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Miami Shores Real Estate Market Report - September 2019

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 99 homes for sale:

  • 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 $215,000 for the 2/1 home located at 10210 NW 2 Ave.
  • Pending Sales (Properties under contract): 25
  • Median Sales Price in September: $594,000
  • Closed sales in September: 20 

What sold in Miami Shores in September?

The 19 Miami Shores homes sold in September ranged from $1,255,000 for the new construction home located at 420 NE 91 St., to $299,000 for the fixer upper at 107 NW 109th St. Price per square foot varied from $221 to $423.  The highest price per sq.ft. was the same home as the highest sale and new construction with 4 bedrooms / 4 bathrooms, almost 4,000 SF and closed with a conventional loan.

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

The average sold price per square foot in Miami Shores in September for homes not on the water was $319 compared to:

  • August's Average $296
  • July's Average $328
  • June's Average $325
  • May's Average $341
  • April's Average $314
  • March's Average $331
  • February's Average $276
  • January's Average $327
  • 2018's average of $317.

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

Miami Shores Opinion

The good news is that although Miami Shores is still a buyer's market, there is only 8 months of inventory.  There is still a lot of overpriced inventory which gives you a false sense of pricing, but stats don't lie. Did you know that the average price per square foot for a 3 bedroom home is $314 and goes up to $345 if the home has 4 bedrooms?  Another interesting stat is that 31% of sales are cash and 71% of sales are for end users (primary residences).  No wonder Miami Shores is such a great place to live.

The average home price in the last 12 homes has been $674,000 and there's an average discount in the village of 6%. Countries buying in Miami Shores continues to impress us and is specially important when we market our listings abroad, to the right audience.

To ge a copy of our new micro-level market reports, please click HERE or contact us with your address and we'll be happy to provide a physical copy.

Our real-time market reports indicate that the Market Action Index remains at 30 which still reflects a slight Seller's Advantage:

The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.

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.

CONTACT us if you are thinking of selling.  We would be happy to meet and give you our opinion on your home.


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