Schenley Park 2017 Market Re-Cap and Where The Neighborhood Is Going

The Schenley Park Real Estate Market Update 2018

2017 was the year of market corrections. As supply increased and demand decreased, sellers faced more competition and struggled selling their homes, while buyers faced inflated prices. Schenley Park has been seeing its own neighborhood changing with more sales in new construction, vacant lots, and teardown or houses in need of renovation.

The Schenley Park Real Estate Market Update 2018

Sales of single-family homes in Miami-Dade saw a 4.3% decrease in sales, while Schenley Park saw a 15.4% decrease. In 2016, the neighborhood experienced an increase in new home construction sales compared to 2017, whereas 2017 experienced more sales for houses that needed renovation.

The Schenley Park Real Estate Market Update 2018
The Schenley Park Real Estate Market Update 2018

Despite the dip in sales, the Schenley Park price market remained strong for the year and still out performed all other previous years. The average price per square foot for the year was $267, a 11% increase from 2016, and the average sales price jumped up 22% from 2016.

However, as buyers continue to face inflated prices and sellers continue to oversaturate the market with new construction, teardown, renovation, and turn-key ready houses, the Schenley Park neighborhood is likely to see the same pattern as Miami-Dade of over supply and lack of demand.

In Schenley Park, nearly 50% of the currently available houses came on the market in January 2018 and the average days on the market has increased to over 3 months.

Advice to sellers of Schenley Park

Although 2017 was a strong year for the neighborhood, the further we move into 2018, sellers are predicted to experience a longer than average time to sell their property due to higher inventory without the demand. Pricing your property right will probably result in a fast sale while we wait for demand to correlate with supply. There does continue to be demand for Schenley Park, however, many sales are occurring for new construction or houses in need of renovation. For more information on price points and a comparative market analysis for your property please contact Joanna Weber at 352-672-1917.

Advice to buyers of Schenley Park

Schenley Park has “been discovered” which is drawing in attention from investors and developers, creating a higher level of inventory and likely lower prices. However, the demand is still there, so if there a specific property you want, it may be best not to wait. If you can find a well finished property that is has a competitive price per square foot, I would suggest buying. I do expect prices to come down quite soon for houses in need of major renovation, creating some great investment opportunities.

The David Siddons Group is a top producing Miami real estate team with over $65M in yearly sales. The group is known for their real estate market reports and blogs. Joanna Weber is a licensed real estate agent in the group who focuses on the Schenley Park area.

Contact Joanna today at 352.672.1917 or


These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!


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