surfside-real-estate-market-report-march-2019

Surfside Real Estate Market Report – March 2019

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How is the Surfside Real Estate Market Doing?

There are currently 51 Surfside homes for sale: (compared to 54 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: $549,900 – 8838 Harding Ave – 1935 home with 3 bedrooms / 2 bathrooms on 5,600 SF lot

  • Pending Sales: 8

  • Closed Sales in March: 4 (compared to 2 in February)

  • Median Sales Price in March: $685,000

The 4 Surfside homes sold in March were the following:

  • 9173 Abbott Ave – 3 bedrooms / 3 bathrooms with 1,470 SF of living space on 5,600 SF lot. Listed in December 2018 for $595,000 and selling for $475,000 ($323/SF) **cash transaction
  • 9008 Byron Ave – 3 bedrooms / 2 bathrooms with 1,866 SF of living space on 5,600 SF lot. Listed in January for $800,000 with several price reductions and selling for $630,000 ($338/SF) **cash transaction
  • 9541 Carlyle Ave – 3 bedrooms / 2 bathrooms with 1,846 SF of living space on 5,600 SF lot. Originally listed in March of 2018 for $885,000, with several price reductions and selling for $740,000 ($401/SF) **cash transaction
  • 9540 Byron Ave – 5 bedrooms / 4.5 bedrooms with 3,019 SF of living space on 9,677 SF lot. Originally listed in July of 2018 for $2,250,000, with several price reductions and selling for $1,740,000 ($576/SF) **cash transaction

The average price per square foot in March for Surfside homes not on the water was $410, compared to previous months:

There were no waterfront sales in Surfside in March. The average price per square foot in previous months was:

  • February’s average $598
  • January’s average $690

Surfside is seeing a gradual drop in inventory, consistently in the past few months.  This may prove to be positive although we need to see the overpriced listings get a bit more realistic.  What’s interesting to point out is that all 4 sales in March were cash deals.  This has 2 meanings:  one is that sales can be a bit higher than market because they do not rely on a bank appraisal.  This also means that cash is so common in South Florida, it doesn’t make cash buyers that special.  Of course a seller will prefer a cash deal, but this does not mean that buyers are not educated on market trends and does not mean they are willing to pay more for a property – on the contrary, it gives them more negotiating power because cash will make the transaction easier.

The Market Action Index increased to 24! 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 super clean and completely remodeled home at 9065 Emerson Ave. This home has 4 bedrooms / 3 bathrooms, 2,100 SF of living space on 5,600 SF lot. It was built in 1948 but was completely updated with permits. It has a great, fenced-in yard and impact windows.

Reduced to $805,000 ($383/SF) <<great price

Please see below for additional photos and information and contact to schedule a showing appointment for this and any other Surfside home. 

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