miami-shores-real-estate-monthly-market-report-february-2021

Miami Shores Real Estate – monthly market report – November 2021

How is the Miami Shores Real Estate Market Doing?

There are currently 28 homes for sale: (compared to 25 in October)

  • Highest priced listing $8.5 Million for the 5/4.5 bay front home at 9999 NE 13th Avenue with 83′ of open bay water frontage ($2,163/SF)
  • Lowest priced listing is $699,000 for the 2/1 at 109 NE 104th St ($576/SF)
  • Pending Sales (Properties under contract): 30
  • Median Sales Price in November: $1,075,000
  • Closed sales in November: 13 (compared to 16 in October)

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What sold in Miami Shores last month?

For a list of all Miami Shores homes sold in November please email us at MiamiShores@miamism.com

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

The average sold price per square foot in Miami Shores in October for homes not on the water was $568, compared to:

  • October’s average $492
  • September’s average $510
  • August’s average $541
  • July’s average $449
  • June’s average $455
  • May’s average $402
  • April’s average $435
  • March’s average $421
  • February’s average $368
  • January’s average $332
  • 2020’s average of $338

The average sold price per square foot in Miami Shores in October for waterfront homes was $473 (bothlake front/non-navigable), compared to:

  • October’s average – no sales
  • September’s average $881
  • August’s average – no sales
  • July’s average $1,453 (1 sale)
  • June’s average – no sales
  • May’s average – no sales
  • April’s average – $593 (1 sale)
  • March’s average – $321 (1 sale)
  • February’s average – $550 (1 sale – fixed bridge)
  • January’s average – no waterfront sales

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Top 3 Sales in Miami Shores in November (by square footage)

  • Brand New Construction at 899 NE 92 St with 4 bedrooms / 4.5 bathrooms, 2,825 SF on 10,500 SF lot. Incredible industrial meets modern creative design like no other in The Shores. Originally listed for $1.5 Million while under construction in June of 2020, increased to $2 Million, decreased to $1.9 Million and then increase again to $2.85 Million in September of 2021 and decreased to $2.5 M in October.  Sold for $2.5 Million ($885/SF)
  • Big home East of Biscayne located at 1177 NE 100th St with 5 bedrooms / 4.5 bathrooms, 2,984 SF on oversized 17,550 SF lot.  We sold this home back in August of 2016 for $1.45 Million, new owner did some remodeling and listed it for $2.599 Million in September and sold for full price ($871/SF) **cash transaction
  • Busy Biscayne Blvd location at 10125 Biscayne Blvd, across from the Country Club.  This 3 bedroom / 3.5 bathroom home was totally remodeled with 2,128 SF on 14,028 SF lot. It was listed for $1.475 Million in May and sold for full price ($693/SF) **cash transaction

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Miami Shores Opinion

We provide a comprehensive 3D market report with in-depth data from the last 12 months that you can download HERE.

Miami Shores Real Estate Benchmark Nov 2021
Miami Shores Real Estate Benchmark Nov 2021

Some key points you should know:

  • 2 months of inventory and continues to be an aggressive SELLER’s MARKET
  • Average Sales Price continues to increase and is now at $920,000
  • Average Discount is 6%
  • Sweet spot in sales are homes priced between $1.0 and $1.5 Million
  • 29.1% of all deals are CASH
  • 75.7% of buyers are primary residents
  • Buyers are not just local and from other US cities, but also from Argentina, Colombia, France and Italy.

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