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Surfside Real Estate Market Report - April 2020

Ines Hegedus-Garcia
ines@miamism.com

How is the Surfside Real Estate Market Doing?

There are currently 55 Surfside homes for sale (compared to 49 last month):

  • Highest priced listing:  $6,295,000 $5,995,000 for the contemporary, bay-front home designed by Max Strang with 5 bedrooms / 6.5 bathrooms, 4,900 SF on 10,000 SF lot with 50' of water frontage, located at 1276 Biscaya Dr.

  • Lowest priced listing: $537,000 for 4/4 home at 9172 Harding Ave (back on the market)

  • Pending Sales: 4 (homes with a sales contract that have not yet closed)

  • Closed Sales in April: 3 (compared to 1 in March

  • Median Sales Price in April: $800,000

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Home Sales in April

The Surfside homes sold in April were the following: 

  • 8927 Carlyle Ave - 2 bedrooms / 2 bathrooms with 1,500 SF on 5,566 SF lot. This home was in original condition and needed to be updated. It was listed for $559,000 in February and sold for $555,000 ($497/SF)
  • 9049 Froude Ave - 4 bedrooms / 3 bathrooms with 1,645 SF on 5,600 SF lot. Completely renovated with 2,200 SF according to owner.  Originally listed for $949,000 in January and sold for $800,000 ($550/SF) **cash transaction
  • 8834 Abbott Ave - 4 bedrooms / 2.5 bathrooms with 1,918 SF on 5,600 SF lot.  Beautifully renovated and originally listed for $1.1 Million in July of 2018, with several price reductions, a deal that fell through according to MLS and closing for $831,026 ($477/SF)

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Price per Square Foot

The average price per square foot in April for Surfside homes not on the water was $508 compared to previous months:

There were no waterfront sales in the month of April in Surfside, compared to previous months:

  • March's average **no sales
  • February's average **no sales
  • January's average $782 (one sale)

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Real Estate Stats

The average home in Surfside sells for $1.4 Million but the price range that sells the most is between $500,000 and $700,000.  There's an average discount of 10% and inventory has increased to 25 months with a strong buyer's market. As we predicted last month, demand has decreased which increases the absorption rate but with little inventory and little demand, the market will stagnate and does not mean we will see major reductions in pricing.

A lot of Miami communities are behaving similarly and unless we see an increase in inventory with a drop in demand, prices should remain untouched.

Surfside buyers are coming not only from the U.S. but from Argentina, Brazil, Canada and Spain.

We are seeing a slight increase in investors coming into the area but this increase also reflects a second home buyer pool. We are still showing properties and being more careful about pre-qualifying prospects and as you can see by sales, the market has not stopped.  Please note this is NOT a housing crisis and SHELTER is the single most important factor during this COVID-19 pandemic.

To get a copy of our in-depth 3D-analyzer report for Surfside, please CLICK HERE!

It's all about Data and the right analysis to understand how the market is behaving.  Contact us for a no-obligation consultation and we'll let you know if it's the right time to sell according to your specific situation.


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