This is a Miami Real Estate Market Report for the months of January and February 2008. I can personally say that I’ve seen more movement, a lot more showings and more pending sales, but let’s see what the numbers say. I’m using the same form I used last month, since it was such a big hit.
There are currently 228 listings in Miami Shores: (keep in mind that a lot of agents are keeping their Pending Sales on Active…..not good for these studies)
- Highest priced listing is $3,250,000
- Lowest priced listing is $227,000
- Pending Sales (Properties under contract):13
- Closed sales in January & February 2008: 8 (5 of these in February)
The highest closed sale was $700,000, then $668,470 and the rest under $500k – next month’s number should be impressive, taken into consideration the amount of pending sales that are not appearing on the MLS.
There are currently 17 single-family home listings in Bay Harbor Islands: (one more from last month)
- Highest priced listing is $5,200,000
- Lowest priced listing is $575,000
- Pending Sales (properties under contract):2
- Closed sales in January and February 2008: 0
There may not be much movement in Bay Harbor Islands real estate, but it remains one of the most stable communities because of the minimal transient traffic.
There are currently 82 single-family home listings in Surfside:
- Highest priced listing is $8,000,000
- Lowest priced listing is $379,000
- Pending Sales (properties under contract): 4 (same as last month)
- Closed sales in January & February 2008: 3 (for $415,000 and $365,000 and $508,000).
Surfside real estate is pretty stagnant at this point, but still remains a “walkable community” where the beach is your backyard.
There are currently 237 condo listings in Surfside: (as compared to 238 last month)
- Highest priced listing: $2,600,000
- Lowest priced listing: $168,000
- Pending Sales (properties under contract):10
- Closed sales in January & February 2008: 3 ($173,000 at 9140 Collins Ave Condo – $688,500 at The Waverly and $744,000 at Solimar)
If you gave me a choice of beachfront condos, I would buy in Surfside. The density of the buildings is comfortable (12 stories max) and the beach is superb. Only 3 sales this year means you would be able to buy for a good price.
There are currently 97 listings in Fisher Island: (no change)
- Highest priced listing: $13,500,000
- Lowest priced listing: $449,000
- Pending Sales: 0
- Closed sales in January & February 2008: 1 ($4,000,000 at Bayview at Fisher Island – no sales in February)
Fisher Island is still one of the wealthiest zip codes in the US. – sellers know to be patient and their market remains very stable.
There are currently 2362 condo listings in Aventura: (10 less than last month)
- Highest priced listing: $36,500,000 <—-this is a funny typo (I wonder how long it will take the agent to sell that listing) the highest listing is $6,000,000
- Lowest priced listing: $97,500
- Pending sales: 136 (22 more than last month)
- Closed sales in January & February 2008: 84 (more than double from previous month – ranging from $3,600,000 to $59,000)
There’s something for every budget in Aventura – from fabulous The Point to smaller 55+ communities. Aventura’s real estate market remains HOT and its residents love the proximity to the ocean and central location. There are a lot of new condos just obtaining their certificate of occupancy which means more inventory for the area.
There are currently 55 single-family listings in Biscayne Park: (4 more than last month)
- Highest priced listing $975,000
- Lowest priced listing $249,000
- Pending sales (properties under contract):1
- Closed sales in January & February 2008: 1 for $353,000 (no closings in February)
Last month we said “There has not been a lot of movement in Biscayne Park and the inventory is slowly increasing every month”, exactly the same applies this month.
There are 61 listings in El Portal: (5 more than last month)
- Highest priced listing is $945,000
- Lowest priced listing $248,000
- Pending sales (properties under contract):2
- Closed sales in January & February 2008: 0
El Portal is suffering one of the most difficult real estate markets with no sales and a lot of inventory. To think that you can see peacocks walking around at times.
**all information obtained from the SouthEast Florida Multiple Listing Service**