The 2017 Miami Real Estate Update for Palmetto Bay Real Estate

What Happened with Palmetto Bay Homes in 2017 and What Can We Expect from Palmetto Bay in 2018?

This blog provides an overview of the Palmetto Bay real estate market in 2017 and compares the first two quarters with the last two quarters (Excl Dec 2017). We also provide you with the months of inventory, which is one of the best indicators for future behaviour.

Palmetto Bay Real Estate in Numbers

As multi-million Dollar homes behave completely different than $400,000 homes, we divided the market in 4 price ranges. Below we indicated the price ranges used together with an explanation of what a typical (average) home in that price range looks like

  • Homes in the $300K – $499,999 range between averages of 1,950 and 2,200 SF on a 14,000 SF Lot
  • Homes in the $500K – $749,999 range between averages of 2,800 and 2,900 SF on a 17,500 SF Lot
  • Homes in the $750K – $999,999range between averages of 3,800 and 4,150 SF on a 20,000 SF Lot
  • Homes in the $1M+ range between averages of 5,000 and 6,000 SF on a 25,000 SF + Lot


Looking at the table above, it can be seen that all price ranges saw an increase in the sales price per SF in the second half of 2017. The Palmetto Bay real estate market is getting more attention these days and this is reflected by the rising prices.

The table below displays the months of inventory. As mentioned before the months of inventory are a great indicator of future real estate behavior. A market that shows between 6 and 9 months of inventory is a stable market where demand and supply are in perfect equilibrium. A market with less than 6 months of inventory is a sellers market in which there is more demand than supply and prices are likely to rise. A buyers market of 9+ months is a market with more supply than demand.

  • We see that the $300K – $500K market is a true sellers market
  • The $500K – $750K market is between a sellers and a neutral market.
  • The $750K market has been a buyers market for most of the year with moments of a very balanced market and the last month even showed a sellers market.
  • The market of $1M is a luxury real estate market where the thresholds are between 12 and 18 months for a balanced market. The market here varies between a neutral and a buyers market.

What can we expect from Palmetto Bay Homes in 2018?

We are very bullish on the Palmetto Bay real estate market. The demand for Miami homes is very strong and homes in other desired areas such as Coral Gables, the Grove and Pinecrest are less affordable than homes in Palmetto. Combine this with the excellent schools, lower property taxes and relatively modern and large homes on large lots;  we expect Palmetto Bay to become increasingly desired with families

Editor’s Pick: Some of the best current listings in Palmetto Bay

Click here for more Palmetto Bay Homes for Sale

The David Siddons Group is a top producing Miami Real Estate Group with over $50M in yearly sales. We are known for our market analytics and out-of-the-box marketing. Cristiane Buzolin is our Palmetto Bay expert. She lives and works in the area and knows Palmetto Bay like nobody else.

Contact David or Cristiane today:

David Siddons | +1.305.508.0899 |
Cristiane Buzolin | +1.305.775.1198 |


These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!


For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

  • Analytical

    Over 100 reports produced to date

  • Knowledgeable

    Over 1800 published articles and counting

  • Experienced

    Over $2 billion in real estate sales

David Siddons

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