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Surfside Real Estate Market Report - September 2020

Ines Hegedus-Garcia
ines@miamism.com

How is the Surfside Real Estate Market Doing?

There are currently 41 Surfside homes for sale (compared to 37 last month):

  • Highest priced listing:  $6,550,000 for the 7 bedroom / 8.5 bathroom new construction waterfront home at 9408 Bay Dr with estimated completion date of Oct/Nov 2020 and 50' of water frontage facing Bay Harbor Island. ($963/SF)

  • Lowest priced listing: $598,000 for the 2 bedroom / 2 bathroom fixer upper at 8835 Byron Ave ($452/SF)

  • Pending Sales: 11 (homes with a sales contract that have not yet closed)

  • Closed Sales in September: 8 (compared to 5 in August)

  • Median Sales Price in September $789,900

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Home Sales in September

The Surfside homes sold in September were the following:

  • 324 89th St - 3 bedrooms / 2 bathrooms, 1,948 SF on 6,608 SF lot. Listed for $650,000 in July and selling for $665,000 ($331/SF)
  • 8919 Emerson Ave - 3 bedrooms / 2 bathrooms, 1,632 SF on 5,600 SF lot. Listed for $679,000 in June and selling for $650,000 ($436/SF) **cash transaction
  • 9133 Abbott Ave - Beautifully remodeled 3 bedrooms / 2 bathrooms, 1,504 SF on 5,600 SF lot. Listed for $769,000 in July and selling for $750,000 ($602/SF) **cash transaction
  • 9032 Dickens Ave - 4 bedrooms / 3 bathrooms, 1,884 SF on 5,600 SF lot. Listed for $789,900 in February, showing a contract that fell through and selling for $760,000 ($407/SF)
  • 9440 Byron Ave - 4 bedrooms / 3.5 bathrooms, 1,864 SF on 5,600 SF lot. Listed for $819,000 in September of 2019 and selling for $780,000 ($450/SF)
  • 9464 Carlyle Ave - 3 bedrooms / 3 bathrooms, 1,943 SF on 5,600 SF lot. Listed for $868,000 in January and selling for $829,000 ($442/SF)
  • 1101 88th St - 5 bedrooms / 2 bathrooms / 2 half-baths, 2,990 SF on 8,105 SF lot. Listed for $1,349,000 in June and selling for $1,200,000 ($506/SF)
  • 1221 Biscaya Dr - waterfront 4 bedrooms / 4.5 bathrooms, 3,612 SF on 9,075 SF lot with 171' of water frontage. Originally listed in August of 2019 for $2,650,000, reduced several times and closed for $1,932,500 ($486/SF) **cash transaction

DOWNLOAD SURFSIDE MARKET REPORT

Surfside Price per Square Foot

The average price per square foot in September for Surfside homes not on the water was $453 compared to previous months:

  • August's average $460
  • July's average $377
  • June's average $409
  • May's average $528 (one sale)
  • April's average $508
  • March's average $354 (one sale)
  • February's average $382 (one sale)
  • January's average $328
  • 2019's average $386
  • 2018's average $360

There was one waterfront sale in the month of September in Surfside, closing at $486/SF, compared to previous months:

  • August's average **no sales
  • July's average **no sales
  • June's average **no sales
  • May's average **no sales
  • 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

What the world is going on in Surfside?? While similar cities have low inventory and hot seller's market with 2-4 months in absorption rates, Surfside has 9 months and remains a buyer's market.  It's evident by the selling inventory from September that homes that are priced correctly, are selling quickly and for close to asking - this is a textbook reason NOT to overprice your home.

Although selling prices seem to be all over the place, if you analyze condition and location, you will realize which areas of Surfside are selling for top dollar. The sweet spot when it comes to price-range that is selling the most, is between $500k - $800k.

67.3% of all sales are financed deals, this makes total sense with our low mortgage rates. Did you know that 75% of all buyers are actual primary home residents?  This means that Surfside is not a transitional or vacation destination, even with its close proximity to the ocean; it's a place where people buy to live.  

Buyers are not just local or even from other parts of the U.S., but come from Argentina, Italy and Spain.

To get a copy of our in-depth 3D-analyzer report for Surfside, with micro-market insights, 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.

Featured Surfside Home For Sale

The home pictured above is located at 9173 Abbott Ave with 3 bedrooms / 3 bathrooms, 2,100 SF feet on 5,600 SF lot. It was built in 1936 but completely remodeled and gorgeous curb appeal. It is priced at $899,000 ($428/SF)

For additional information, please contact us.


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