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 May 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
$791,281
$417/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Kendall-Palmetto Bay have sold for 13.4% more than they did a year ago.
Summary: The median home sold price in Kendall-Palmetto Bay was $791,281 in May 2024, up 13.4% from last year, and the median price per square foot was $417.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $244.5K | $255.5K | +4.5% |
| 2 Bedrooms | $310K | $330K | +6.5% |
| 3 Bedrooms | $558.7K | $647.5K | +15.9% |
| 4 Bedrooms | $1.0M | $1.0M | -0.2% |
| 5+ Bedrooms | $2.3M | $2.3M | +1.1% |
Summary: Kendall-Palmetto Bay housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.5%, 2 bedroom homes increased by 6.5%, 3 bedroom homes increased by 15.9%, 4 bedroom homes decreased by 0.2%, and 5+ bedroom homes increased by 1.1%.
Median Sold Price Compared To Nearby Cities
| Kendall-Palmetto Bay | $697.9K | $791.2K | +13.4% |
| Palmetto Bay | $980K | $1.0M | +11.1% |
| South Westside | $599.9K | $654.7K | +9.1% |
| South Miami | $910K | $985K | +8.2% |
| Pinecrest | $2.0M | $2.1M | +7.5% |
Housing Supply in Kendall-Palmetto Bay, FL
How many homes are available in Kendall-Palmetto Bay, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 852 | 901 | +5.8% |
Summary: The Kendall-Palmetto Bay real estate market had 901 homes for sale in May 2024, a 5.8% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 67 | 67 | 0.0% |
| 2 Bedrooms | 124 | 126 | +1.6% |
| 3 Bedrooms | 168 | 193 | +14.9% |
| 4 Bedrooms | 198 | 209 | +5.6% |
| 5+ Bedrooms | 295 | 306 | +3.7% |
Summary: The Kendall-Palmetto Bay housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 14.9%, 4 bedroom homes increased by 5.6%, and 5+ bedroom homes increased by 3.7%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 165 | 134 | -18.8% |
Asking Price vs. Sold Price
93 Homes Were Sold
Under Asking
23 Homes Were Sold
At Asking
18 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. 69.4% of homes here sold below asking price last month.
Summary: A total of 134 homes were sold or pending in Kendall-Palmetto Bay in May 2024, down by 18.8% month-over-month. Of the 134 sold homes, 69% were sold under asking, 17% were sold at asking, and 13% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 50 Days | 57 Days | +14.8% |
Summary: Homes in Kendall-Palmetto Bay had an average of 57 days on market in May 2024, up by 14.8% compared to last year.
Breakdown of Home Sale Times
65 Homes Were Sold
Under 30 Days
39 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 May 2024, 134 homes were sold in Kendall-Palmetto Bay; 49% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 22% of homes were sold over 90 days.
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