Miami Shores Real Estate Market Report – October 2016
How is the Miami Shores Real Estate Market Doing?
There are currently 104 Miami Shores homes for sale: (compared to 114 in September)
- 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 $325,000 for the tenant occupied fixer upper at 425 NW 111 St.
- Pending Sales (Properties under contract): 30 (compared to 27 in September)
- Median Sales Price in October: $542,500(compared to $516,250 in September)
- Closed sales in October: 12 (compared to 16 in September)
The 12 Miami Shores homes sold in October were the following:
- 1292 NE 95 St – remodeled mid-century modern with 3 bedrooms / 3.5 bathrooms and 2-car garage, 2,700 SF of living space on 7,650 SF lot – listed for $1,179,000 in July and selling for $1,160,000 ($430/SF)
- 1341 NE 103 St – modern home with 4 bedrooms / 2.5 bathrooms, 2-car garage and 3,109 SF of living space on 9,720 SF lot – listed for $1,275,000 in November of 2015 and selling for $1,150,000 ($370/SF)
- 9310 Biscayne Blvd – flipped modern home on Biscayne with 5 bedrooms / 3 bathrooms, 3,638 SF of living space on 16,900 SF lot – bought for $455,000 in December of 2015, completely remodeled and relisted at $1,090,000 and selling at $882,000 ($242/SF)
- 9312 NE 9 PL – 4 bedrooms / 2 bathrooms with pool home, 2,394 SF of living space on 9,225 SF lot – listed for $698,000 and under contract in 5 days by Miamism Sales Team. Selling at $687,000 ($287/SF)
- 535 NE 95 St – 3 bedrooms / 2 bathrooms, 1,956 SF of living space on 10,725 SF lot – listed for $659,000 in August and selling for $635,000 ($325/SF)
- 285 NE 95 St – 3 bedrooms / 2 bathrooms, 1,804 SF of living space on 10,725 SF lot – Listed for $569,000 in June and selling for $555,000 ($308/SF)
- 9430 Biscayne Blvd – 4 bedrooms / 3 bathrooms, flipper with 2,476 SF on 13,123 SF lot – Sold for $360,000 in February and was placed back on the market in May for $599,000 and sold for $530,000 ($214/SF)
- 62 NE 108 St – 3 bedrooms / 1.1 bathrooms, 2,000 SF of living space on 9,225 SF lot – listed for $519,900 in August and selling for $512,000 ($256/SF)
- 534 NE 102 St – 3 bedrooms / 2 bathrooms, 1,360 SF of living space on 8,625 SF lot – listed for $575,000 in May, had several price reductions and sold for $500,000 ($368/SF)
- 133 NW 101 St – 2 bedrooms / 1 bathroom , 1,082 SF of living space on 8,100 SF lot – listed for $409,000 in July and selling for $399,990 ($370/SF)
- 61 NW 108 St – 2 bedrooms / 1 bathroom, 1,491 SF of living space on 9,225 SF lot – listed for $379,000 in May and selling for $345,000 ($231/SF)
- 190 NW 103 St – 2 bedrooms / 1 bathroom, 837 SF of living space on 7,725 SF lot – Listed for $365,000 since November of 2014 with several price reductions and finally selling for $210,000 ($251/SF)
The average sold price per square foot in Miami Shores in September was $304 compared to:
- 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
Although past months showed an increase in inventory, October not only saw a drop in homes for sale but an increase in average price per square foot to over $300!! As the market continues to slow down, and that's only a perception because buyers are taking longer to make purchase decisions, we are seeing a stronger market in Miami Shores. PATIENCE!! Although easier said than done, sellers need to be aware that homes are sitting on the market for a lot longer – 9-10 months on the average. Those homes that are selling quickly are priced well according to condition, updates and location.
Miami Shores House of The Month
The Miamism Sales Team recommends the house at 9275 N Bayshore Dr, previously sold by us back in December of 2014 for $4,000,000. We are talking impeccable modern home with 5,132 SF of living space, 6 bedrooms / 5.5 bathrooms, 3-car garage, 13,944 SF lot with 80' on the open bay. The home has 2 boat lifts, infinity edge pool and all the bells and whistles. It’s being offered at $5,400,000 Here's the listing video we did for the marketing of this fantastic home, back in 2014.Please contact us for more information and to coordinate a showing appointment.
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