -4.5% |
Housing Supply in Palmetto Bay, FL
How many homes are available in Palmetto Bay, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 147 | 163 | +10.9% |
Summary: The Palmetto Bay real estate market had 163 homes for sale in May 2024, a 10.9% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 3 | -40.0% |
| 2 Bedrooms | 8 | 10 | +25.0% |
| 3 Bedrooms | 30 | 38 | +26.7% |
| 4 Bedrooms | 63 | 70 | +11.1% |
| 5+ Bedrooms | 41 | 42 | +2.4% |
Summary: The Palmetto Bay housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 40%, 2 bedroom homes increased by 25%, 3 bedroom homes increased by 26.7%, 4 bedroom homes increased by 11.1%, and 5+ bedroom homes increased by 2.4%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 33 | 25 | -24.2% |
Asking Price vs. Sold Price
14 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
3 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Palmetto Bay, you may be able to get a good deal. 56% of homes here sold below asking price last month.
Summary: A total of 25 homes were sold or pending in Palmetto Bay in May 2024, down by 24.2% month-over-month. Of the 25 sold homes, 56% were sold under asking, 32% were sold at asking, and 12% were sold over asking.
Days on Market for Palmetto Bay, FL
How long does it take to sell a home in Palmetto Bay, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 52 Days | 62 Days | +20.4% |
Summary: Homes in Palmetto Bay had an average of 62 days on market in May 2024, up by 20.4% compared to last year.
Breakdown of Home Sale Times
11 Homes Were Sold
Under 30 Days
8 Homes Were Sold
In 30 - 90 Days
6 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Palmetto Bay are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 25 homes were sold in Palmetto Bay; 44% of homes were sold within 30 days, 32% of homes were sold within 30 to 90 days, and 24% of homes were sold over 90 days.
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