How is The Miami Shores Real Estate Market Doing? March 2016

How is the Miami Shores Real Estate Market Doing?

There are currently 113 Miami Shores homes for sale: (compared to 107 in February)

Highest priced listing is ~~$3,999,000~~ $3,795,000 for the bay front home at 1300 NE 94 St (has been listed since December 2013)

Lowest priced listing is $235,000 for the short sale at 64 NW 101 St (with illegal structures, possible foundation issues, roof leaks and electrical needs updating – as per MLS description)

Pending Sales (Properties under contract): 30 (compared to 29 in February)

Median Sales Price in March: $729,500 (compared to $370,000 in February)

Closed sales in March: 8 (compared to 7 in February)

The 8 Miami Shores homes sold in March were the following:

10816 NW 2 Ave – 3 bedrooms / 2 bathrooms, 1,407 SF of living space, 8,750 SF lot – Pending since January for $409,900 and selling for $396,000 ($281/SF)
680 NE 93 St – 2 bedrooms / 2.5 bathrooms, 1,565 SF of living space, 9,675 SF lot – listed for $428,000 in November of 2015 and selling for $410,000 ($262/SF)
873 NE 98 St – 3 bedrooms / 2 bathrooms, 1,645 SF of living space, 7,650 SF lot – listed for $475,000 in September of 2015 and selling for $409,825 ($249/SF)
485 NE 92 St – 3 bedrooms / 2 bathrooms, 1,825 SF of living space, 11,574 SF lot – Pending since February for $680,000 and selling for $630,000 ($345/SF)
1000 NE 96 St – 2 bedrooms / 3 bathrooms, 2,327 SF of living space, 11,133 SF lot – This home sold for $715,000 in June of 2015 – was listed for $779,000 in February of 2016 and sold for $732,500 ($315/SF)
1025 NE 91 Te – 3 bedrooms / 3 bathrooms, 2,431 SF of living space, 10,938 SF lot – listed for $839,000 in November and selling for $777,150 ($320/SF)
501 NE 96 St – 4 bedrooms / 3.5 bathrooms, 2,724 SF of living space, 12,558 SF lot – Listed in December for $987,000 and selling for $920,000 ($338/SF) **completely remodeled
501 NE 94 St – 4 bedrooms / 3.5 bathrooms, 2,972 SF of living space, 9,675 SF lot – listed in June of 2015 for $1,095,500 and selling for $1,040,000 ($350/SF) **historically significant/ English Tudor Style Home

The average price per square foot in Miami Shores in March was $308 compared to $319 in February, $249 in January and 2015’s average of $264. It’s important to note that although price per square foot will fluctuate a bit from month to month, it’s key to grab 6 months to one year averages to get a true idea of how the market is behaving. Homes selling at $300/SF and above, are completely updated – prices under the $264/SF average need work. If you are a buyer, don’t expect remodeled homes under the $250/SF range … those homes will need work! We are officially in a correcting market and many ask us if prices will drop. Our answer for Miami Shores is simple: increases have been conservative and there will be evidence of prices stabilizing but never a drastic drop. We are, however, seeing an increase in inventory and houses are sitting on the market for longer periods. Did you know you can search your home’s property records and permit history on-line? By visiting miamishoresvillage.com, under building department and then property records – you will find all permits and plans available for your property. This is key if you want to know how old your roof is or when major improvements were completed in your home. Educate yourself about your property, this will help you price it when you are ready to sell. (Responding “newer” about the age of your air conditioning is not acceptable to today’s buyers) Please work with agents that can help you stay on top of Miami Shores Real Estate Market Trends and your frustrations will be kept to a minimum and you will not waste time looking at properties that don’t match your search criteria. If all else fails, call the Miamism Sales Team and we will be glad to assist you.

Miami Shores House of The Month

The Miami Shores House of The Month is mouth-watering and fantastic! Mid-century modern gem, built in 1954 with 2,770 SF of living area and a 12,249 SF lot. This 3 bedroom / 2 bathroom home is owned by a designer and evident in all the finishes and details. Features include open floor plan, natural light, marble terraces, courtyards, tropical landscaping, free-form pool, chef kitchen, and more. It’s priced at $1,350,000 ($487/SF) Please contact us for more information and to coordinate a showing appointment.

Search for Miami Shores Properties

To sign up to our Home Trend Reports, go to MiamismTRENDS.com and fill in your information. Call us Today for a listing appointment! If you are interested in getting a list of all properties currently for sale in Miami Shores, we will be happy to send you a digital copy at your request. We can also send you monthly market reports directly to your inbox. Feel free to email us at MiamiShores@miamism.com