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Miami Shores Real Estate Market Report - April 2020

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 102 homes for sale: (compared to 92 last month)

  • Highest priced listing is $3,975,000 for the perfectly remodeled home at 1460 NE 103 St.  (not quite bay front, but second home in from the bay) with 4 bedrooms / 4.5 bathrooms, 3,750 SF on 17,945 SF lot with 122' of water frontage.
  • Lowest priced listing is $324,000 for the 2/1 fixer upper located at 19 NW 109th St.
  • Pending Sales (Properties under contract): 22
  • Median Sales Price in April: $680,000
  • Closed sales in April: 12 (Compared to 9 in March)

DOWNLOAD 3D MARKET ANALYZER REPORT HERE

What sold in Miami Shores in April?

The 12 homes sold in Miami Shores in April were the following:

  • 126 NE 93 St - renovated Mediterranean Revival with 5 bedrooms / 3 bathrooms, 2,550 SF on 12,800 SF lot. Listed for $1,349,000 in February and selling for $1,278,000 ($440/SF)
  • 1200 NE 96th St - mid-century modern with 4 bedrooms / 4 bathrooms, 2,702 SF on 16,382 SF lot. Listed for $1,190,000 and selling for $940,000 ($435/SF)
  • 1223 NE 102 St - mid-century modern with 4 bedrooms / 3 bathrooms, 2,200 SF on 9,123 SF lot. Listed for $949,000 and selling for $920,000 ($418/SF)
  • 800 NE 95 St - colonial home from 1974 with 4 bedrooms / 3 bathrooms, 3,231 SF on 10,453 SF lot. Listed for $895,000 and selling for $835,000 ($305/SF)
  • 35 NE 91 St - remodeled home with 3 bedrooms / 2 bathrooms, 2,104 SF on 9,675 SF lot. Listed for $749,000 and selling for $690,000 ($360/SF)
  • 836 NE 100 St - super clean and newly remodeled home by golf course with 3 bedrooms / 2 bathrooms, 2,061 SF on 8,850 SF lot. Originally listed for $775,000 in September of 2018, reduced to $749,000 in October of 2019 and selling for $735,000 ($357/SF)
  • 141 NW 96 St - gorgeous 50's home with 2 bedrooms / 2 bathrooms, 1,996 SF on 8,625 SF lot. Originally listed for $797,000 in August of 2018, increased to $823,000 a few months later, then decreased again several times and sold for $680,000 ($334/SF) **cash transaction
  • 10804 NW 2 Ave - 3 bedrooms / 2 bathrooms, 1,900 SF on 12,124 SF lot. Listed for $679,000 in February and selling for $680,000 ($371/SF)
  • 41 NE 107 St - 3 bedrooms / 2 bathrooms, 1,828 SF on 9,225 SF lot. Listed for $639,000 in January and selling for $639,000 ($347/SF)
  • 43 NW 110 St - 3 bedrooms / 2 bathrooms, 1,572 SF on 9,150 SF lot. Originally listed for $495,000 in June of 2019, lowered to $489,900 in November and selling for $450,000 ($286/SF)
  • 118 NW 102 St - 3 bedrooms / 2 bathrooms, 1,572 SF on 8,100 SF lot. Originally listed for $510,900 in June of 2019, lowered a few times and selling for $431,000 ($274/SF)
  • 10080 N Miami Ave -2 bedrooms / 2 bathrooms, 1,361 SF on 7,200 SF lot. This home was purchased for $289,800 in July of 2019, relisted for $379,000 in February of 2020 and sold for $359,000 ($264/SF)

DOWNLOAD 3D MARKET ANALYZER REPORT HERE

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

The average sold price per square foot in Miami Shores in April for homes not on the water was $349 compared to:

There were no waterfront homes sold in April in Miami Shores.  

  • March average - no sales
  • February average - no sales
  • January average - no sales

DOWNLOAD 3D MARKET ANALYZER REPORT HERE

Miami Shores Opinion

Last month's sales panorama paints the perfect picture of what is going on in Miami Shores.  Homes EAST of Biscayne Boulevard are selling above $400/SF - homes that need work are selling in the low $300/high $200's per square foot.  Location is key for determining price - main roads like North Miami Avenue, NE 2nd Avenue will dictate a major price reduction, no matter the condition.  This is key when you are ready to buy or sell - there's a reason REALTORS talk about "location, location, location"!

The average discount in Miami Shores remains low at 6% which means the difference between list and sales price. It's interesting to note that inventory is beginning to increase, while demand has remained strong.  This should not reflect a lowering in prices unless demand drops a great deal.  We do not expect prices to be affected at all by the current pandemic situation since it is NOT a housing crisis - on the contrary, shelter is the most valuable asset we have at this time with "shelter in place" order by local authorities.

It is interesting to note that we have a 24.4% investor ownership in Miami Shores, which goes hand in hand with the 26% cash deals.  Miami Shores remains a primary residence area with few second home and investor owners.

Please note that it is still a buyer's market with about 8 months of inventory right now.  Let's see what next month brings and we do hope that you are safe at home.

Remember that serious buyers are out there right now and we are being more thorough about pre-qualifying anyone that wants to see properties for ours and your safety.

To ge a copy of our 3D-market analyzer report, please click HERE or contact us with your address and we'll be happy to provide a physical copy.


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