Is Kendall-Palmetto Bay, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since April 2023
At the same time last year, Kendall-Palmetto Bay was a Seller's Market.
Key Takeaway
Kendall-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 Kendall-Palmetto Bay, FL
How much do homes in Kendall-Palmetto Bay, FL cost?
Median Sold Price
$773,904
$414/sqft
Based on all homes sold in the last 12 months.
Difference Since April 2023
Key Takeaway
Homes in Kendall-Palmetto Bay have sold for 10% more than they did a year ago.
Summary: The median home sold price in Kendall-Palmetto Bay was $773,904 in April 2024, up 10% from last year, and the median price per square foot was $414.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $239.5K | $256K | +6.9% |
| 2 Bedrooms | $310K | $328K | +5.8% |
| 3 Bedrooms | $556.5K | $636.2K | +14.3% |
| 4 Bedrooms | $1.0M | $1.0M | -5.5% |
| 5+ Bedrooms | $2.3M | $2.3M | -0.8% |
Summary: Kendall-Palmetto Bay housing prices by bedroom type for April 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.9%, 2 bedroom homes increased by 5.8%, 3 bedroom homes increased by 14.3%, 4 bedroom homes decreased by 5.5%, and 5+ bedroom homes decreased by 0.8%.
Median Sold Price Compared To Nearby Cities
| Palmetto Bay | $963.2K | $1.1M | +14.2% |
| Kendall-Palmetto Bay | $703.6K | $773.9K | +10.0% |
| Pinecrest | $1.9M | $2.1M | +9.8% |
| South Westside | $599K | $650K | +8.5% |
| South Miami | $900K | $965K | +7.2% |
Housing Supply in Kendall-Palmetto Bay, FL
How many homes are available in Kendall-Palmetto Bay, FL?
Number of Homes For Sale
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 808 | 881 | +9.0% |
Summary: The Kendall-Palmetto Bay real estate market had 881 homes for sale in April 2024, a 9.0% increase compared to March 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 52 | 70 | +34.6% |
| 2 Bedrooms | 128 | 130 | +1.6% |
| 3 Bedrooms | 167 | 164 | -1.8% |
| 4 Bedrooms | 195 | 207 | +6.2% |
| 5+ Bedrooms | 266 | 310 | +16.5% |
Summary: The Kendall-Palmetto Bay housing inventory by bedroom type for April 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 34.6%, 2 bedroom homes increased by 1.6%, 3 bedroom homes decreased by 1.8%, 4 bedroom homes increased by 6.2%, and 5+ bedroom homes increased by 16.5%.
Number of Homes Sold
| Mar 2024 | Apr 2024 | CHANGE |
|---|---|---|
| 141 | 138 | -2.1% |
Asking Price vs. Sold Price
99 Homes Were Sold
Under Asking
16 Homes Were Sold
At Asking
23 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Kendall-Palmetto Bay, you may be able to get a good deal. 71.7% of homes here sold below asking price last month.
Summary: A total of 138 homes were sold or pending in Kendall-Palmetto Bay in April 2024, down by 2.1% month-over-month. Of the 138 sold homes, 72% were sold under asking, 12% were sold at asking, and 17% were sold over asking.
Days on Market for Kendall-Palmetto Bay, FL
How long does it take to sell a home in Kendall-Palmetto Bay, FL?
Average Sale Time
| Apr 2023 | Apr 2024 | CHANGE |
|---|---|---|
| 57 Days | 50 Days | -12.6% |
Summary: Homes in Kendall-Palmetto Bay had an average of 50 days on market in Apr 2024, down by 12.6% compared to last year.
Breakdown of Home Sale Times
71 Homes Were Sold
Under 30 Days
37 Homes Were Sold
In 30 - 90 Days
30 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Kendall-Palmetto Bay are selling fast, if you're buying plan to act quickly.
Summary: During April 2024, 138 homes were sold in Kendall-Palmetto Bay; 51% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
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