How is The Miami Shores Market Doing? Compared to a year ago?
THE MARKET IS NOT GOING DOWN AND WE ARE NOT SEEING A DECREASE IN PRICING!!
Please note that you are getting a skewed perspective of sales because sellers are reducing pricing from already elevated numbers. You need to compare data of closed sales, not homes on the market to know that prices are still increasing. If you want to know more, contact us!! The numbers don’t lie!!
Here are some truths:
- rising mortgage rates have decreased buyer pool (meaning buyer demand has come down and buyers can afford less than a year ago)
- inventory has increased at a moderate level but not enough to affect home prices
- Home prices have NOT decreased, on the contrary, continue to increase but at moderate levels
- Sellers are being more flexible (when it comes to financing and appraisal contingencies, not pricing)
There are currently 60 homes for sale: (compared to 28 a year ago in November)
- Highest priced listing is $10.995 Million for the bay front home at 9767 NE 13th Ave. This 5 bedroom / 4.5 bathroom home has 5,094 Sq.Ft., a 28,047 Sq.Ft. lot and 187′ of open bay water frontage. It was purchased for $7.495M back in April of 2021 and it’s not listed again for $3.5 Million more
- Lowest priced listing is $550,000 for the 2/2 at 395 NW 111th Ter (new Miami Shores Estates subdivision by Barry University) – listed for $442/Sq.Ft.
- Pending Sales (properties under contract): 15 (compared to 30 a year ago)
- Median Sales Price in November: $1,159,000 (compared to $1,075,000 a year ago)
- Closed sales in November: 5 (compared to 13 in November of 2021)
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 $546 compared to $568 a year ago!
- October’s average $602
- September’s average $658
- August’s average $608
- July’s average $625
- June 2022’s average $625
- May 2022’s average $649
- April 2022’s average $689
- March 2022’s average $528
- February 2022’s average $540
- January 2022’s average $622
- 2021’s average of $431
There were no waterfront homes sold in Miami Shores in November compared to 2 sales of non-navigable lake properties in November of 2021, averaging $473/sq.ft. Past month averages as follows:
- October’s average $624 (only one sale – not navigable)
- September’s average $751 (one sale)
- August’s average $1,409
- July’s average $559 (one sale)
- June’s average $839 (one sale)
- May’s average $1,471
- April’s average $1,123
- March’s average – no sales
- February’s average – no sales
- January’s average – no sales
Miami Shores Real Estate Micro-Stats
Feel free to download our complete market report for the last 12 months, showing micro-stats for Houses for Sale Miami Shores
- Seller’s Market with 5 months of inventory
- Price-range moving the most is between $1-1.5 Million
- Average sold price is $1.2 Million
- 50% of all deals are CASH
- 86.9% of all buyers do so as primary residents (homestead and live in their homes)
Miami Shores Home For Sale
We have a NEW LISTING in the Downtown Miami Shores Area and it’s priced at $530/Sq.Ft. below the average price per square foot for non-waterfront homes (Which is $566)!!
West of NE 2nd Avenue in quiet, tree-lined street.
131 NE 96th St – Miami Shores, FL 33138
This is a 3 bedroom / 3 bathroom home with converted garage and 1,869 Sq.Ft. of living space. This 50’s home sits on a 8,625 Sq. Ft. lot has a renovated kitchen and impact windows.
Big ticket items are done and the home only needs aesthetic work: refinish hardwood floors, 2 bathrooms and privacy landscaping.