How’s the Miami Shores Real Estate Market Doing? January 2016
How’s the Miami Shores Real Estate Market Doing?
There are currently 103 Miami Shores homes for sale:
- Highest priced listing is $3,999,000 for the bay front home at 1300 NE 94 St (has been listed since December 2013)
- Lowest priced listing is $265,000 for the foreclosure in need of repairs at 19 NW 109 St.
- Pending Sales (Properties under contract): 26
- Median Sales Price in January: $470,000
- Closed sales in January: 8
The 8 Miami Shores homes sold in January were the following:
- 161 NE 105 St – foreclosure listed for $395,000 in October of 2015 and selling for $375,000 ($296/sq.ft.)
- 169 NW 97 St – originally listed for $449,000 in October of 2015 and selling for $425,000 ($262/sq.ft.)
- 10417 NE 2 Av – originally listed for $529,999 in August of 2015 and selling for $330,000 ($180/sq.ft.)
- 1561 NE 103 St – foreclosure listed for $475,000 in October of 2015 and selling for $455,000 ($229/sq.ft.)
- 10635 NE 10 Ct – East of Biscayne Blvd – listed for $549,000 in August of 2015 and selling for $485,000 ($275/sq.ft.)
- 1060 NE 105 St – East of Biscayne Blvd foreclosure – listed for $634,900 and selling for $711,000 ($285/sq.ft.)
- 10659 NE 10 Pl – East of Biscayne Blvd – originally listed for $849,000 in 2014, with several price reductions and rented – finally relisted for $829,000 in June of 2015 and selling for $780,000 ($215/sq.ft.)
- 285 NE 103 St – listed for $895,000 and selling for $800,000 ($251/sq.ft.)
The average price per square foot in Miami Shores in January was $249, compared to 2015’s average of $264. It’s common to see decreases in the market on certain months, depending on the type of inventory that sells. 3 out of the 8 sales last month were foreclosures, that’s what makes the sales graph fluctuate. Please do not interpret this slight drop to mean the market is collapsing in Miami Shores. We like to explain it as a conservative market that continues to correct itself. What’s important to point out is that homes that are in move-in condition are the ones selling for top dollar. Today’s buyer finds it difficult to calculate updates and considers those a risk. Homes that need work sit on the market longer and sell for less. If you are a buyer in Miami Shores, pay attention to the average price per square foot. The home that sold last year at $264/SF was an “average home”, in need of repairs – it was not an immaculate property where everything was updated – those sold in excess of $300/SF and in cases, close to $400/SF.
Miami Shores House of The Month
The Miamism Sales Team recommends the amazing historic, Mediterranean revival home designed by Kiehnel & Elliott and built by the Shoreland Company in 1926 on Shoreland Blvd.
284 NE 96 St – Miami Shores
Amazing 6 bedrooms, 4 bathrooms and 2-car garage – over 3,351 sq.ft. of living space – all the bells and whistles expected from Kiehnel and Elliott: cuban tile floors, wood-beamed ceilings, hand-stenciled woodwork, casement windows, arches…a true gem at $537/SF. Asking price $1,799,000 Please contact us for more information and to coordinate a showing appointment.
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