Surfside Real Estate Market Conditions Summary for 2007
38.39% drop in home sales – 38.67 % in condo sales
This graph shows the perfect representation of the real estate market in Miami.
You can see that there were more single-family home sales in Surfside in 2007 than 2006 which is a great sign for the area. But then you look at the condo sales and there was a 56 percent decrease in 2007 from the previous year.
Although there is not much of a difference in the average price of a Surfside condo from 2006 ($623,299) to 2007 ($621,286) – the average price per square foot dropped from $450.37 in 2006 to $409.59 in 2007.
The single-family home numbers are very similar – reflective of the sales graph above. The average Surfside single family home in 2006 was $757,516 whereas in 2007 it increased to $770,025. The average price per square foot of Surfside single-family homes in 2006 was $371.67 and $363.10 in 2007.
What makes Surfside special? It’s proximity to the ocean. You see people walking towards the beach every day, but you also have waterfront Luxury homes on the bay side. In my opinion, if there is a condo market that will remain strong in Miami, it has to be those condos on the ocean. There’s nothing like sand under you feet and the sound of the ocean waves from your balcony.
**information derived from SEF Multiple Listing Service**