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Miami Shores Real Estate Market Report - October 2020

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 60 homes for sale: (compared to 56 last month)

  • Highest priced listing $5,950,000 for the bay front home at 9301 N Bayshore Dr with 5 bedrooms / 4.5 bathrooms, 4,618 SF on 13,968 SF lot with 83 feet of open bay water frontage.
  • Lowest priced listing is $383,000 for the 2 bedroom / 1 bathroom home at 190 NW 103 St.
  • Pending Sales (Properties under contract): 38
  • Median Sales Price in October: $740,000
  • Closed sales in October: 19 (Compared to 21 in September)

DOWNLOAD 3D MARKET ANALYZER REPORT HERE

What sold in Miami Shores in October?

There were 19 homes sold in Miami Shores in October.  Their sales price ranged between $385,000 to $1,075,000 and price per square foot pricing ranged between $251 and $451.

The lowest  sale of $385,000 was the home at 10300 N Miami Ave, with 2 bedrooms / 2 bathrooms, 1,603 SF on 10,530 SF lot. It was listed for $429,000 in August, had 2 price reductions and sold for $251/SF **cash transaction and also lowest sale pre square foot.

The highest sale of $1,075,000 for for the home at 526 Grand Concourse, with 4 bedrooms / 3 bathrooms, 3,621 SF on 14,972 SF lot. This home was listed for $1,250,000 in June and sold for $332/SF **cash transaction

The highest sale per square foot was the home across the golf course at 970 NE 100th Street, with 2,292 SF on 11,900 SF lot.  It was updated and in beautiful condition and sold for $451/SF.

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

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 October for homes not on the water was $339 compared to:

  • 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 were no waterfront homes sold in October in Miami Shores.  Past month averages as follows:

  • 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

Miami Shores continues to be one of the hottest real estate markets in Miami for single-family homes. Stats for the last 12 months show we're in a Seller's market with 4 months of inventory.  The average price per square foot is $330 and average sales price is $666,000.

Also we've seen a slight increase in inventory, demand continues to be strong and prices continue to increase.  Please note the increase is conservative - those homes that are overpriced are NOT moving and is easily evidenced.  Homes under $800,000 are flying off the shelves and the average discount is 6%.

Buyers are not just local but we're seeing an influx from NYC, Connecticut and New Jersey, as well as Venezuela, Brazil, Colombia and Argentina.  Condo owners are flocking to Miami Shores because they recognize the neighborhood's amenities, proximity to everything and the fact that it's an amazing community to live in.

25% of deals are cash but we are seeing buyers willing to pay above appraisal because of the low Inventory.  Whether you are a buyer or seller, you will need a strategy in this difficult market - to deal with multiple offer scenarios in order to maximize the value of your home; or if you are a buyer, to not only pay more, but draft purchase contract in a way that benefits you and guarantees a win.

 

 

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 located at 485 NE 94th Street.  Gorgeous 1929 home that has been meticulously renovated leaving important historic features untouched and at the same time modernizing the interiors to what makes sense today. Smart home, top of the line finishes and appliances, incredible pool area, you cannot miss this beauty. It boasts 3,364 SF of interior space on an oversized 19,964 SF lot.

Priced at  $1,748,000 ($520/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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