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 February 2023
At the same time last year, Kendall-Palmetto Bay was a Neutral Market.
Housing Prices in Kendall-Palmetto Bay, FL
How much do homes in Kendall-Palmetto Bay, FL cost?
Median Sold Price
$759,093
$405/sqft
Based on all homes sold in the last 12 months.
Difference Since February 2023
Summary: The median home sold price in Kendall-Palmetto Bay was $759,093 in February 2024, up 8.7% from last year, and the median price per square foot was $405.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Feb 2023 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $230K | $260K | +13.0% |
2 Bedrooms | $296K | $329.5K | +11.3% |
3 Bedrooms | $545K | $616.6K | +13.1% |
4 Bedrooms | $1.0M | $1.0M | -7.2% |
5+ Bedrooms | $2.5M | $2.3M | -7.2% |
Summary: Kendall-Palmetto Bay housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13%, 2 bedroom homes increased by 11.3%, 3 bedroom homes increased by 13.1%, 4 bedroom homes decreased by 7.2%, and 5+ bedroom homes decreased by 7.2%.
Median Sold Price Compared To Nearby Cities
South Miami | $862.5K | $955K | +10.7% |
Kendall-Palmetto Bay | $698.6K | $759K | +8.7% |
South Westside | $585.8K | $636.5K | +8.7% |
Palmetto Bay | $970K | $1.0M | +7.1% |
Pinecrest | $2.0M | $2.0M | +3.0% |
Housing Supply in Kendall-Palmetto Bay, FL
How many homes are available in Kendall-Palmetto Bay, FL?
Number of Homes For Sale
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
706 | 789 | +11.8% |
Summary: The Kendall-Palmetto Bay real estate market had 789 homes for sale in February 2024, a 11.8% increase compared to January 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Jan 2024 | Feb 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 42 | 57 | +35.7% |
2 Bedrooms | 104 | 124 | +19.2% |
3 Bedrooms | 149 | 163 | +9.4% |
4 Bedrooms | 179 | 187 | +4.5% |
5+ Bedrooms | 232 | 258 | +11.2% |
Summary: The Kendall-Palmetto Bay housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 35.7%, 2 bedroom homes increased by 19.2%, 3 bedroom homes increased by 9.4%, 4 bedroom homes increased by 4.5%, and 5+ bedroom homes increased by 11.2%.
Number of Homes Sold
Jan 2024 | Feb 2024 | CHANGE |
---|---|---|
95 | 81 | -14.7% |
Asking Price vs. Sold Price
56 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
17 Homes Were Sold
Over Asking
Summary: A total of 81 homes were sold or pending in Kendall-Palmetto Bay in February 2024, down by 14.7% month-over-month. Of the 81 sold homes, 69% were sold under asking, 10% were sold at asking, and 21% 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
Feb 2023 | Feb 2024 | CHANGE |
---|---|---|
54 Days | 39 Days | -27.6% |
Summary: Homes in Kendall-Palmetto Bay had an average of 39 days on market in Feb 2024, down by 27.6% compared to last year.
Breakdown of Home Sale Times
49 Homes Were Sold
Under 30 Days
22 Homes Were Sold
In 30 - 90 Days
10 Homes Were Sold
Over 90 Days
Summary: During February 2024, 81 homes were sold in Kendall-Palmetto Bay; 60% of homes were sold within 30 days, 27% of homes were sold within 30 to 90 days, and 12% of homes were sold over 90 days.