Miami Shores Real Estate Market Report – November 2018

How is the Miami Shores Real Estate Market Doing?

There are currently 108 homes for sale:  (compared to 115 in October)

• Highest priced listing is $5,590,000 $5,400,000 for the bay front home located at 9901 NE 13 Ave with 93′ of open bay frontage, 14,024 SF lot and almost 5,000 SF of living space.

• Lowest priced listing is $349,000 at 9550 NW 2 Ave – 4 bedrooms / 3 bathrooms on big 15,511 SF lot

• Pending Sales (Properties under contract): 17 (same as October)

• Median Sales Price in November: $601.250

• Closed sales in November: 10 (compared to 11 in October)

What sold in Miami Shores in October?

The 10 Miami Shores homes sold in November were the following:

• 77 NE 100 St – 4 bedrooms / 3.5 bathrooms with 2,800 SF of living space on 11,500 SF lot. This home was originally listed for $1,150,000 in July and sold for $1,045,000 ($373/SF) **cash transaction
• 1179 NE 98 St – 3 bedrooms / 2.5 bathrooms with 2,034 SF of living space on 9,457 SF lot. East of the Boulevard home, listed for $760,000 and sold for $760,000 ($374/SF) **cash transaction
• 1217 NE 100 St – 3 bedrooms / 2 bathrooms with 2,232 SF of living space on 7,740 SF lot. East of the Boulevard home, originally listed for $799,000 in April of 2018 with a price reduction and sold for $720,000 ($323/SF)
• 246 NE 101 St – 3 bedrooms / 2 bathrooms with 2,168 SF of living space on 8,625 SF lot. Originally listed for $749,000 in February, had a price reduction in May and sold for $635,000 ($293/SF)
• 155 NW 91 St – 4 bedrooms / 2.5 bathrooms with 2,460 SF of living space on 16,900 SF lot. Originally listed for $719,000 in June, had 2 price reductions and sold for $645,000 ($262/SF)
• 342 NE 104 St – 3 bedrooms / 2 bathrooms with 1,775 SF of living space on 9,225 SF lot. Originally listed for $590,000, in July, reduced to $580,000 and sold for $567,500 ($320/SF)
• 29 NW 94 St – 3 bedrooms / 3 bathrooms with 1,870 SF of living space on 9,675 SF lot. Listed for $565,000 in September and sold for $547,500 ($293/SF)
• 22 NW 105 St – 3 bedrooms / 2 bathrooms with 1,834 SF of living space on 9,225 SF lot. Originally listed for $575,500 in January with several price reductions and sold for $520,000 ($284/SF)
• 126 NW 108 St – 2 bedrooms / 2 bathrooms with 1,666 SF of living space on 9,150 SF lot. Originally listed for $525,000, had a price reduction and sold for $465,000 ($279/SF)
• 515 NW 111 St – Foreclosure with 3 bedrooms / 2 bathrooms with 1,364 SF of living space on 7,830 SF lot. Listed for $290,000 and sold for $265,000 ($194/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 November for homes not on the water was $300, compared to:

• October $352
• September $318
• August $324
• July $291
• June $320
• May $312
• April $309
• March $291
• February $283
• January $289
• 2017’s average of $293

There were no waterfront homes sold in November.

Miami Shores Opinion

I don’t know about you, but I can’t believe 2018 is almost over! The market continues to show signs that favor buyers but in a conservative way, if that makes any sense.  Buyers have the ability to negotiate a bit, but within reason!! This doesn’t mean houses are selling under market value, it just means that there’s more of a chance of 2 parties negotiating an end price that makes sense.  Unless your house is a major fixer upper and sits in a horrible location (train tracks, main road, etc), expect it to sell at market pricing.  

What’s important to understand is that pricing in areas like Miami Shores do not drop, they go up and reach a plateau, but they don’t decrease.  This makes Miami Shores a sound investment, no matter the price range. It’s important to know the areas and pockets that sell for more, it’s also important to be realistic about the product you are buying or selling, which includes condition and future resale.

If you do have a special product, usually architecturally speaking, then it’s a market to be patient, since buyers do know they have the upper hand.  We specialize in marketing architectural and historic properties, so we are happy to discuss further with you if this is your current situation.

The Market Action Index decreased yet again to 28, keep in mind that an index above 30 implies Seller’s Market conditions. Below 30, conditions favor the buyer.

The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.

Additional Miami Shores Reports

In addition to these monthly reports that we prepare the first week of each month, we also have our REAL-TIME reports that you can sign up with or request a home value report from MiamismValue.com.

Miami Shores House of The Month

The Miamism Sales Team recommends the spectacular Mediterraneal Revival home by Kiehnel and Elliot, located at 257 NE 91 ST.  This is one of Miami Shores’ gems, built in 1925 with 5 bedrooms, 3.5 bathrooms, 3,427 SF of living space and 19,500 SF lot!! 

This historic home has been meticulously renovated and restored with the perfect marriage of history and modern comfort.  This one is goosebump material and worth a look if you are looking for an amazing, one-of-a-kind, historic home.

Asking Price $1,900,000 ($554/SF)

Please contact us for additional information or to schedule a private showing appointment.

Miami Shores Events

There are 2 exciting events coming up in Miami Shores, so please mark your calendars.

Plaza 98 – December 8

The first one is this coming weekend, on Saturday, December 8th, between 5-8 PM.  Plaza98 is coming back on the second Saturdays of each month from December to April.  I am one of the organizers of the event and it’s an amazing community event on 98th Street and Downtown Miami Shores where everyone is invited to meet some of our businesses, our neighbors and have a little fun while we have some food and drinks.  There’s fun for the whole family and The Miamism Sales Team is happy to sponsor. Hope to see you there!

Heidi Hewes WCA Home for the Holidays Walk & Tour – Dec 16

I have been drawing the pen & ink renderings for the Holiday Walk for years, as a donation that goes straight to cancer research!! This year, Heidi Hewes will be showcasing 5 superior homes located in Central Miami Shores. It will once again, feature a Holiday Market of unique items perfect for Holiday shopping and one-of-a-kind gifts. Tickets are $45 and available HERE.  The walk is on Sunday, December 16th between 4-8 PM.