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Miami Shores Real Estate Market Report - November 2020

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 68 homes for sale: (compared to 60 last month)

  • Highest priced listing $8,000,000 - open Bay, new construction at 1550 NE 103 St with 4 bedrooms / 6 bathrooms, 4,601 SF and 170' of open bay water frontage
  • Lowest priced listing is $378,000 for the 2/2 at 190 NW 103 St
  • Pending Sales (Properties under contract): 38
  • Median Sales Price in November: $650,000
  • Closed sales in November: 16 (Compared to 19 in October)

DOWNLOAD 3D MARKET ANALYZER REPORT HERE

What sold in Miami Shores in November?

There were 16 homes sold in Miami Shores in November. Their sales price ranged between $380,000 and $1,590,000 and price per square foot pricing ranged between $218 and $645.

The lowest sale of $370,000  was the home at 174 NW 106th Street, with 3 bedrooms / 2 bathrooms, 1,677 SF on 9,150 SF lot. It was listed for $460,000 in May, had several price reductions and MLS shows contract that fell through.  Final Sales price was $370,000 ($218/SF). **also lowest price per square foot.

The highest sale of $1,590,000 was for the home at 9145 NE 4th Ave, with 4 bedrooms / 4 bathrooms, 2,912 SF on 14,080 SF lot. This home was listed in October for $1,590,000 and sold at full-price ($645/SF) **cash transaction and also the highest price per square foot.

There was 1 waterfront home sold in Miami Shores in November.  The home located at 1060 NE 105 St.  This is the area known as Country Club Estates behind the former Kmart.  The home has 3 bedrooms / 3 bathrooms, 2,492 SF on 11,250 SF lot and 75' of water frontage with one fixed bridge to the bay. It was listed in October of 2019 for $1,299,000 and sold for $1,200,000 ($538/SF) **cash transaction

For a list of all sales, please contact us and we'll be happy to provide.

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 November for homes not on the water was $378 compared to:

  • October's average $339
  • September's average $382
  • August's average $310
  • July's average $341
  • June's average $337
  • May's average $344
  • April's average $349
  • March's average $320
  • February's average $378
  • January's average $276
  • 2019's average of $324.

There was one waterfront home sold in October in Miami Shores and sold for $538/SF (fixed bridge).  Past month averages as follows:

  • October average - no sales
  • September average - no sales
  • August average - no sales
  • July average $396 (one sale)
  • June average $761 (one sale)
  • May average - no sales
  • April average - no sales
  • March average - no sales
  • February average - no sales
  • January average - no sales

DOWNLOAD 3D MARKET ANALYZER REPORT HERE

Miami Shores Opinion

The year is almost over and we'll be producing an annual market review for Miami Shores on the first week of January.  Although 2020 is almost over, the Miami Shores market continues to be hot with no slowing down in sight.  Interest rates are projected to stay low until at least Summer of 2021, so expect pricing to continue to increase.

Please note that prices have not increased drastically, but because of lack of inventory and huge demand for homes, you can expect multiple offer scenarios especially if dealing in the price range between $400,000 and $900,000.  

The benchmark above shows stats for the past 12 months.  We have 4 months of inventory with an average price per square foot of $335 and average sales price of $682,000.

Buyers are not only from the U.S. but coming from Brazil, Colombia, Venezuela and Argentina.  If you are a seller, know how to work with foreign national sellers, even if they are cash buyers - your agent should be well versed in foreign national deals.

Although the stats show an average discount of 6%, we can tell you that we are seeing sales above asking on the first couple of days they are listed.  This obviously will not happen if you decide to grossly overprice your home, or if you have a fixer-upper or a unique property.

Cash deals account for 25.9% of all transactions and 81.8% of buyers are primary residents. Miami Shores defines a true community, diverse is age and culture.

To get 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.

Featured Miami Shores Home For Sale

This month's featured Miami Shores home is one of Grand Concourse's Grand Dames, located at 441 Grand Concourse.  I did the pen & ink rendering above in 2016 when the house was featured in one of Heidi Hewes' WCA's cancer fund raisers.

The home has 6 bedrooms / 5.5 bathrooms, 5,334 Sq.Ft. on a 16,250 Sq.Ft. lot.   The downstairs has 2 bedrooms and 2 full baths plus office and half-bath.  The upstairs has 4 bedrooms and 3 bathrooms. This traditional home has large spaces, beautiful hardwood floors throughout, new chef's kitchen with professional gas stove, has a beautiful pool area and is located in one of Miami Shores' most beautiful streets.

Priced at  $2,499,000 ($469/SF)

For additional information on this and any other Miami Shores Homes, please contact us or message us through any social media platform (@miamism).


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