how-miami-shores-real-estate-market-may-2016

How is The Miami Shores Real Estate Market? May 2016

How is the Miami Shores Real Estate Market Doing?

Miami Shores Real Estate Market Report There are currently 100 Miami Shores homes for sale: (compared to 107 in April)

  • 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 $249,000 for the home at 190 NW 103 St. (small 2/1 with 837 SF)
  • Pending Sales (Properties under contract): 37 (compared to 33 in April)
  • Median Sales Price in May: $529,000 (compared to $479,500 in April)
  • Closed sales in May: 11 (compared to 10 in April)

The 11 Miami Shores homes sold in May were the following:

  • 241 NW 91 St – 2 bedrooms / 1 bathroom, 994 SF on 9,375 SF lot – Listed for $315,000 in February, lowered to $299,900 in March and selling for $298,000 ($300/SF)
  • 101 NW 108 St – 2 bedrooms / 2 bathrooms, 1,288 SF on 9,507 SF lot – Listed for $379,000 in June of 2014, lowered several times and selling at $339,000 ($263/SF)
  • 158 NW 94 St – 3 bedrooms / 2 bathrooms, 1,366 SF on 9,225 SF lot – Listed for $439,000 in August of 2015, lowered several times and selling at $395,000 ($289/SF)
  • 825 NE 91 Te – 3 bedrooms / 2 bathrooms, 2,300 SF on 14,000 SF lot – Listed for $615,000 in October of 2014, with several price reductions and selling for $480,000 ($209/SF)
  • 65 NW 107 St – 3 bedrooms / 3 bathrooms, 2,200 SF on 9,150 SF lot – Listed for $649,000 in June of 2015, with several price reductions and selling for $500,000 ($227/SF)
  • 10 NW 110 St – 3 bedrooms / 2 bathrooms, 1,918 SF on 12,831 SF lot – Listed for $539,000 in February (after a few flips and closed sales) and selling for $515,000 ($269/SF)
  • 137 NE 108 St – 3 bedrooms / 2 bathrooms, 1,943 SF on 9,300 SF lot – Listed for $559,000 in March and selling for $545,000 ($280/SF)
  • 824 NE 100 St – 3 bedrooms / 2 bathrooms, 2,528 SF on 8,850 SF lot – Listed for $669,000 in March and selling for $575,000 ($227/SF)
  • 75 NE 92 St – 3 bedrooms / 2 bathrooms, 2,550 SF on 9,600 SF lot – Listed for $675,000 in November 2015 and selling for $600,000 ($235/SF)
  • 171 NE 102 St – 3 bedrooms / 2 bathrooms, 1,719 SF on 11,300 SF lot – Listed for $649,000 in March and selling for $630,000 ($366/SF)
  • 10585 NE 6 Ave – 3 bedrooms / 3 bathrooms on the golf course with 2,788 SF on 14,100 SF lot – Listed for $1,195,000 and selling for $1,010,550 ($362/SF)

The average sold price per square foot in Miami Shores in May was $275 compared to:

The monthly fluctuation of price per square foot should not scare you.  Always keep your eye on the big picture, in this case the average price per square foot in 2015, which was $264.  Fluctuations only let you know how each month performed and as long as we are close to that 2015 number and we are seeing an increase, it means the Miami Shores Real Estate Market remains strong. What I want you to notice is the disparity between original asking and closing prices.  Sellers continue to test the market by over pricing a bit (who can blame them) and homes just take longer to sell.  Keep this in mind when you are planning to sell – if you are in a hurry, you need to price right.  We will tell you, according to condition and location of your home, what the correct selling price is. Remember we are still in a correcting market (between seller’s and buyer’s market).  The media is producing alarming news about a collapsing market and that’s because they are grabbing all of Dade-County’s stats, instead of going hyper-local.  You CANNOT compare the Brickell condo market to Miami Shores, for example, that’s a formula for disaster.  The result is buyers holding back until the market corrects itself, until they realize there will not be much of a correction and decide to jump in. You can get a FREE comparable market analysis at MiamismValue.com and we can also email you a more detailed report if you send us your contact information to info@miamism.com (Name, Telephone, address, email address).

Miami Shores House of The Month

The Miami Shores House of The Month is a one-of-a-kind 5 bedroom / 4.5 bathroom, mid-century home East of Biscayne Boulevard.  We are talking completely remodeled, meticulously updated home at 1177 NE 100 St, that sits on a 17,550 SF lot.  Owners have maintained and updated this home with beautiful attention to detail.  It has all the bells and whistles:  brand new roof, oversized pool with jacuzzi, new septic, gas generator, new kitchen and bathrooms, hardwood and terrazzo floors, 2-car garage … and so much more. Call us for a showing appointment, it’s not easy to find a 5 bedroom home in Miami Shores! Priced at $1,500,000 1177 NE 100 St - Miami Shores Please contact us for more information and to coordinate a showing appointment. ATTENTION:  The home featured in last month’s market report was lowered to $840,000!! You will not find a house in Miami Shores remodeled to this level, for this price!! Please visit 9959Biscayne.com for additional information or take a look at The Property Video. If you missed the Downtown Miami Shores Design Workshop last week, visit our article with summary.

Miami Shores Homes for Sale

 

 

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