Record-breaking year for Miami Shores does not even begin to explain it. The Demand continues to overpower the lack of inventory and prices have increased like no other time in Miami Shores' history. The concept of a real estate bubble is a fallacy and only for those that do not understand simple laws of economics and we will continue to see price increases in 2022.
Miami Shores' sellers are not the only ones benefiting, but neighboring communities are also cashing in. Some buyers are hesitating, waiting for better timing but most realize the best time is now since they may be pushed out of a continuously appreciating market that they may not be able to afford in the future.
Interest rates are expected to rise but will continue to be low. Inventory will also increase a bit, but not enough to satisfy demand. No matter if you are a buyer or seller in this market, you need to be ready, you need to strategize and you need to work with the right real estate team of professionals.
Without further ado, here are this year's stats.
Miami Shores Homes - Price per Square Foot
The insanity is in the increase per square foot from 2020 to 2021. Remember that 2020 proved to be an amazing year for Miami Shores Real Estate - but almost $100 increase in a year is unheard of. Here are the average price per square foot of Miami Shores homes in the past 10 years. Any questions on appreciation?
||Price per SF
We were used to seeing conservative increases but the last six months of 2020 showed a $43 price difference which is evidence that our homes are valuable. Evidence that the pandemic change our lifestyle and we know appreciate home living so much more than we ever did.
Take a look at the benchmark for Miami Shores in the last 12 months:
The average closed price went from $687,000 in 2020 to $958,000 in 2021! We are now in a seller's market with less than a month of inventory. Here's what's interesting about the micro stats:
- Most sales in Miami Shores are 3-bedroom homes and those average $437/Sq.Ft.
- 4-bedroom homes average $428/Sq.Ft.
- 30% of all deals were cash
- Most buyers were local (from the U.S.) but also came from Argentina, Colombia, France and Italy
- 75% of occupants are primary owners, meaning the buy to live in the home (with a strong 25% of investors and foreign nationals that cannot homestead their properties)
- Most popular architecture is mid-century modern (built between 1948-1969) and that sells at an average of $446/SF
- The price range that is most popular is between $1-$1.5 Million
We offer market reports on a monthly basis for you to stay on top of the pulse of the market. These reports help you identify the best time to buy or sell. Download our latest 3-D Market Analyzer HERE.
Miami Shores Real Estate Market Report for 2021
The general figures for Miami Shores homes in 2021 are the following: (click HERE to see 2020 figures)
- There were 239 Miami Shores homes sold in 2021 compared to 221 in 2020. The median sales price was was $825,000 compared to $680,000 in 2020, and $575,000 in 2019.
- The highest sale in Miami Shores in 2021 was for the double bay front lot at 9767 NE 13th Ave, selling at $7.4 Million and $1,453/Sq.Ft **cash transaction
- The highest dry lot sale (not waterfront) in Miami Shores in 2021 was for the new construction at 1276 NE 93 St which faces Biscayne Bay but has no water frontage (across from Miami Shores Boardwalk), selling for $3.7 Million, $879/Sq.Ft.
- The hightest price per square foot for a non-waterfront home in 2021 was a record-breaking $885/SF for the new construction at 899 NE 92 St. This home was originally listed for $1.5 Million while under construction on June of 2020, increased to $2 Million in July, decreased to $1.9 M in February of 2021, then changed again a few times but finally selling for $2.5 Million.
- The lowest Miami Shores home sold in 2021 was a short sale at 11201 NW 6th Ave in West Shores. Home was listed for $215,000 and sold for $250,000 ($108/Sq.Ft.) This home was under contract for 11 months before Short Sale was approved and transaction closed. It's the only transaction under $300,000 **cash transaction
Download our latest 3-D Market Analyzer HERE.
List of Miami Shores Homes Sold in 2021
To get a list of all Miami Shores homes sold in 2021, please contact us.
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Download our latest 3-D Market Analyzer HERE.