If you are thinking of buying or selling a home in Surfside, it’s key to stay on top of the real estate market. But even if you are not, paying close attention to fluctuations in the market helps you stay informed and helps you make better financial decisions. We are here to be an informative resource to our clients and by doing so, we help you be better prepared when you are ready to buy or sell.
The news is that we are in a shifting market and many areas in Miami are already in buyer’s markets. Surfside is not one of those areas. Surfside remains a seller’s market with little inventory and high demand. Prices continue to appreciate, although at a slower pace.
The super luxury real estate market continues to move very slowly, but that happens to be a small part of Surfside’s sale inventory.
There were 38 Surfside homes sold in 2016 and 2 of those were waterfront. The average price per square foot is the big winner though.
Surfside Homes – Price per Square Foot
Take a look at the drastic improvement of average price per square foot in the past years for Surfside homes:
|Year||Price per SF|
Keep in mind that waterfront homes are not included in these averages. Price per square foot has increased $184 in 5 years, that’s is real appreciation and says a lot about your real estate investment in Surfside.
Surfside Real Estate Market Report for 2016
The general figures for Surfside homes in 2016 are the following: (click HERE to see 2015 figures)
- There were 38 Surfside homes sold in 2016. The median sales price was $682,500.
- The highest sale in Surfside in 2016 was for the bay front home at 1292 Biscaya Dr, which was listed for $6.95 million and sold for $5,485,000 in March. Modern home with open bay views, 6,611 SF of living space and 9,750 SF lot. (see details below)
- The lowest Surfside home sold in 2016 was the fixer upper at 420 88th Street, with 3 bedrooms, 2 bathrooms, 1,552 SF and 5,600 SF lot. This home was listed for $659,000 in February of 2016 and sold for $500,000 in June.
- The highest sale for a dry-lot home (non-waterfront) in Surfside was $1,290,000 for the home at 9388 Abbott Av. Built in 2002 with 2,299 SF, 4 bedrooms, 3 bathrooms and 6,160 SF lot. This home was also the highest sale per square foot for a dry-lot home (non-waterfrong) in Surfside – selling at $561/SF (see details below)
- The average price per square foot in Surfside coming in at $377, compared to $350 in 2015.
- There were no short sales or foreclosures in 2016 in Surfside.