Market Conditions for Miami Shores, Bay Harbor Islands, Surfside and El Portal

Real Estate Market Conditions don’t appear to have changed a great deal since last month, but we are seeing more movement with regards to showings and more offers coming in. In addition, great news starting to appear from economists throughout declaring that HOUSING SLUMP IS OVER!

Here are market conditions for Miami Shores, Bay Harbor Islands, Surfside and El Portal, all located in Miami and close to each other geographically. These 4 markets are very different with regards to price ranges, but similarly priced properties are moving at similar rates. All the information in this market report was obtained from the Southeast Florida Multiple Listing Service and reflect conditions for 2007.

There are currently 207 single-family listings in Miami Shores, Florida:

Highest priced listing: $3,495,000
Lowest priced listing : $305,000
Properties currently under contract: 11
Closed properties since 1/1/2007: 46
According to the closed sales – there are 22.5 months of inventory in Miami Shores alone. (10 closings in the month of May)

There are currently 21 single-family listings in Bay Harbor Islands, Florida:

Highest priced listing: $6,000,000
Lowest priced listing : $599,000
Properties currently under contract: 1
Closed properties since 1/1/2007: 2
There are currently 52.5 months of inventory in Bay Harbor Islands with no closings in the month of May.

There are currently 74 single-family listings in Surfside, Florida:

Highest priced listing: $3,820000
Lowest priced listing : $495,000
Properties currently under contract: 8
Closed properties since 1/1/2007: 18
There are currently 20.5 months of inventory in Surfside with 5 closings in the month of May.

There are currently 47 single-family listings in El Portal, Florida:

Highest priced listing: $975,000
Lowest priced listing : $289,900
Properties currently under contract: 6
Closed properties since 1/1/2007: 2
There are currently 117.5 months of inventory in El Portal with no closings in the month of May.

It is still a buyers market with a lot of inventory but with good news from economists combined with great news about Tax reforms, we should start seeing the real estate market start to level off. Although we have never had a real estate market like this with very few buyers, it’s surprising that prices have remained steady.

I cannot stress how important it is for sellers to price their properties correctly from the start. Look at closed sales to establish a price, not properties that are listed since there are still a lot of people overpricing listings. Buyers need to make sure they work with real estate professionals that know the area, the inventory and the prices in order to be able to advice you about placing correct offers that will not be turned down.

You can also see from this graph that the price range with the most movement is between $400,000 and $600,000. If you are a buyer or seller in that price range, there will generally be less flexibility when it comes to pricing.

For more information about Miami Shores Real Estate, Bay Harbor Islands Real Estate, Surfside Real Estate and El Portal Real Estate, please contact RICK & INES at info@miamism.com