Miami Shores Real Estate Market Report – February 2019
How is the Miami Shores Real Estate Market Doing?
There are currently 128 homes for sale: (compared to 122 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
$299,000$289,900 at 142 NW 111 St – 3 bedrooms / 1 bathroom
- Pending Sales (Properties under contract): 21
- Median Sales Price in February $470,000
- Closed sales in February: 7 (compared to 6 in January)
What sold in Miami Shores in February?
The 7 Miami Shores homes sold in February were the following:
- 338 NW 111 Ter – 3 bedrooms / 2 bathrooms with 1,678 SF of living space on 7,500 SF lot. It was a “cash only” sale, listed in February for $299,000 and selling at full price ($178/SF) **cash transaction
- 240 NE 97 St – 3 bedrooms / 3 bathrooms with 1,923 SF of living space on 5,750 SF lot. Originally listed for $575,000, with several price reductions and a fallen through contract and finally selling at $420,000 ($218/SF)
- 243 NE 193 St – 3 bedrooms / 2 bathrooms with 1,792 SF on 9,300 SF lot. Listed for $460,000, had several contracts and finally sold at $416,000 ($232/SF) **cash transaction
- 175 NW 98 St – 3 bedrooms / 2 bathrooms with 1,896 SF of living space on 10,300 SF lot. Originally listed for $550,000 in May 2018 and selling for $470,000 ($248/SF)
- 43 NW 91 St – 3 bedrooms / 2 bathrooms with 1,520 SF of living space on 12,012 SF lot. Listed for $579,000 and selling for $560,000 ($368/SF)
- 53 NE 101 St – 2 bedrooms / 2 bathrooms with 1,741 SF of living space on 8,625 SF lot. Originally listed for $649,000 and selling for $555,000 ($319/SF) **cash transaction
- 842 NE 96 St – 4 bedrooms / 3.5 bathrooms with 2,409 SF of living space on 18,176 SF lot. Listed for $899,000 and selling for $890,000 ($370/SF)
What is the average price per square foot in Miami Shores?
The average sold price per square foot in Miami Shores in February for homes not on the water was $276 compared to
- January’s Average $327
- 2018’s average of $317.
There were no waterfront homes sold in February.
Miami Shores Opinion
January had unusually lower priced sales that previous months, but it’s also a reflection of the type of inventory that sold. That’s why it’s key to know the area well. Inventory sold was mostly fixer uppers and homes that needed work – all those selling below the $300/SF mark. Please note that if you have a remodeled home or one with architectural charm or significance, the price will be above that threshold.
We need to keep an eye out on the type of inventory that is hitting the market because this will directly reflect on market data. It’s interesting to point out that 3 out of the 7 sales were cash transactions and all 3 were unusually low sales. This is important because sellers think they can get more with a cash buyer and that’s usually the opposite.
Remember that we publish these reports for Miami Shores on the first week of each month. Although we urge you to stay on top of market trends, it is key for you to look back at 6/12 month periods to get a real idea of how the market it behaving.
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.
Miami Shores House of The Month
The Miamism Sales Team recommends the 1948 home at 515 NE 96 St. Don’t be scared away by the 96th Street location. These homes on Shoreland Boulevard were designed with the street in mind and very private backyards perfect for entertaining. This particular home has been completely renovated and has a circular driveway on the front and private, garage entrance through rear alley.
The home has 3 bedrooms / 3 bathrooms, 2 powder rooms and over 3,000 total square feet on 13,000 SF lot. It has been reduced from original $1,049,900.
Current asking price $979,000 ($456/SF)
Please contact us for additional information or to schedule a private showing appointment.
Miami Shores Events
Plaza 98
The next Plaza 98 is this weekend, March 9th between 5-8 PM.
Last month, we sold our famous Miamism Mojitos for charity and donated $800 to Heidi Hewes WCA (our local cancer chapter of the Woman’s Cancer Association of The University of Miami). #mojitosAGAINSTcancer
This month, the theme will be BBQ and Brews! Bring a friend, a neighbor and join us for some great community fun!
2019 Miami Shores Mayor’s Gala
This Saturday is also the Miami Shores Mayor’s Gala at The Miami Shores Country Club from 7-12 PM. All proceeds from this event go to community outreach events like Plaza 98, so buy your tickets!
