Annual Overview: Surfside 2023 Real Estate Market – Comprehensive Yearly Analysis and Trends
In 2023, the Surfside Real Estate market experienced a significant transition, reflecting a stabilization phase after years of skyrocketing prices. This period was marked by a struggle to balance heightened interest rates with a scarcity of inventory, a notable shift from the previous year’s record-breaking trends across South Florida and beyond.
The year saw a decrease in sales volume, a trend influenced by rising mortgage rates. Despite this slowdown, the market’s resilience was evident in property value increases, albeit at a steadier pace than the sharp jump from $875,000 to $1,100,000 in median home prices witnessed in 2022, and $1,500,000 in 2023. This indicated a market striving for equilibrium, where sellers grappled with realistic pricing in the face of evolving economic conditions.
The ongoing debate about a potential market correction was a key focus in 2023. Distinguishing between a ‘correction’ (a minor downturn) and a ‘crash’, the market dynamics seemed poised for adjustment, primarily dependent on mortgage rates, demand, and inventory levels. Notably, the 30-Year Mortgage Rate showed a gradual decline, reaching 6.31%, which led to an uptick in mortgage applications, hinting at a potential revival in home buying.
Surfside’s real estate landscape continued to be influenced by newcomers from high-tax areas like New York and California. This influx, coupled with Florida’s attractive fiscal policies, added complexity to the local market dynamics.
Inventory levels in Surfside indicated a buyer’s market, with a substantial supply lasting 10 months. This situation necessitated close monitoring of interest rates and potential market shifts. The aftermath of the 2021 condo collapse tragedy brought significant legislative changes. Senate Bill 4D, enacted in response, introduced crucial safety reforms for condominiums, mandating more frequent inspections and the establishment of reserve funds for necessary repairs.
As we move forward, although a continued correction seems likely, the exact trajectory of Surfside’s real estate market remains contingent on various factors, including fluctuations in interest rates. It’s also important to know that also market seemed extra slow, there was still a slight increase in price per square foot from $817 in 2022 to $829 in 2023. In a correcting market, overpriced listings lead to a gap between fantasy and reality, skewing perceptions and making the market look worse than it really is.
As we turn the page to a new chapter in Surfside’s real estate saga, let’s examine the detailed statistics and insights that defined the market in 2023.
Surfside Homes – Price per Square Foot
Here is a list with average price per square foot in the past years for Surfside homes not on the water:
| Year | Price per SF |
|---|---|
| 2023 | $829/SF |
| 2022 | $817/SF |
| 2021 | $502/SF |
| 2020 | $416/SF |
| 2019 | $386/SF |
| 2018 | $360/SF |
| 2017 | $382/SF |
| 2016 | $377/SF |
| 2015 | $350/SF |
| 2014 | $324/SF |
| 2013 | $270/SF |
| 2012 | $233/SF |
| 2011 | $193/SF |
Reality Check!! Surfside’s real estate rollercoaster finally hits a plateau, breaking free from the dizzying heights of appreciation that dominated from 2020 to 2022. Data doesn’t lie, in 2020 the average price per square foot was $416, almost doubled by 2022 at $817 and then stabilized at $829 in 2023. This means a breather for Sursfide.
Take a look at the benchmark for Surfside homes in the last 12 months:
Some interesting stats from 2023 is that 94.1% of transactions were CASH transactions (compared to 60% in 2022). 85.3% of all purchases were for primary residences, compared to 79.5% in 2022 and 67% in 2021. The average same dropped from $2.5 Million in 2022 to $2.3 Million in 2023. And the average price per square foot has a slight increase from $817 to $829 in 2023.
We offer market reports on a monthly basis for you to stay on top of the pulse of the market (2nd week of every month). These reports help you identify the best time to buy or sell.
Download our latest 3-D Market Analyzer HERE.
Surfside Real Estate Market Report for 2023
The general figures for Surfside homes in 2023 are the following: (click HERE to see 2022 figures)
- There were 33 Surfside homes sold in 2023, compared to 47 in 2022, and 87 sold in 2021. The median sales price was $1,500,000, compared to $1,100,000 in 2022 and $875,000 in 2021.
- The highest sale in Surfside in 2023 was for the waterfront home at 1236 Biscaya Dr. This 2009 modern construction home, with 6 bedrooms / 8 bathrooms, 7,675 Sq.Ft. on 15,000 Sq.Ft lot with 75′ of water frontage, sold for $15,325,000 ($1,997/Sq.Ft.) **Cash transaction
- The highest non-waterfront home sale in Surfside in 2023 was for the 2023 new construction at 500 93 St with 6 bedrooms / 6 bathrooms, 3,830 Sq.Ft., on 6,160 Sq. Ft. lot. Selling at $4.4 Million ($1,149/Sq.Ft.) **Conventional loan
- The lowest priced Surfside home sold in 2023 was located at 8821 Froude Avenue. A 3 bedroom/ 2 bathroom home with 1,477 Sq.Ft. and 5,600 Sq.Ft. lot – It sold for $1 Million ($677/Sq.Ft.) **Cash Transaction
- The lowest price per sq.f.t in Surfside in 2023 was located at 817 Surfside. A 3 bedroom / 2 bathroom home with 1,637 Sq.Ft. and 5,625 Sq.Ft. lot – It sold for $1,025,000 ($626/Sq.Ft.) **Cash transaction
- The highest sale per square foot in Surfside in 2023 was the waterfront home at 940 88th St, advertise for land development opportunity with existing home with 4 bedrooms / 3.5 bathrooms, 2,235 Sq.Ft and 15,000 Sq. Ft. lot with 75′ of water frontage – selling at $7,925,000 ($3,546/Sq.Ft.) **Cash Transaction
Download our latest 3-D Market Analyzer HERE.
List of Surfside Homes Sold in 2023
To get a list of all Surfside homes sold in 2023 please contact us.