surfside-real-estate-market-report-february-2019

Surfside Real Estate Market Report – February 2019

How is the Surfside Real Estate Market Doing?

There are currently 54 Surfside homes for sale: (compared to 57 last month)

  • 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: 8712 Byron Ave – 2/1 home with 5,600 SF lot for $550,000 (sold as development opportunity with 2 adjacent lots also available for purchase: 8716 Byron and 8716 Byron Ave for $500,000 each).

  • Pending Sales: 4

  • Closed Sales in February: 2 (same as in January)

  • Median Sales Price in February: $1,157,500

The 2 Surfside homes sold in February were the following:

  • 8826 Froude Ave – 1952 home with 3 bedrooms / 2 bathrooms, 1,536 SF of living space on 5,600 SF lot. Listed for $579,000 in January and selling for $540,000 ($352/SF) **cash transaction
  • 8834 Hawthorne Ave – 1955 waterfront home with 4 bedrooms / 3.5 bathrooms, 2,968 SF of living space on 8,000 SF lot with 50′ of water frontage. Listed for $1,950,000 in November of 2018 and sold for $1,775,000 ($598/SF) **cash transaction

The average price per square foot in February for Surfside homes not on the water was $352 (with only one sale), compared to other months:

The average price per square foot in February for Surfside homes on the water was $598 (with only one sale), compared to other months:

  • January’s average $690

In any real estate market, a drop in inventory is usually a good thing because of simple laws of economics:  Less supply, more demand = stronger market.  In Surfside though, because it’s a correcting market, it’s not necessarily that simple.  Demand has also decreased because of the fast appreciation of the area.  When buyers can now find neighboring homes for less, they will usually opt out of Surfside.  There is too much overpriced inventory that doesn’t match market demands, pricing will need to start dropping for Surfside to stabilize.

The Market Action Index increase one point to 21 which still shows slight buyer’s advantage. 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 1951 home at 8811 Carlyle Ave.  Typical Surfside design with tropical mid-century flare.  This home has 4 bedrooms / 3 bathrooms, 1,795 SF of living space on 5,600 SF lot.  It has nice architectural details and tons of potential.

Offered at $899,000 ($501/SF) click HERE for additional photos and information.

Please contact us for additional information or to schedule a showing appointment for this and any other Surfside home.