Miami Shores Real Estate Market Report – November 2016

How is the Miami Shores Real Estate Market Doing?

There are currently 113 Miami Shores homes for sale: (compared to 104 in October)

• Highest priced listing is $5,400,000 for the bay front house we sold back in 2014, located at 9275 N Bayshore Dr

• Lowest priced listing is $153,000 for the foreclosure and tear down, labeled as "unsafe structure" by city, located at 200 NW 111th Ter.

• Pending Sales (Properties under contract): 24 (compared to 30 in October)

• Median Sales Price in October: $549,000(compared to $542,500 in October)

• Closed sales in November: 14 (compared to 12 in October)

The 14 Miami Shores homes sold in November were the following:

• 940 NE 95 St – 5 bedrooms, 4.5 bathrooms, Colonial estate on  1/2 acre, with 3,928 SF of living space –  listed for $1.25 million in August and selling for $1.25 million ($318/SF)
• 1569 NE 104 St – 5 bedrooms, 3.5 bathrooms, 3,296 SF of living space on 8,925 SF lot – canal-front home designed by Carson Bennett (fixer upper) – originally listed for $1,595,000 in April of 2015, reduced several times and finally selling for $1,050,000 ($319/SF)
• 10007 NE 4th Ave – 4 bedrooms, 3.5 bathrooms, 2,746 SF of living space on 17,250 SF lot – listed for $899,000 in June of 2016 and selling for $705,000 ($257/SF)
• 398 NE 100 St – 4 bedrooms , 3 bathrooms, 2,734 SF of living space on 11,838 SF lot – listed for $875,000 in April of 2015 and selling, after several price reductions, for $725,000 ($265/SF)
• 88 NW 111 St – 4 bedrooms, 2.5 bathrooms, 2,500 SF of living space on 9,150 SF lot – listed for $679,900 in June of 2016, reduced to $599,000 on the same month, and selling for $575,000 ($230/SF)
• 262 NE 98 St – 3 bedrooms, 2 bathrooms, 1,914 SF of living space on 8,625 SF lot – listed for $637,000 in July, reduced several times, selling at $572,000 ($299/SF)
• 10634 NE 10th Pl – 3 bedrooms, 2 bathrooms, 2,202 SF of living space on 9,750 SF lot – listed for $550,000 in August and selling for $532,500 ($242/SF)
• 26 NE 109 St – 3 bedrooms, 2 bathrooms, 1,897 SF of living space on 9,225 SF lot – listed for $549,000 in September and selling for $549,000 ($289/SF)
• 1060 NE 92 St – 3 bedrooms, 2 bathrooms, 1,776 SF of living space on 9,440 SF lot – listed for $515,000 on November 4th and selling for $515,000 in less than one month ($290/SF)
• 94 NW 94 St – 3 bedrooms, 2 bathrooms, 1,850 SF of living space on 9,783 SF lot – listed for $489,000 in July, had several price reductions and selling for $422,500 ($228/SF)
• 114 NE 106 St – 3 bedrooms, 2 bathrooms, 1,683 SF of living space on 9,225 SF lot – listed for $419,000 in October and selling for $390,000 ($232/SF)
• 815 NE 91 Ter – 2 bedrooms, 1 bathroom, 1,404 SF of living space on 10,500 SF lot – listed for $439,000 in July, with several price reductions, and selling for $395,000 ($281/SF)
• 435 NW 111 St – 3 bedrooms, 2 bathrooms, 1,288 SF of living space on 7,500 SF lot – this property sold for $213,000 in October of 2015, was relisted for $349,500 in February of 2016, had a few price reductions and sold for $295,000 ($229/SF)
• 101 NW 100 St – 3 bedrooms, 2 bathrooms, foreclosure with 2,156 SF of living space on 9,220 SF lot, in need of repairs – originally listed for $227,900 in August of 2014, showing several pending contracts and finally selling for $287,674 ($133/SF)

The average sold price per square foot in Miami Shores in November was $253 compared to:

• October average was $304
• September average $281
• August average $268
• July average $287
• June average $255
• May average $275
• April average $281
• March average $308
• February average $319
• January average $249
• 2015’s average $264

There was one waterfront home sold in November, on a canal, considered a fixer upper, selling for $319/SF.

We are showing a slight increase in inventory this month which is not really an indication because the increase is not considerable.  However, if inventory continues to increase, it will be a sure sign that we have finally transitioned into a buyer's market.

It is not a buyer's market yet thought, so don't get confused.  Prices are still increasing and demand still is stronger than supply.  We are in that very strange in-between, transitioning market that can benefit both buyers and sellers because neither has the upper hand.  The only time this changes is with luxury properties and completely remodeled homes – when the product is top notch (location and condition), then sellers will still have the upper hand.

This may be good information for you since small projects to update your home, may not only make the property more marketable, but will ultimately help you get a better return.  Contact us to find out what updates are worth it and which you shouldn't even consider.

Miami Shores House of The Month

The Miamism Sales Team recommends the house at 1053 NE 94th Street – charming home, built in 1946, priced at $270/SF, which is great for location, style and condition.

Spacious home with 3,150 SF of living aprea, 4 bedrooms, 3.5 bathrooms, open beamed ceilings, new kitchen and great details throughout.

It’s being offered at $849,000

Please contact us for more information and to coordinate a showing appointment.