Miami Shores Real Estate Market Report for 2014

Great News for Miami Shores – here’s our real estate market report for 2014.  Contact us for a listing appointment. Miami Shores homes continue to appreciate.  This is evident by the increase in the average price per square foot of sold properties:

• 2009 – $153/sf
• 2010 – $159/sf
• 2011 – $166/sf
• 2012 – $181/sf
• 2013 – $215/sf
• 2014 – $236/sf

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Miami Shores Homes sold in 2014

The general figures for Miami Shores homes sold in 2014 are the following:  (click HERE to see 2013 figures)

• There were 205 Miami Shores homes sold in 2014.  The median sale price was $440,000 compared to $390,000 in 2013.

• The highest sale in Miami Shores in 2014 was our own listing which broke  Miami Shores records, for highest priced home ever sold as well as highest price per square foot.  It was for the contemporary, bay front home at 9275 N. Bayshore Drive which sold for $4,200,000 at $818 per square foot.  It was listed in July and was under contract in 4 months with a closing date of December 29, 2014.

• The lowest Miami Shores home sold in 2014 was $113,000 for the home at 88 NW 111 Street.  It was a cash only sale, the home was in need of extensive renovations and had considerable city liens, fines and violations which were to be negotiated/mitigated by new buyer.

• The lower end inventory in Miami Shores has become rare and when available, is in need of extensive renovations or have high city liens/violations.  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
  • In 2014 – 2.4% of Miami Shores homes sold were under $200,000

•  200 Miami Shores homes out of the 205 sold, were priced above $200,000 – that’s 97.6% of all properties sold!

• The highest sale for a dry-lot home (non-waterfront) in Miami Shores was $1,400,000 at $316/sq.ft. – for the historic Robert Law Weed home at 548 Grand Concourse.

• But the highest sale per square foot for a dry-lot home (non-waterfront) in Miami Shores was for a fantastic mid-century modern home at 1167 NE 99 St, which sold for $408/sq.ft.

• The average price per square foot in Miami Shores coming in at $236, compared to 2013’s $215.

To see (and download) all Miami Shores homes sold in 2014, click image:

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*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