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Belle Meade Real Estate Market Report - October 2020

Ines Hegedus-Garcia
ines@miamism.com

How is The Belle Meade Real Estate Market Doing?

There are currently 16 single-family homes for sale: (compared to 17 in September)

  • Highest priced listing is $3,595,000 for the 4/4.5 new, waterfront construction at 885 NE 76 St (840/SF)
  • Lowest priced listing is $659,500 for the 3/3 at 7534 NE 6th Ct.
  • Pending Sales (Properties under contract): 11
  • Median Sales Price in October: $620,000
  • Closed sales in October: 4 (compared to 7 in September)

DOWNLOAD BELLE MEADE MARKET REPORT HERE

Belle Meade Homes Sold in October

There were 4 single-family homes sold in Belle Meade in October:

  • 881 NE 72 Ter - 2 bedrooms / 2 bathrooms with 1,566 SF on 7,080 SF lot. Originally listed in May for $634,900, had a couple of price reductions, MLS shows one contract that fell through and sold for $575,000 ($423/SF)
  • 651 NE 92 Ter - charming and renovated 1935 3/2 with 1,387 SF on 8,850 SF lot. Originally listed in May of 2018 for $749,000, then again in November of same year for $675,000, again in August of 2019 for $649,000, increased to $659,900 in May of 2020 and sold for $620,000 ($447/SF)
  • 930 NE 74 St - unfinished home with 3 bedrooms / 3.5 bathrooms, 2,014 SF on 9,558 SF lot.  Originally listed for $879,000 in December of 2018, lowered a few times and sold unfinished for $535,000 ($321/SF) **cash transaction
  • 935 NE 75 St - waterfront 3/3 with 1,602 SF on 11,250 SF lot with 75' of water frontage. Listed for $1,599,000 in August and sold for $1,470,000 ($1,239/SF)

DOWNLOAD BELLE MEADE MARKET REPORT HERE

Belle Meade Average Price per Square Foot

The average price per square foot for  dry lot homes (non-waterfront) homes sold in Belle Meade in October was $435, with past averages are as follows:

  • September's average $432
  • August's average $372
  • July's average $387 (one sale)
  • June's average - no sales
  • May's average - no sales
  • April's average $388
  • March's average $422
  • February's average $280
  • January's average $418
  • 2019's average (not on the water) $382

There was 1 waterfront home sold in Belle Meade in October selling at an average price per square foot of $1,239. Past averages are as follows:

  • September's average $843
  • August's average - no waterfront sales
  • July's average - no waterfront sales
  • June's average - no waterfront sales
  • May's average $631 (one sale)
  • April's average - no waterfront sales
  • March's average - no waterfront sales
  • February's average - no waterfront sales
  • January's average - no waterfront sales
  • 2019's average (waterfront) $588

DOWNLOAD BELLE MEADE MARKET REPORT HERE

Belle Meade's Real Estate Stats and Opinion

Belle Meade's numbers continue to improve every month.  There are currently 9 months of inventory, making it a buyer's market.  The average price per square foot increased a bit to $440.

The price range that is moving the most in Belle Meade is between $500k-$700k but notice that the cheapest listing is $659,500.  It's also interesting to see that the average discount is 6% (from listing to selling) and cash transactions make up a quarter of all sales.  This goes hand in hand with investor purchases which make up 26.3% of sales.

There were only 4 sales in October but remember that these particular stats are based on the last 12 months.  We will keep an eye out on demand, which will determine if prices continue to increase.

Buyers are not only local but also coming from Colombia and Argentina. This is key when you are marketing your home for sale - our stats help identify the right audience for our listings which ultimately result in maximizing the value of the properties we sell.

We provide micro-data for markets around South Florida.  Real Estate is hyper-local and it's crucial to analyze data at a micro level to identify not only the right time to buy or sell, but who is buying and what factors will maximize your goals.  We also look into demographic information to help identify audiences buying in the area.

For a free copy of this report, click HERE.

We are happy to meet for a no-obligation home valuation consultation, which includes home preparation recommendations as well as marketing strategies.  Call me at 306-206-9366 (direct cell) or email me at ines@miamism.com

Featured Belle Meade Home For Sale

This month's featured Belle Meade home is the impeccable 1939 home at 700 NE 75th St.  Beautiful and charming 3 bedrooms / 2 bathrooms, 1,769 sq.ft. on a 5,900 SF lot. This is a must see if you are looking for a quaint home in a great part of the city with amazing features. 

Asking price $715,000 ($404/SF)

For additional information, please contact us.


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