Palmetto Bay (North) Market Reports for December 2010

Palmetto Bay (North) Market Reports for December 2010

Active Listings:

There are 101 active homes on the market in North Palmetto Bay. With an average of 8.9 sales per month, we have an almost 11 months worth of inventory.

1. Two Highest priced home: I consider both to be anomalous listings.
   6755 SW 152 St. Listed at $7,900,000. It's  5.37 acre parcel with an older 10,000 square foot home, next door to Westminster Academy. It's been on the market since July.
2. Next Highest priced home:
   13600 SW 67 Avenue. Listed at $2,300,000. It's a 2+ acre property with a 9,000 square foot home. It's been on the market for over a year.
3. Next most expensive home is more of a home:
   13925 Old Cutler Road. $1,995,000. Brand new chic modern home on an acre. It's been on the market since September.
4. Least expensive home:
   7601 SW 168 St. $275,000. It's listed at and has been on the market since September. They started at $350,000.

The median asking price in North Palmetto Bay is $525,000. That's having removed the anomalous listings of the 2 most expensive homes on the market. It gives us a truer picture of Palmetto Bay although you'll notice that the average pending price is 25% lower than the asking price.

Pending Prices in December:

13 houses went under contract in North Palmetto Bay (North of SW 168 St) in the past 30 days! There are currently 37 homes under contract in total. All won't close, so don't get too excited. But it's still great news. It shows that the market is continuing to improve as home prices do continue to stabilize.  The median pending price in Palmetto Bay is $399,000 or $141 a square foot.

1. The highest priced:
   14480 SW 75 Avenue: Listed at $605,000 and went under contract in 22 days!
2. Lowest Priced:
    15735 SW 87 Ave: Listed at $259 and went under contract in 9 days!

As always, well priced homes sell quickly even a market that has  11 months of inventory to sell!

Here are photos and more information for all those newly pended.

December Pended Homes

Recent Sales

12 homes closed in the past 30 days in the same area. The average sales price in North Palmetto Bay was $350,000. The average listing price of closed sales was $368,000.

1.  Highest Priced:
   14950 SW 76 Ct listed at $649,000 and closed at $580,000. It took 169 days to sell. They had one price reduction in the listing term.
2. Lowest Priced:
   16644 SW 93 Ct: Listed at $329,900 and closed at $260,000. It took 279 days to sell. They also had 3 price reductions before it finally went under contract.

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