Miami Shores Real Estate Market Report – March 2020

How is the Miami Shores Real Estate Market Doing?

There are currently 92 homes for sale: (compared to 105 last month)

• Highest priced listing is $2,250,000 for the new construction (2016), non-waterfront home located at 1035 NE 96 St with 4 bedrooms / 3.5 bathrooms, 3,847 SF on 9,375 SF lot.

• Lowest priced listing is $324,000 for the 2/1 fixer upper located at 19 NW 109th St.

• Pending Sales (Properties under contract): 27

• Median Sales Price in March: $730,000

• Closed sales in March: 9 (Compared to 10 previous month)

What sold in Miami Shores in March?

The 9 homes sold in Miami Shores in March were the following:

• 114 NW 109 St – 2 bedrooms / 1.5 bathrooms, 1,098 SF on 9,150 SF lot. Listed for $350,000 in January and selling for $370,000 ($337/SF)
• 10451 NE 4th Ave – 4 bedrooms / 3 bathrooms, 2,314 SF on 8,250 SF lot. Originally listed for $675,000 in October of 2018, had a few price reductions and sold for $520,000 ($268/SF)
• 9153 NW 1 Ave – 3 bedrooms / 2 bathrooms, 1,699 SF on 8,663 SF lot. Listed for $565,000 in September of 2019, shows a couple of contracts that fell through and closed for $555,000 ($327/SF)
• 152 NE 93 St – 3 bedrooms / 2 bathrooms historic 1926 home with 2,021 SF on 10,240 SF lot. Listed for $698,750 in November of 2019 and sold for $620,000 ($232/SF) **cash transaction
• 1099 NE 96 St – 3 bedrooms / 3 bathrooms, 3,523 SF on 15,330 SF lot – Originally listed for $990,000 in June of 2019 with a few price reductions and showing a contract that did not close but finally selling for $730,000 ($207/SF) **cash transaction
• 261 NE 102 ST – 4 bedrooms / 2.5 bathrooms, 2,474 SF on 14,250 SF lot. Originally listed for $999,000 in September of 2017, removed from the market in 2018 and relisted in October 2019 for $875,000 – sold for $788,000 ($319/SF)
• 262 NE 93 St – 4 bedrooms / 4 bathrooms – 2,198 SF on 10,843 SF lot. Listed for $929,000 in December of 2019 and sold for $870,000 ($315/SF) 
• 1640 NE 104 St – 4 bedrooms / 4.5 bathrooms, 3,237 SF on 8,850 SF lot. Originally listed for $1,185,000 in October 2018, had several price reductions and sold for $1,050,000 ($343/SF) **cash transaction
• 1225 NE 93 St – 3 bedrooms / 5 bathrooms – completely remodeled home with 2,885 SF on 9,825 SF lot. Listed for $1,595,000 in December of 2019 and sold for $1,530,000 ($530/SF) **cash transaction

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

The average sold price per square foot in Miami Shores in March for homes not on the water was $320 compared to:

• February’s average $378
• January’s average $276
• 2019’s average of $324.
• 2018’s average of $317.

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

• February average – no sales
• January average – no sales

Miami Shores Opinion

We are telling our clients to expect a slow down in demand because of the current COVID-19 situation which is unprecedented and could bring so many surprises.  But please note that home purchases are still happening and there will always be a housing demand.  Expect a slow down but not a drastic drop in pricing.  Please read our article on 3 reasons why this will not become a housing crisis. 

March showed a balanced market with 7 months of inventory (same as previous month) and average discount of 6%. Miami Shores’ sweet spot are homes priced between $400,000 and $700,000 with an average price per square foot still above the $300 range.

We will need to keep a close eye on this graph that shows active vs. closed inventory.  As you can see, active inventory dropped drastically, whereas sales only decreased a bit from last month.  Demand will definitely affect all real estate markets but historically conservative markets like Miami Shores should remain strong.

Some interesting stats to note is that almost 28% of transactions are cash, 75% of owners use their property as primary homes and buyers are not just from the U.S. but from Argentina, Russia, France and Germany.

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.