Miami Shores Real Estate Market Report – June 2020

How is the Miami Shores Real Estate Market Doing?

There are currently 69 homes for sale: (compared to 92 last month)

  • Highest priced listing $1,999,999 for the canal-front property at 1481 NE 104th Street.  It’s a remodeled, mid-century 4 bedroom / 3.5 bathroom home with 3,174 sq.ft. of space, a 17,850 sq.ft. lot with 150′ of water frontage ($630/SF)
  • Lowest priced listing is $329,500 for the 2/1 fixer upper at 174 NW 93 St ($260/SF)
  • Pending Sales (Properties under contract): 47
  • Median Sales Price in June: $650,000
  • Closed sales in June: 19 (Compared to 9 in May)


What sold in Miami Shores in June?

There were 19 homes sold in Miami Shores in June!  That is not a typo and shows that the market came back after sheltering in place, with a bang! Closed prices ranged from $282,000 for the started home at 10210 NW 2 Ave with 2 bedrooms / 2 bathrooms, 828 sq.ft. and 5,150 sq.ft. lot ($341/SF) – to $3,050,000 for the beautifully remodeled, waterfront home at 1460 NE 103rd St with 4 bedrooms / 4.5 bathrooms, 4,009 sq.ft. on 17,945 sq.ft. lot with 122′ of water frontage. ($761/SF)

Price per square foot ranged from $761 (mentioned above) to $213 for the estate sale at 351 NE 98th St in Central Shores.

For a list of all sales, please contact us and we’ll be happy to provide.


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

The average sold price per square foot in Miami Shores in June for homes not on the water was $337 compared to:

There was one waterfront home sold in June in Miami Shores and sold for $761/SF.

  • May average – no sales
  • April average – no sales
  • March average – no sales
  • February average – no sales
  • January average – no sales


Miami Shores Opinion

We are seeing a drastic change right now after Shelter In Place has been lifted.  Not only a drastic increase in number of sales, but also a drastic decrease in inventory.  Market has now shifted into a SELLERS MARKET with 5 months of inventory.  Please note that actual pricing has remained the same but we expect this to change if inventory remains low and demand continues to increase.

This means that sellers that have chosen to place their homes on the market right now will reap benefits.  But overpriced homes will not necessarily move, know that buyers in today’s market are smart and have data to be educated. 

The price range that is moving the most in Miami Shores right now is between $400,000 and $800,000 and between 1,500 and 2,500 square feet.  This is the selling “sweet spot” in Miami Shores and what buyers are looking for.

We love pulling demographic information from buyers and residents to understand audience behaviors and who to market our listings to.  One interesting chart is the married versus single households in the area (shown above) – We also like to know median age of residents, countries other than the U.S. that are buying in the area and unoccupied homes.

Smart marketing is crucial and there’s where our data analytics and expertise comes in.

To ge a copy of our 3D-market analyzer report, please click HERE or contact us with your address and we’ll be happy to provide a physical copy.

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