Miami Shores Real Estate Market Report for 2013

Great news! If you are reading this it means you are considered an “educated consumer” and you are exactly who we like to work with.  Doing your homework online prior to hiring a Miami Shores Realtor is the smartest thing you can do the get the most bang for your buck, whether you are buying or selling a Miami Shores home.  You should be Googling the Realtor, the area and getting familiar with the data.  Remember we are all good sales people and most will tell you want you want to hear – it’s up to you to separate the good from the bad and read beyond appearances.  A strong internet presence is a MUST!

Miami Shores happens to be one of the appreciating markets in South Florida, just look at the average price per square foot of sold properties in the past:

• 2009 – $153/sf
• 2010 – $159/sf
• 2011 – $166/sf
• 2012 – $181/sf
• 2013 – $215/sf

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Miami Shores Homes sold in 2013

The general figures for Miami Shores homes sold in 2013 are the following:  (click HERE to see 2012 figures)

• There were 199 Miami Shores homes sold in 2013.  The median listing price was $390,000 and the median sale price was $385,000.

• The highest sale in Miami Shores in 2013 was $2,075,000 for newer construction of a bay-front home located at 1430 NE 101 Street.  The home was built as a spec home in 1997 and was originally listed for $3.9 Million  in 2007 and sold as a foreclosure at the end of September.

• The lowest Miami Shores home sold in 2013 was $90,000 for the short sale property at 38 NW 109 St.  According to MLS, property was in need of major repairs, roof, plumbing, electrical, kitchen and central air conditioning.  It was originally listed in 2008 for $480,000, then as a short sale in January of 2013 for $80,000.

• The lower end inventory in Miami Shores has also dropped significantly.  Take a look at properties sold under $200,000 in the past:
  • In 2009 – 60% of Miami Shores homes sold were under $200,000
  • In 2010 – 28% of Miami Shores homes sold were under $200,000
  • In 2011 – 16% of Miami Shores homes sold were under $200,000
  • In 2012 – 12% of Miami Shores homes sold were under $200,000
  • In 2013 – 4.5% of Miami Shores homes sold were under $200,000
•  190 Miami Shores homes out of the 199 sold, were priced above $200,000 – that’s 95.5% of all properties sold!  The highest sale for a dry-lot home (non-waterfront) in Miami Shores was $1,100,000 at $341/sf.  The average price per square foot in Miami Shores coming in at $215.

To see (and download) all Miami Shores homes sold in 2013, click image:

*Data obtained from SEF MLS*  – we provide monthly market reports for Miami Shores at the beginning of each month.  Come back or email us for a copy of the report at info@miamism.com