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 2022
Since last year, Kendall-Palmetto Bay has remained a Seller's Market.
Key Takeaway
Kendall-Palmetto Bay is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices
How much do homes in Kendall-Palmetto Bay, FL cost?
Median Sold Price
$716,000
$388/sqft
Based on all homes sold in the last 12 months.
Difference Since August 2022
Key Takeaway
Homes in Kendall-Palmetto Bay have sold for 7.3% more than they did a year ago.
Summary: The median home sold price in Kendall-Palmetto Bay was $716,000 in August 2023, up 7.3% from last year, and the median price per square foot was $388.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $215K | $260K | +20.9% |
| 2 Bedrooms | $282.2K | $325K | +15.1% |
| 3 Bedrooms | $528.3K | $585.3K | +10.8% |
| 4 Bedrooms | $988.7K | $999.9K | +1.1% |
| 5+ Bedrooms | $2.3M | $2.3M | 0.0% |
Summary: Kendall-Palmetto Bay housing prices by bedroom type for August 2023 compared to the previous year: The home price of 1 bedroom homes increased by 20.9%, 2 bedroom homes increased by 15.1%, 3 bedroom homes increased by 10.8%, 4 bedroom homes increased by 1.1%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Cities
| Pinecrest | $1.7M | $2.1M | +21.6% |
| South Westside | $540.3K | $620K | +14.7% |
| Palmetto Bay | $875K | $999.9K | +14.3% |
| Kendall-Palmetto Bay | $667K | $716K | +7.3% |
| South Miami | $854K | $850K | -0.5% |
Housing Supply
How many homes are available in Kendall-Palmetto Bay, FL?
Number of Homes For Sale
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 606 | 638 | +5.3% |
Summary: The Kendall-Palmetto Bay real estate market had 638 homes for sale in August 2023, a 5.3% increase compared to July 2023.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 25 | 24 | -4.0% |
| 2 Bedrooms | 71 | 87 | +22.5% |
| 3 Bedrooms | 132 | 131 | -0.8% |
| 4 Bedrooms | 183 | 177 | -3.3% |
| 5+ Bedrooms | 195 | 219 | +12.3% |
Summary: The Kendall-Palmetto Bay housing inventory by bedroom type for August 2023 compared to the previous month: The inventory of 1 bedroom homes decreased by 4%, 2 bedroom homes increased by 22.5%, 3 bedroom homes decreased by 0.8%, 4 bedroom homes decreased by 3.3%, and 5+ bedroom homes increased by 12.3%.
Number of Homes Sold
| Jul 2023 | Aug 2023 | CHANGE |
|---|---|---|
| 130 | 115 | -11.5% |
Asking Price vs. Sold Price
75 Homes Were Sold
Under Asking
15 Homes Were Sold
At Asking
25 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. 65.2% of homes here sold below asking price last month.
Summary: A total of 115 homes were sold or pending in Kendall-Palmetto Bay in August 2023, down by 11.5% month-over-month. Of the 115 sold homes, 65% were sold under asking, 13% were sold at asking, and 22% were sold over asking.
Days on Market
How long does it take to sell a home in Kendall-Palmetto Bay, FL?
Average Sale Time
| Aug 2022 | Aug 2023 | CHANGE |
|---|---|---|
| 32 Days | 39 Days | +20.6% |
Summary: Homes in Kendall-Palmetto Bay had an average of 39 days on market in Aug 2023, up by 20.6% compared to last year.
Breakdown of Home Sale Times
73 Homes Were Sold
Under 30 Days
29 Homes Were Sold
In 30 - 90 Days
13 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 2023, 115 homes were sold in Kendall-Palmetto Bay; 63% of homes were sold within 30 days, 25% of homes were sold within 30 to 90 days, and 11% of homes were sold over 90 days.
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