Surfside Real Estate Market Report – April 2019

How is the Surfside Real Estate Market Doing?

There are currently 45 Surfside homes for sale: (compared to 51 last month)

• Highest priced listing:  $10,000,000 – 1332 Biscaya Dr – house on 14,903 SF lot with 100′ of wide bay, water frontage.

• Lowest priced listing: $549,000 – 9248 Harding Ave – 2 bedrooms / 2 bathrooms on 5,600 SF lot (reduced from $689,000)

• Pending Sales: 6

• Closed Sales in April: 5 (compared to 4 in March)

• Median Sales Price in April: $680,000

The 5 Surfside homes sold in April were the following:

• 9456 Abbott Ave – 2 bedrooms / 2.5 bathrooms, 1,584 SF of living space on 5,600 SF lot. Fixer upper listed for $650,000 in December of 2018, decreased to $600,000 in January and selling for $490,000 ($309/SF)
• 9225 Emerson Ave – 3 bedrooms / 2 bathrooms, 1,633 SF of living space on 5,600 SF lot. Listed for $699,000 in October of 2018 and selling for $590,000 ($361/SF)
• 1001 88 St – 4 bedrooms / 3 bathrooms, 2,049 SF of living space on 6,860 SF lot. Listed for $797,000 in August of 2018, had several price reductions and sold for $680,000 ($332/SF) **cash transaction
• 8901 Hawthorne Ave – 3 bedrooms / 3.5 bathrooms, 2,151 SF of living space on 6,860 SF lot. Listed for $750,000 in February and sold for $745,000 ($346/SF)
• 9416 Bay Dr – waterfront home with 4 bedrooms / 3 bathrooms, 2,380 SF of living space on 9,100 SF lot with 50′ of water frontage. Originally listed for $2.2 Million in September of 2018, reduced several times and selling for $1,800,000 ($756/SF)

The average price per square foot in April for Surfside homes not on the water was $337, compared to previous months:

• March’s average $410
• February’s average $352 (1 sale)
• January’s average **no sales
• 2018’s average $360

The average price per square foot in April for Surfside home on the water was $756 with only one sale. The average price per square foot in previous months was:

• March’s average **no sales
• February’s average $598
• January’s average $690

Surfside continues to see a drop in inventory and although the average price per square foot has fluctuations, it’s common when the number of sales is low.  That’s why we encourage you to look at stats that comprise of 6 months to a year to have a clear understanding of market trends in a particular area. 

The Market Action Index increased another 2 points to 26, which still shows slight buyer’s advantage. 

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing.

Contact us for a complimentary evaluation of your home.

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