Surfside Real Estate Market Report – July 2020

How is the Surfside Real Estate Market Doing?

There are currently 37 Surfside homes for sale (compared to 42 last month):

• Highest priced listing:  $4,968,000 for the waterfront fixer-upper at 9540 Bay Dr with 22,750 sq.ft. lot and 125′ of Biscayne Bay water frontage.

• Lowest priced listing: $505,000 $499,900 for the 1926 home located at 8918 Harding with 3 bedrooms / 2 bathrooms, 1,460 SF on 5,600 SF lot. ($346/SF)

• Pending Sales: 14 (homes with a sales contract that have not yet closed)

• Closed Sales in July: 5 (same as in June)

• Median Sales Price in July: $760,000

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Surfside Home Sales in July

The Surfside homes sold in July were the following:

• 9133 Byron Ave – 3 bedrooms / 2 bathrooms, 1,712 SF on 5,600 SF lot. Originally listed for $785,900 in October of 2018, with several price reductions, relisted again in May of 2020 for $730,000, decreased to $699,000 a day later and sold for $665,000 ($392/SF) **cash transaction
• 8958 Dickens Ave – completely remodeled 3 bedrooms / 3 bathrooms, 1,847 SF on 5,600 SF lot. Originally listed for $839,000 in March of 2019, had several price reductions and sold for $745,000 ($434/SF)
• 8950 Byron Ave – nicely updated 4 bedrooms / 3 bathrooms, 1,767 SF on 5,600 SF lot. Listed for $849,000 in March and selling for $760,000 ($436/SF)
• 9257 Bay Dr – rare, large 4 bedrooms / 3 bathrooms, 2,753 SF on 8,688 SF lot. Listed for $874,000 in June and selling for $718,000 ($261/SF) **cash transaction
• 925 88th St – large corner home with 4 bedrooms / 4.5 bathrooms, 2,872 SF on 6,860 SF lot. Listed for $1,165,000 in February and selling for $1,040,000 ($362/SF) **cash transaction

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Surfside Price per Square Foot

The average price per square foot in July for Surfside homes not on the water was $377, compared to previous months:

• June’s average $409
• May’s average $528 (one sale)
• April’s average $508
• March’s average $354 (one sale)
• February’s average $382 (one sale)
• January’s average $328
• 2019’s average $386
• 2018’s average $360

There were no waterfront sales in the month of July in Surfside, compared to previous months:

• June’s average **no sales
• May’s average **no sales
• April’s average **no sales
• March’s average **no sales
• February’s average **no sales
• January’s average $782 (one sale)

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Surfside Real Estate Stats

Good and bad news (well…maybe not so bad).  Inventory continues to decrease but Surfside still finds itself in a buyer’s market because of rate of sales.  Although inventory is low, demand has not increased but absorption rate is down to 9 months (compared to our last reported 19 months!).  Surfside is definitely closer to a balanced market.

Sales this past month had a lot of fixer uppers and sold at lower price points.  This reinforces our point to look at 6+ months of stats and not just month-to-month changes. If you look at the graph below, you’ll see that the sweet-spot for sales are homes priced between $500k-$700k – this number is key for understanding the main buying audience.

Some other interesting stats:  33.3% of sales are cash, 24.4% of sales are for second/vacation/investment homes, and buyers come from the U.S., Argentina, Italy and Spain.

Surfside is a little behind other small cities around Miami that are finding themselves in a full-blown seller’s market.  We attribute this to its fast growth in the last couple of years but know that trends continue to point towards a balanced market in the next few months.

To get a copy of our in-depth 3D-analyzer report for Surfside, please CLICK HERE!

It’s all about Data and the right analysis to understand how the market is behaving.  Contact us for a no-obligation consultation and we’ll let you know if it’s the right time to sell according to your specific situation.

Featured Surfside Home For Sale

The home pictured above is located at 1385 Biscaya Dr.  It’s on the water, on the inside of The Isle of Biscaya with amazing 19,554 SF lot and the actual home has 5,606 FT according to the tax records (7,452 SF Actual Area).  The home needs updating but is in great condition with a new roof and is listed at $4.9 Million.

For additional information, please contact us.