Miami Shores Real Estate Market Report for 2011

Last year we pointed out that Miami Shores was one of the recuperating real estate markets in South Florida.  This year the evidence shows even better news, Miami Shores is not just recuperating, but already in an upward bound direction.  Mass media may paint a grim picture, but there are many desirable neighborhoods in Miami that are beyond recuperating and seeing price increases. Average price per square foot has increased from $153 in 2009, $159 in 2010, to $166 in 2011.

The best improvement evidenced in Miami Shores in 2011 was the luxury homes market with 6 sales above $1 Million, compared to one in 2010 and none in 2009.  Miami Shores home owners wanting to sell their luxury or waterfront properties can now rest assured that they will not just sit unsold for 2 years like seen in the past.

Here are the general figures for the Miami  Shores real estate market in 2011 (click HERE to see 2010 figures):

• There were 154 Miami Shores homes sold in 2011.  The median listing price was $334,000 and the median sale price was $310,000.

• The highest sale in Miami Shores in 2011 was $1,700,000 for the short sale at 9215 N. Bayshore Drive – which is a totally remodeled contemporary bay-front home.  This home was originally listed in 2006 for $4.6 Million with several reductions and finally sold as a short sale to some lucky buyer.

• The lowest sale in Miami Shores in 2011 was $45,000 for a foreclosure at 180 NW 103rd St.  Description of home read:  “Code violations may or may not exist: buyer to assume all code violations if they exist”.

• In 2009, 60% of the properties sold were under $200,000 – In 2010, only 28% of the properties sold were under $200,000. And  in 2011, 16% of the properties sold were under $200,000.  In 2010, 18% of the properties sold were above $500,000 compared to 20% in 2011.  This is proof, yet again, of the decreasing distressed inventory and normalizing housing market.

• 32 out of the 154 Miami Shores homes sold in 2011 (21%), sold above $200/sq.ft. with the highest sale for a dry-lot home (non-waterfront) at $265/sq.ft.

To see all Miami Shores homes sold in 2011, click image:

 

 

 

*Data obtained from SEF MLS*