Miami Shores Housing Market Report for February 2013

Miami Shores Homes – Real Estate Market Report

There are currently 67 Miami Shores homes for sale: (7 less than last month)

• Highest priced listing is $3,399,000  (Short Sale listing at 1680 NE 104th St)

• Lowest priced listing is $178,000 (Short Sale listing at 338 NW 111 Te)

• Pending Sales (Properties under contract): 33 (7 more than last month)

• Closed sales in February:  8 (4 more than last month)

The 8 Miami Shores homes sold in February were the following:

• 9650 NE 5th Rd –  Listed for $849,900 and selling for $820,000 (at $219/sf).  Sellers had bought the home in 2009 for $609,000 …talk about a good investment!
• 261 NE 102 St – Listed for $759,000 and selling for $759,000 ($298/sf).  Mediterranean Revival selling for true historic relevance.
• 1225 NE 92 St – Listed for $624,900 and selling for $605.000 ($227/sf).  This property was originally priced at $695,000 and reduced several times before finally selling at a good solid price.
• 253 NE 92 St – listed for $595,900 and selling for $580,000 ($240/sf). Gorgeous 1938 remodeled home with great layout and location.
• 467 NE 100 St – listed for $359,000 and selling for $350,000 ($206/sf).
• 1200 NE 91 Te – short sale listed for $349,000 and selling for $339,000.  MLS shows a few fallen contracts and several price reductions before finally closing at $164/sf.
• 11 NE 110 St – listed for $229,000 and selling for $220,000 ($117/sf) – talk about a steal even if the home needed a new roof.
• 1026 NE 91 Te – short sale listed at $195,000 and closing at $195,000 ($107/sf).  East of the boulevard fixer upper, with a few fallen sales according to the MLS history and original listing price of $499,000 back in 2008.

The Median price for Miami Shores homes sold in February was $465,000 compared to January’s $350,000 with an average price of $483,500 compared to January’s $344,000.  Keep in mind that real comparables should incorporate the last 6 months in any particular area, not just one month’s stats.  We provide monthly numbers so you can compare movement in the Miami Shores real estate market from month to month.  Please take a look at Miami Shores homes stats for 2012 to get a real idea of price per square foot and change in both the luxury and distressed markets.

It is evident in Miami Shores homes sales that properties in move-in condition that show well, are selling quickly and for top dollar.  Those properties that have deferred maintenance issues and are not in top showing condition are staying on the market longer and selling for a lot less.  If you are a buyer looking for a good price, you have to be willing to do work to a fixer upper, if not, expect to pay top dollar and even above appraisal value.

We are Miami Shores REALTORS and continue to help clients buy and sell real estate in this area.  Call us for all of your real estate home needs.

Click here to search for Miami Shores homes for sale

**all information obtained from the Southeast Florida Multiple Listing Service**