How is The Miami Shores Real Estate Market? June 2016

How is the Miami Shores Real Estate Market Doing?

The first week of every month, you can expect to see a real estate market report for Miami Shores with stats from the previous months, including closed sales, pending contracts, price per square foot and a featured Miami Shores property. If you want to receive a copy of this report directly to your inbox and a list of all properties currently for sale, email us at MiamiShores@miamism.com There are currently 103 Miami Shores homes for sale: (compared to 100 in May)

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 $238,900 for the home at 190 NW 103 St. (small 2/1 with 837 SF)

Pending Sales (Properties under contract): 33 (compared to 33 in May)

Median Sales Price in May: $489 (compared to $529,000 in May)

Closed sales in June: 22 (compared to 11 in May)

The 22 Miami Shores homes sold in June ranged from $1,215,000 for the large home located at 444 NE 96th Street with 4 bedrooms, 4.5 bathrooms, 4,053 SF of living space and 14,300 SF lot – to $277,000 for the fixer upper, on a busy street, at 157 NW 103 Street. Price per square foot ranged from $164 for a house in complete need of renovation to $393 for completely remodeled home on East side of The Boulevard. The 5 highest, per square foot, Miami Shores homes sold in June, were the following:

80 NW 92 St – 4 bedrooms / 2 bathrooms, 2,102 SF of living space on 12,600 SF lot. Completely remodeled, pool home – listed in June of 2015 for $700,000 and selling for $630,000 after a few price reductions ($300/SF)
444 NE 96 St – 4 bedrooms / 4.5 bathrooms, 4,053 SF of living space on 14,300 SF lot. Completely remodeled, pool home – listed for $1,285,000 in March of 2016 and selling for $1,215,000 ($300/SF)
136 NW 96 St – 3 bedrooms / 2 bathrooms, 1,689 SF of living space on 9,225 SF lot. Beautifully remodeled, pool home – listed for $600,000 in February of 2016 and selling for $560,000 ($332/SF)
395 NE 92 St – 4 bedrooms / 3 bathrooms, 2,055 SF of living space on 13,379 SF lot. 30’s historically significant home with architectural features and open beamed ceilings – listed for $749,000 in April of 2016 and selling for $710,000 ($345/SF)
1151 NE 99th St – 3 bedrooms / 3 bathrooms, 2,000 SF of living space on 8,925 SF lot – completely remodeled mid-century modern – listed for $869,000 in February of 2016 and selling for $785,000 ($393/SF)

The average sold price per square foot in Miami Shores in June was $255 compared to:

May average $275
April average $281
March average $308
February average $319
January average $249
2015’s average $264

A correcting real estate market can seem scary because homes take a lot longer to sell. Real estate is always about location so expect to be flexible in your price if you are on a busy street. Also expect to be flexible if your house is not updated. Homes that are selling for top price are completely remodeled or have some sort of architectural or historic significance. If you are curious about where your house is priced, you can always log into MiamismValue.com and request an automate value, just keep in mind that price will ALWAYS need to be verified and tweaked, because a machine will never be able to estimate the true value of a home.

Miami Shores House of The Month

The Miami Shores House of The Month is a new listing with 4 bedrooms plus den and 2 bathrooms. It’s a 1948 beauty, located within hidden enclave, east of Biscayne Boulevard. It has spacious rooms, split bedroom plan, pool and beautiful new bathrooms and kitchen. Call us for a showing appointment – 9312 NE 9 Place Priced at $698,000 Please contact us for more information and to coordinate a showing appointment. ATTENTION: The previously featured home at 9959 Biscayne Blvd. was lowered to $810,000!! That’s $346/SF for a completely remodeled, turn-key home. Please visit 9959Biscayne.com for additional information or take a look at The Property Video.