Surfside Real Estate Market Report – August 2018
How is the Surfside Real Estate Market Doing?
There are currently 47 Surfside homes for sale: (compared to 48 in July).
Highest priced listing: $10,000,000 – 1332 Biscaya Dr – house on 14,903 SF lot with 100′ of wide bay, water frontage.
Lowest priced listing: 9156 Harding Ave – 3/2 home with 1,400 SF for $585,888
Pending Sales: 3
Closed Sales in August: 5 (compared to 5 in July)
Median Sales Price in August: $590,000
The Surfside homes sold in August were the following:
- 8935 Carlyle Ave – 3 bedrooms / 2 bathrooms with 1,410 SF on 5,685 SF lot. Listed for $599,000 and selling for $577,500 ($410/SF)
- 9057 Froude Ave – 2 bedrooms / 2 bathrooms with 1,670 SF on 5,600 SF lot. Listed for $599,000 and selling for $530,000 ($317/SF)
- 9332 Byron Ave – 3 bedrooms / 2 bathrooms with 1,538 SF on 5,600 SF lot. Originally listed for $725,000 on 12/2016, with several price reductions and finally selling for $590,000 ($384/SF)
- 8826 Emerson Ave – 3 bedrooms / 2 bathrooms with 1,465 SF on 5,600 SF lot. Listed for $675,000 in January of 2018, with several price reductions and finally selling for $550,000 ($375/SF)
- 624 91 St – 3 bedrooms / 2 bathrooms with 1,972 SF on 5,625 SF lot. Listed for $550,000 in July and selling for $450,000 ($228/SF) **cash transaction
The average price per square foot for Surfside homes not on the water in August was $343 compared to previous months:
- July average $307
- June average $355
- May average $336
- April average $299 <<fluke
- March average $415
- February average $382
- January – no sales
- 2017’s average of $382/SF.
We are seeing a slight decrease in pricing but it could certainly be an indication of the type of inventory that has been selling. Surfside buyers are slightly different than similar neighborhoods because they are willing to do work and fix up homes in need of updates. In other neighborhoods, homes in need of updates are sitting on the market for longer periods. Although inventory is increasing slightly, and pricing seems to be following, the Market Action Index continues to drop every month, which shows the market is favoring buyers.
The Market Action Index has been trending lower for several weeks while prices have remained relatively stable. If inventory continues to grow relative to demand however, it is likely that we will see downward pressure on pricing.
Contact us for a complimentary evaluation of your home.
To see our real-time market reports, please visit MiamismTrends.com or Click HERE.
Surfside Home of The Month
The Miamism Sales Team recommends the completely remodeled home in the best part of Surfside, located at 9540 Byron Avenue. This unusually large home has 5 bedrooms / 4.5 bathrooms and sits on 9,677 SF lot. The home has a guest house/pool cabana and gorgeous pool area and has been completely rebuilt to perfection and the price reflects it at $2,250,000 ($745/SF).
It’s a must see for sure! (click HERE or below for additional photos and information)
Please contact us for additional information or to schedule a showing appointment for this and any other Surfside home.