Miami Shores Real Estate Market Report – March 2019

How is the Miami Shores Real Estate Market Doing?

There are currently 127 homes for sale:  (compared to 128 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): 33

• Median Sales Price in March: $535,000

• Closed sales in March: 7 (same as in February)

What sold in Miami Shores in March?

The 7 Miami Shores homes sold in March were the following:

• 190 NW 100 St – 2 bedrooms / 1 bathroom home with 1,154 adjusted SF, on 8,025 SF lot.  Originally listed October of 2018 for $389,000, reduced to $349,900 in January and sold for $345,000 ($336/SF) 
• 58 NW 98 St – 2 bedrooms / 2 bathrooms with 1,515 adjusted SF, on 7,650 SF lot. Listed for $434,900 and sold for $425,000 ($281/SF)
• 500 NE 92 St – 3 bedrooms / 2.5 bathrooms with 1,689 SF of living space on 6,350 SF lot.  Originally listed for $530,000 in March of 2018, increased to $570,000 in August, reduced to $535,000 in September, reduced to $499,000 in January and sold for $494,000 ($292/SF) **cash transaction
• 188 NW 110 St – 4 bedrooms / 3 bathrooms with 2,165 SF of living space on 12,680 SF lot. Originally listed for $575,000 in July of 2018, had several price reductions and sold for $535,000 ($247/SF)
• 277 NE 97 St – 4 bedrooms / 3 bathrooms with 2,061 adjusted SF, on 14,375 SF lot. Originally listed for $724,000 in August of 2018, had several price reductions and closed for $640,000 ($368/SF)
• 650 NE 97 St – Completely updated 4 bedrooms / 3 bathrooms with 2,357 adjusted SF, on 9,750 SF lot. Originally listed for $1,175,000, with several price reductions and closing at $875,000 ($450/SF)
• 1431 NE 101 St – updated 3 bedrooms / 2.5 bathrooms with 2,724 SF of living area on 11,685 SF lot. Originally listed for $1,025,000 in May of 2018, lowered to $997,000 and closing at $930,000 ($341/SF)

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

The average sold price per square foot in Miami Shores in March for homes not on the water was $331 compared to 

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

There were no waterfront homes sold in March.

Miami Shores Opinion

I can’t believe it’s already April! The first quarter of the year has proven to be challenging with lower priced sales in the records, not because the real estate market has decreased, but because the type of inventory selling has been mostly for fixer uppers.  

I love to see the fluctuation in type of buyers in Miami Shores.  Just a few months ago, the only homes selling were completely updated.  Now we’re seeing a market for homes that need work.  The numbers are not big enough to reflect an overall market shift, but at least we know that there is a market for homes that need work, if priced accordingly.

What continues to be the truth is that grossly overpriced homes are not selling.  Please keep that in mind if you are building or remodeling.  It is key to keep your upgrades under control or you could be priced right out of the market.  Most home owners will remodel their homes with the idea of enjoying the upgrades but it is really important to keep resale in the back of your plans.

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 1925 Spanish Mediterranean home located at 113 NE 101 St. Gorgeous historic gem with 5 bedrooms / 3.5 bathrooms, 3,091 SF of living space and a huge 17,896 SF lot. This home has been tastefully remodeled throughout the years and offers  separate 1 bedroom / 1 bathroom cottage plus a 2-car garage. It is on the Miami Shores Registry of Historic Homes and price has been lowered from original $1.35 Million

Current asking price $1,199,999 ($388/SF)

Please see below for additional information and contact us to schedule a private showing appointment.

Miami Shores Events

Plaza 98

The next and grand season finale for Plaza 98 is on Saturday, April13th between 5-8 PM.

This month, the theme will be Taste of The Shores! Join us while we celebrate under the stars! The event will showcase the best bites by local vendors. We will also have a crowd participation vote to see which of the bites reign supreme!