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Surfside Real Estate Market Report - May 2020

Ines Hegedus-Garcia
ines@miamism.com

How is the Surfside Real Estate Market Doing?

There are currently 59 Surfside homes for sale (compared to 55 last month):

  • Highest priced listing:  $6,295,000 $5,995,000 $5,675,000 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: $550,000 for 8712 Byron Ave - small house being sold as development opportunity with 2 adjacent lots also available for sale

  • Pending Sales: 5 (homes with a sales contract that have not yet closed)

  • Closed Sales in May: 1 (compared to 3 in April)

  • Median Sales Price in May: $940,000

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Home Sales in May

The Surfside home sold in May was a remodeled home in a larger than usual corner lot with 6,890 Sq.Ft.  It had 3 bedrooms / 2.5 bathrooms and 2,048 Sq.Ft. under air conditioning. The home was originally listed in June of 2018 for $1.2 Million, was reduced several times, cancelled and relisted in October of 2019 for $1,049,000 - finally selling for $940,000 ($528/SF)

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Price per Square Foot

The average price per square foot in May for Surfside homes not on the water was $528 (with only one sale), compared to previous months:

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

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

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Real Estate Stats

Although inventory increased a bit this past month, and there was only 1 recorded sale, we still need to keep a close eye on Surfside.  Most similar neighborhoods are seeing an increase in demand after businesses opened post-pandemic and decrease in inventory but Surfside always seems to dance to their own beat.  If we continue seeing an increase in listings and no increase in demand, we may see a slight drop in pricing but that's to be seen and we will be reporting.

Year over year absorption rate dropped from 25 to 19 months and price per square foot had a slight increase. It's interesting to note that sizes of homes that are selling the most are between 1,500-2,000 square feet and although that's the bulk of the inventory, this size also sells for higher per square foot that it's larger counterpart (homes between 2,000 and 2,500 sq.ft.).

55% of all sales in the past 12 months have been cash transactions with the same percentage being buyers that are either investors or 2nd home/vacation owners.

Buyers are not just coming from the U.S. but from Brazil, Argentina and Spain.  Please note that the market is HOT right now with a lot of serious buyers on the market and fast projected economic recovery!! The housing market is leading the economic recovery in the U.S. and we are seeing a lot of movement.

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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