Miami Shores Real Estate Market Report - May 2019

How is the Miami Shores Real Estate Market Doing?

There are currently 117 homes for sale: (compared to 127 last month)

Highest priced listing is ~~$5,590,000~~ $5,400,000 for the bay front home located at 9901 NE 13 Ave with 93′ of open bay frontage, 14,024 SF lot and almost 5,000 SF of living space.

Lowest priced listing is $299,900 at 107 NW 109th St – complete fixer upper with 3 bedrooms / 1 bathroom

Pending Sales (Properties under contract): 38

Median Sales Price in May: $517,000

Closed sales in May: 13 (compared to 16 in April)

What sold in Miami Shores in May?

The 13 Miami Shores homes sold in May were the following:

89 NE 106 St – Foreclosure in need of major repairs with 4 bedrooms / 3 bathrooms, 1,970 SF on 9,239 SF lot. Listed for $368,500 in January and selling for $345,000 ($182/SF) **cash transaction
234 NE 99 St – 2 bedrooms / 2 bathrooms with 1,422 SF on 5,750 SF lot. Originally listed for $425,000 in October of 2018, had a few price reductions and sold for $396,000 ($278/SF)
189 NW 101 St – 2 bedrooms / 2 bathrooms with 1,433 SF on 8,025 SF lot. Listed for $435,000 and selling for $435,000 ($328/SF)
10 NE 102 St – 3 bedrooms / 2 bathrooms and 2 half baths with 1,897 SF on 9,750 SF lot. Originally listed in November of 2018, had a contract that fell through according to MLS and sold for $500,000 ($320/SF)
5 NW 107 St – 3 bedrooms / 2 bathrooms with 1,401 SF on 9,225 SF lot. Listed for $525,000 in January and selling for $495,000 ($353/SF)
10326 NW 1 Ave – 3 bedrooms / 2 bathrooms with 1,783 SF on 9,797 SF lot. Originally listed for 549,900 in February of 2018, had a price reduction and a price increase and sold for $517,000 ($290/SF)
10650 NE 10 Pl – 3 bedrooms / 3 bathrooms with 2,074 SF on 9,750 SF lot. Originally listed for $598,000 in September of 2018, had a contract that fell through according to MLS and finally sold for $520,000 ($248/SF)
297 NE 97 St – 4 bedrooms / 2 bathrooms with 1,717 SF on 6,188 SF lot. Originally listed for $659,999 in June of 2018, had several price reductions and sold for $575,000 ($335/SF)
1178 NE 98 St – 2 bedrooms / 2 bathrooms with 1,726 SF on 10,781 SF lot. Listed for $699,000 in December of 2018, decreased to $659,000 in February and sold for $635,000 ($448/SF)
84 NW 104 St – beautifully remodeled West Miami Shores location home with 3 bedrooms / 2 bathrooms, 2,111 SF on 12,847 SF lot. Originally listed for $749,900 in August of 2016, then lowered to $699,900 in November of 2018, had a few additional price reductions and sold for $650,000 ($324/SF)
1201 NE 102 St – Gorgeous mid-century modern home located East of Biscayne Blvd. with 3 bedrooms / 3 bathrooms, 2,350 SF on 11,691 SF lot. Originally listed for $1,045,000, had 2 price reductions and sold for $930,000 ($461/SF) **cash transaction
270 Grand Concourse – 3 bedrooms / 2.5 bathrooms with 2,480 SF on 13,000 SF lot. Originally listed for $1,275,000 in February, with 2 price reductions and selling for $965,000 ($421/SF)
1001 NE 96 St – 5 bedrooms / 4 bathrooms with 4,192 SF on 12,500 SF lot. Originally listed for $2,150,000 in January, lowered to $1,950,000 in February and sold for $1,860,000 ($444/SF) **cash transaction

What is the average price per square foot in Miami Shores?

The average sold price per square foot in Miami Shores in May for homes not on the water was $341 compared to

April’s Average $314
March’s Average $331
February’s Average $276
January’s Average $327
2018’s average of $317.

There were no waterfront homes sold in May.

Miami Shores Opinion

Historically, the busiest month for sales in Miami Shores has been May, and sales did not disappoint. Expect the market to slow down a bit in the summer and pick up again in mid August, right when kids go back to school. What’s important to point out from last month’s sales is that homes East of The Boulevard and on Grand Concourse are selling for more. This has been the norm in Miami Shores during normal real estate markets and continues to be the same.

In addition to location, homes that have architectural significance, also sell for more, especially when marketed correctly. If your home has architectural or historic significance plus a great location, it should be a home run when you decide to sell.

Our real-time market reports indicate that the Market Action Index is at 28 (where 30 implies a seller’s market). Keep an eye out for this number, since a decrease in inventory and increase in demand should push us over the 30 mark in the next few months.

If you read our Miami Report summary, you’ll see that Miami has a shortage of single-family home inventory, especially under The $1 Million range, which will continue pushing pricing upwards.

Additional Miami Shores Reports

In addition to these monthly reports that we prepare the first week of each month, we also have our REAL-TIME reports that you can sign up with or request a home value report from MiamismValue.com.

**photo above taken from Miami Shores Country Club last Thursday 5/30