Surfside Real Estate Market Report for 2018

Another year over and it’s time to report what happened in Surfside’s Real Estate market in 2018. Year after year, Surfside has fought media gloom and reported extraordinary stats that blew neighboring communities out of the water. 2018 was slightly different because sales remained low and demand not as high.

The lowest priced house right now in Surfside is listed for $550,000 – it’s a tear down with 2 bedrooms on average 5,600 SF lot. We can attribute lack of demand to lack of “affordable” inventory which is taking Surfside traffic to more affordable areas.

There were 38 Surfside homes sold in 2018 (compared to 49 in 2017), and only 1 of them was waterfront, selling for $700/SF.

Let’s take a look at price per square foot changes for non-waterfront homes in Surfside, this is where it gets interesting.

Surfside Homes – Price per Square Foot

Here is a list with average price per square foot in the past years for Surfside homes not on the water:

Year	Price per SF
2018	$360/SF
2017	$382/SF
2016	$377/SF
2015	$350/SF
2014	$324/SF
2013	$270/SF
2012	$233/SF
2011	$193/SF

We had seen consecutive increases in price per square foot that equated to $189 in 6 years and then a drop of $22 last year. We can interpret this in 2 ways: One would be a simple drop in pricing and softening of the real estate market; the second can be a strong community with little turn-over where neighbors stay in their homes for longer periods of time.

It’s obvious that the more desirable part of Surfside has not seen a lot of sales, this area has the highest price per square foot. That’s why it’s important to work with real estate professionals that know the intricacies of each market. But the clear truth is that Surfside is seeing a needed correction.