This is the first Miami Real Estate Market Report I prepare this year and there has not been much movement, so I decided to pack all the different neighborhoods in Miami together for you to get an idea of how the year started off.
There are currently 222 listings in Miami Shores:
- Highest priced listing is $3,250,000
- Lowest priced listing is $229,500
- Pending Sales (Properties under contract): 14
- Closed sales in January 2008: 3
The closed sale pricing were: $668,470, $339,000 and $375,000 (The price range under $500k is the one that is moving the most and evident with the 2 $300k sales). If Miami Shores stays at a pace of 3 sales per month, it will take 6 years to sell its inventory…….let’s just say that January was a slow month).
There are currently 16 single-family home listings in Bay Harbor Islands:
- Highest priced listing is $6,200,000
- Lowest priced listing is $575,000
- Pending Sales (properties under contract): 1
- Closed sales in January 2008: 0
Although there were no sales in January in Bay Harbor Islands, there is also a low number of homes on the market. Bay Harbor Islands remains a desirable place to live with one of the lowest crime rates per capita in Miami-Dade County and Florida (according to the Bay Harbor Police website).
There are currently 83 single-family home listings in Surfside:
- Highest priced listing is $3,100,000
- Lowest priced listing is $449,000
- Pending Sales (properties under contract): 4
- Closed sales in January 2008: 2 (for $415,000 and $365,000).
Surfside prices have seen a slight decline and it’s obvious by looking at the lowest priced listing at $449,000 and seeing 2 sales below that). Surfside’s proximity to the ocean make it a great place to live with a great community atmostphere.
There are currently 238 condo listings in Surfside:
- Highest priced listing: $2,600,000
- Lowest priced listing: $188,000
- Pending Sales (properties under contract): 7
- Closed sales in January 2008: 1 ($173,000)
Oceanfront condos are not getting hit as hard by the down-market, but with no sales in January in Surfside, it may be the perfect time to get a property right on the beach with warm sand under your toes.
There are currently 97 listings in Fisher Island:
- Highest priced listing: $10,900,000
- Lowest priced listing: $449,000
- Pending Sales: 0
- Closed sales in January 2008: 1 (property priced at $4.7 million sold at $4 million – nice $700,000 reduction from the asking price!)
Fisher Island is seeing a slight increase in inventory, but not a decrease in pricing – although the average price on the market has increased. Most sellers can afford to wait for the right buyer without loosing their patience. Fisher Island is still one of the wealthiest zip codes in the US.
There are currently 2372 condo listings in Aventura:
- Highest priced listing: $6,000,000
- Lowest priced listing: $99,000
- Pending sales: 114
- Closed sales in January 2008: 40 (ranging from $3,600,000 to $112,000)
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 51 single-family listings in Biscayne Park:
- Highest priced listing $975,000
- Lowest priced listing $249,000
- Pending sales (properties under contract): 2
- Closed sales in January 2008: 1 for $353,000
The price range that is moving the most in Biscayne Park, similar to the rest of the single-family home neighborhoods, is under $400,000. There has not been a lot of movement in Biscayne Park and the inventory is slowly increasing every month.
There are 56 listings in El Portal:
- Highest priced listing is $890,000
- Lowest priced listing $248,900
- Pending sales (properties under contract): 1
- Closed sales in January 2008: 0
El Portal remains an untapped secret where you can still find affordable and charming properties. Prices had dropped and Inventory has increased – because of the very few amount of sales, there are some distressed properties that would make great purchases.
**all information obtained from the SouthEast Florida Multiple Listing Service**