Market Conditions for Miami Shores, Bay Harbor Islands, Surfside and Biscayne Park
For the month of May, we decided to show the real estate market conditions for single-family homes of four cities within Miami with the purpose of comparing the different markets. The cities I will be showing are close to each other geographically, but with obvious price range differences. These numbers were pulled directly from the Multiple Listing Service and reflect conditions for 2007.
- Highest priced listing: $3,950,000
- Lowest priced listing : $317,500
- Properties currently under contract: 13
- Closed properties since 1/1/2007: 36
- Highest priced listing: $6,000,000
- Lowest priced listing : $599,000
- Properties currently under contract: 2
- Closed properties since 1/1/2007: 2
- Highest priced listing: $3,390,000
- Lowest priced listing : $450,000
- Properties currently under contract: 7
- Closed properties since 1/1/2007: 13
- Highest priced listing: $789,000
- Lowest priced listing : $299,000
- Properties currently under contract: 0
- Closed properties since 1/1/2007: 7
From the graph you can see it is a buyer’s market with a lot of inventory and not many sales. We tell buyers that they have the upper hand, with a lot of homes to pick from and with room to negotiate. Sellers on the other hand need to make sure their home is priced right from the get go, need to make sure their homes are in top showing condition and need to be flexible with their pricing.
Although it is a buyer’s market, in none of these areas have we noticed a drop in pricing. Prices are remaining strong and there are a few “desperation sales” but these are not the norm.
