$10,000 Closing Credit*
$1,560,000
2,184 SqFt
3 Beds
•2 Full Baths
Maria Rapsomanikis, Listing Office: Canvas Real Estate
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 August 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
$818,812
$434/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2023
+$99,407(+13.8%)
Key Takeaway
Homes in Kendall-Palmetto Bay have sold for 13.8% more than they did a year ago.
Summary: The median home sold price in Kendall-Palmetto Bay was $818,812 in August 2024, up 13.8% from last year, and the median price per square foot was $434.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $260K | $255.5K | -1.7% |
| 2 Bedrooms | $320K | $330K | +3.1% |
| 3 Bedrooms | $589K | $660K | +12.0% |
| 4 Bedrooms | $999.2K | $1.0M | +6.0% |
| 5+ Bedrooms | $2.3M | $2.8M | +19.4% |
Summary: Kendall-Palmetto Bay housing prices by bedroom type for August 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 1.7%, 2 bedroom homes increased by 3.1%, 3 bedroom homes increased by 12%, 4 bedroom homes increased by 6%, and 5+ bedroom homes increased by 19.4%.
Median Sold Price Compared To Nearby Cities
| South Miami | $862.5K | $1.0M | +24.1% |
| Kendall-Palmetto Bay | $719.4K | $818.8K | +13.8% |
| South Westside | $619.6K | $671.6K | +8.4% |
| Palmetto Bay | $999.8K | $1.0M | +7.9% |
| Pinecrest | $2.1M | $2.1M | -0.9% |
Housing Supply in Kendall-Palmetto Bay, FL
How many homes are available in Kendall-Palmetto Bay, FL?
Number of Homes For Sale
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 873 | 900 | +3.1% |
Summary: The Kendall-Palmetto Bay real estate market had 900 homes for sale in August 2024, a 3.1% increase compared to July 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 63 | 67 | +6.3% |
| 2 Bedrooms | 131 | 137 | +4.6% |
| 3 Bedrooms | 190 | 205 | +7.9% |
| 4 Bedrooms | 219 | 207 | -5.5% |
| 5+ Bedrooms | 270 | 284 | +5.2% |
Summary: The Kendall-Palmetto Bay housing inventory by bedroom type for August 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 6.3%, 2 bedroom homes increased by 4.6%, 3 bedroom homes increased by 7.9%, 4 bedroom homes decreased by 5.5%, and 5+ bedroom homes increased by 5.2%.
Number of Homes Sold
| Jul 2024 | Aug 2024 | CHANGE |
|---|---|---|
| 142 | 129 | -9.2% |
Asking Price vs. Sold Price
97 Homes Were Sold
Under Asking
18 Homes Were Sold
At Asking
14 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. 75.2% of homes here sold below asking price last month.
Summary: A total of 129 homes were sold or pending in Kendall-Palmetto Bay in August 2024, down by 9.2% month-over-month. Of the 129 sold homes, 75% were sold under asking, 14% were sold at asking, and 11% 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
| Aug 2023 | Aug 2024 | CHANGE |
|---|---|---|
| 38 Days | 53 Days | +39.1% |
Summary: Homes in Kendall-Palmetto Bay had an average of 53 days on market in Aug 2024, up by 39.1% compared to last year.
Breakdown of Home Sale Times
62 Homes Were Sold
Under 30 Days
47 Homes Were Sold
In 30 - 90 Days
20 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 August 2024, 129 homes were sold in Kendall-Palmetto Bay; 48% of homes were sold within 30 days, 36% of homes were sold within 30 to 90 days, and 16% of homes were sold over 90 days.
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