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Market Conditions for Miami Shores, Bay Harbor Islands, Surfside and Biscayne Park

Ines Hegedus-Garcia
ines@miamism.com

When you look at the last 11 months of market reports for the single-family real estate market in the cities of Miami Shores, Bay Harbor Islands, Surfside and El Portal, you will notice that there is not much change.  The amount of inventory has remained about the same and so have the number of sales.  We have customers calling us to ask if listing their house now as opposed to 6 months ago would be better for them, and as much as we would like to say yes, the truth is that it will not make a difference.

Price per square foot has dropped a bit in a lot of these areas, and this can be attributed to some desperate sellers as well as to foreclosures.  But the decrease is not significant.  A lot of buyers are taking advantage of the lack of sales to low-ball properties in order to get a good deal.  Personally, I don't blame them, who doesn't like a bargain?  I do recommend that Miami real estate buyers work with someone who can guide them in order to avoid offending sellers.

market_conditions_line_graph_dec_07.jpg

As you can see from the above graph, the cities of Miami Shores and Surfside have similar conditions because most active listings and sales are in the price range between $400,000 and $600,000.

Bay Harbor Islands, on the other hand, has most of its listings and sales in the $1 million and above range.

El Portal has most of its sales and inventory in the price range between $200,000 and $400,000.

There are currently 226 single-family listings in Miami Shores, Florida:
  • Highest priced listing:  $3,650,000
  • Lowest priced listing : $285,000
  • Properties currently under contract:  7
  • Closed properties since 1/1/2007:  92
  • According to the closed sales - there are 27 months of inventory in Miami Shores alone with 7 sales in the last month.
There are currently 22 single-family listings in Bay Harbor Islands, Florida:
  • Highest priced listing:  $6,200,000
  • Lowest priced listing : $575,000
  • Properties currently under contract:  1
  • Closed properties since 1/1/2007:  8
  • There are currently 30 months of inventory in Bay Harbor Islands with no sales last month.
There are currently 95 single-family listings in Surfside, Florida:
  • Highest priced listing:  $8,000,000
  • Lowest priced listing : $469,000
  • Properties currently under contract:  2
  • Closed properties since 1/1/2007:  38
  • There are currently 27 months of inventory in Surfside with only 1 closed sale last month.
There are currently 61 single-family listings in El Portal, Florida:
  • Highest priced listing:  $925,000
  • Lowest priced listing : $248,900
  • Properties currently under contract:  1
  • Closed properties since 1/1/2007:  13
  • There are currently 51 months of inventory in El Portal with 2 closings last month.

dec_07_pie_for_sale.jpgdec_07_pie_sold.jpg

When you look at this graph that compares active listings and closed sales, you can see how Miami Shores and Surfside are experiencing slight corrections, whereas El Portal's sales keep decreasing.

What does this mean if you are a buyer?  When looking at a city like El Portal, either you will have an opportunity to find a good deal, or sellers are not willing to decrease prices.  It's a stubborn real estate market and it helps to define your goals and strategy with the help of a good real estate professional.

We are starting to see investors pop their heads in the Miami Real Estate Market.  It may be because Hot Entrepeneurs are known to "buy when no one else is buying".

If you have any questions about real estate market conditions in Miami Shores, Bay Harbor Islands, Surfside or El Portal, don't hesitate to leave a comment, send us an e-mail or call us, Rick and I are always available to anwer questions.

**all information for this article was gathered from SEF Multiple Listing Service"


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