Miami Shores Real Estate Market Report – April 2019

How is the Miami Shores Real Estate Market Doing?

There are currently 127 homes for sale:  (same as last month)

• Highest priced listing is $5,590,000 $5,400,000 for the bay front home located at 9901 NE 13 Ave with 93′ of open bay frontage, 14,024 SF lot and almost 5,000 SF of living space.

• Lowest priced listing is $325,000 at 28 NW 111 St – Short sale with 3 bedrooms / 2 bathrooms 

• Pending Sales (Properties under contract): 30

• Median Sales Price in April: $561,000

• Closed sales in April: 16 (compared to 7 in March)

What sold in Miami Shores in April?

The 16 Miami Shores homes sold in April were the following:

• 9550 NW 2nd Ave – 4 bedrooms / 3 bathrooms, 1,825 SF of living space on 15,511 SF lot. Originally listed for $375,000 in October of 2018, with a few price reductions and selling for $336,500 ($184/SF) 
• 52 NW 99 St – 2 bedrooms / 2 bathrooms, 1,422 SF of living space on 10,200 SF lot. Originally listed for $459,000 in October of 2018, with a few price reductions and selling for $352,000 ($248/SF) **cash transaction
• 65 NE 107 St – 2 bedrooms / 2 bathrooms, 1,805 SF of living space on 9,225 SF lot. Listed for $445,000 in March and closed for $423,000 ($234/SF)
• 149 NE 107 St – 3 bedrooms / 2 bathrooms, 1,987 SF of living space on 9,300 SF lot. Originally listed for $458,000 in December of 2018, had one reduction and sold for $430,000 ($252/SF)
• 849 NE 92 St – 2 bedrooms / 2 bathrooms, 1,399 SF of living space on 10,500 SF lot. Originally listed for $548,000 in August of 2018, with several price reductions and selling for $420,000 ($357/SF) **cash transaction
• 9302 NW 2 Ct – 3 bedrooms / 1 bathrooms, 1,477 SF of living space on 8,826 SF lot. Originally listed for $529,000 in September of 2018, with a few price reductions and selling for $467,500 ($348/SF) 
• 9555 NW 2 Ave – 3 bedrooms / 2 bathrooms, 2,029 SF of living space on 8,475 SF lot. Originally listed for $525,000 in February, with one price reduction and selling for $495,000 ($244/SF) 
• 415 NE 102 St – 2 bedrooms / 2 bathrooms, 1,538 SF of living space on 8,850 SF lot. Originally listed for $559,900 in January, with several price reductions and selling for $522,000 ($339/SF)
• 10550 NE 2 Pl – 3 bedrooms / 2.5 bathrooms, 3,058 SF of living space on 8,625 SF lot. Originally listed for $499,000 in April of 2016, increased to $575,000 in November of the same year, then lowered and increased a few times with 2 pending contracts showing in MLS.  It was relisted for $599,000 in January and closed for $600,000 ($196/SF) **CORRECTION from buyer: sq.footage $2,486 – Sales price $596,000 – real final $/SF=$240
• 410 NE 94 St – 4 bedrooms / 3 bathrooms, 2,305 SF of living space on 12,800 SF lot. Originally listed for $829,000 in August 2018 with a pending contract that fell through, lowered to $724,500 and sold for $665,000 ($289/SF) 
• 474 NE 95 St – 3 bedrooms / 2 bathrooms, 2,006 SF of living space on 9,675 SF lot. Originally listed for $759,000 in November of 2018, with several price reductions and selling for $700,000 ($349/SF) 
• 234 NE 92 St – 4 bedrooms / 3.5 bathrooms, 2,424 SF of living space on 13,100 SF lot. Originally listed for $1,290,000 in March of 2018, with several price reductions and selling for $868,000 ($394/SF)
• 1143 NE 98 St – 4 bedrooms / 2 bathrooms, 2,348 SF of living space on 9,880 SF lot. Originally listed for $999,999 in October of 2018, with 2 price reductions and selling for $935,000 ($398/SF)
• 922 NE 91 Ter – 4 bedrooms / 3 bathrooms, 2,271 SF of living space on 12,375 SF lot. Originally listed in May of 2018 for $1,350,000, with several price reductions and selling for $940,000 ($414/SF) **cash transaction
• 1296 NE 99 St – 3 bedrooms / 2.5 bathrooms, 2,346 SF of living space on 10,933 SF lot. Listed for $1,150,000 in November of 2018, lowered to $1,099,000 in February and sold for $990,000 ($422/SF)
• 10221 NE 13 Ave – waterfront home with 3 bedrooms / 3 bathrooms, 3,164 SF of living space on 11,415 SF lot. Listed in January of 2016 for $2,075,000.  Relisted in November of 2016 for $1,890,000, lowered a few times, relisted for $1,599,999 in November of 2018 and selling for $1,550,000 ($554/SF) **cash transaction

What is the average price per square foot in Miami Shores?

The average sold price per square foot in Miami Shores in April for homes not on the water was $311 $314 compared to 

• March’s Average $331
• February’s Average $276
• January’s Average $327
• 2018’s average of $317.

There was only 1 waterfront home sold in April, located at 10221 NE 13th Ave and that sold for $554/SF.

Miami Shores Opinion

Summer is upon us and our correcting market is making many people dizzy.  Las month we saw a lot of fixer upper sales way below the average price per square foot.  This is unusual because in the past year, these homes have sat on the market for much longer and not many buyers were interested in fixer uppers.  There seems to be a shift and interest in homes that need remodeling, the difference is that those buyers are walking away with great deals.

Make no mistake, it’s still a buyer’s market, which should make you go the extra mile when pulling comparable properties and seeing what the real value of your home is.  

Out of the 15 homes sold last month, not on the water, only 2 were above the $400/SF range and 6 of them were under $300/SF (remember 2018’s average was $317).  4 of the 16 sales were cash transactions which is a quarter of all transactions – not bad for our small village.

Additional Miami Shores Reports

In addition to these monthly reports that we prepare the first week of each month, we also have our REAL-TIME reports that you can sign up with or request a home value report from MiamismValue.com.