The Palmetto Bay Real Estate Market Report 2019

The Palmetto Bay Real Estate Market Report 2019 – The Last 6 Months (June till November 2019)

Observations in the Palmetto Bay Real Estate Market below $500,000

The Palmetto Bay Real Estate Market Report 2019

Fast Facts

  • 24 Active Listings (6 already with contract)
  • 41 Closed sales
  • 3 Months of inventory

With three months of inventory we are looking at a strong sellers market.  Furthermore the average days that properties stay on the market is only 83 days. Taking a 45 day closing into account this means Palmetto Bay homes in this price range go into contract almost after one month. The average difference between original listing price and sales price is only 7%.

Advice for Buyers: Get your pre approval letter as soon as possible and don’t wait to present your offer as the house might be gone soon.

Advice for Sellers: Buyers are attracted to updated homes so if your house is not updated, price it correctly and use the right marketing strategy to attract attention to it.

Working Example

17840 SW 87th Ct was sold for $400,000 after being listed for $415,000 (4% difference). This property was sold in 66 days.

Observations in the Palmetto Bay Real Estate Market between $500,000 and $1M

The Palmetto Bay Real Estate Market Report 2019
  • 130 Active Listings (19 already with contract)
  • 147  Closed sales (20 properties pending)
  • 5 Months of inventory

Properties stay on average 125 days on the market before being sold. With an average closing time of 45 days we see that the average home goes under contract in 3 months. 63% Of the inventory is on the market for less than 180 days, and the product that is not moving are the ones that are not remodeled and overpriced. The average home sells for 7% less than its original asking price

Advice for Buyers: if you are willing to remodel a home you might find it easier to get a better price, as the homes that are not remodeled take longer to sell than the updated ones and sell for a lower price per SF.

Advice for Sellers: Hot areas at the moment are North Palmetto Bay and homes around schools like Palmer Trinity, Alexander Montessori and Westminster. If you are not in those areas, it is strongly advised you price your property correctly so you don’t miss out on buyers.

Working Example

This 2-story custom built home from 2012 sold for $735,000 after being listed for just 57 days. The original listing price was 8% higher than the sales price ($799,000)

Observations in the Palmetto Bay Real Estate Market of $1M+

The Palmetto Bay Real Estate Market Report 2019
  • 12 Active Listtings (1 already with contract)
  • 9 Closed sales (2 under contract)
  • 8 months inventory

The preferred product is located in gated communities like Old Cutler Grove, Old Cutler Cove and Paradise Point. All of these communities have access to the water. In this sub-market with an average sales price of $266 per SF, the average home stays on the market for 230 days and is sold for 12% less than its original asking price

Advice for Buyers: Value quality over quantity, it is important to pay attention to details and finishes in order not to overpay. Also be aware of the different areas with regards to price per SF; contact us for more details!

Advice for Sellers: This is still a balanced market, but that does not mean that you can overprice your property, the average price per square foot is $266 so don’t go over this threshold it if your house is not a new construction or not located in a gated community.

Working Example

5867 Paradise Point Dr achieved the highest sales price per SF  ($328). This very private home in the gated community of Paradise Point sold for $1.5M (12% under original asking price) within 148 days after listing the property.

Please contact the David Siddons Group for more information about the Palmetto Bay Real Estate market

Cris Buzolin | 305.775.1198 |
David Siddons | 305.508.0899 |

The David Siddons Group is a team of top producing realtors with nearly $100M in yearly sales. David Siddons is known for his market analytics and he is the author of some of Miami’s most influential real estate reports


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

Related Articles