Surfside Real Estate Market Report - May 2019

How is the Surfside Real Estate Market Doing?

There are currently 49 Surfside homes for sale: (compared to 45 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: $535,000 – 8838 Harding Ave – 3 bedrooms / 2 bathrooms on 5,600 SF lot (with separate cottage)
Pending Sales: 5
Closed Sales in May: 3 (compared to 5 in April)
Median Sales Price in May: $1,045,000

The 3 Surfside homes sold in May were the following:

400 Surfside Blvd – beautiful 4 bedroom / 3 bathroom home with 2,688 SF on 5,625 SF lot. Originally listed for $895,000 in June of 2017, then again for $875,000 in July of 2018, reduced to $859,000 in December and sold for $730,000 ($274/SF) **cash transaction
8810 Froude Ave – updated mid-century modern home with 3 bedrooms / 2.5 bathrooms, 1,693 SF on 5,600 SF lot. Originally listed for $1,195,000 in December of 2018, showing one contract that fell through and closing for $1,045,000 ($617/SF)
9424 Bay Dr – waterfront home with 3 bedrooms / 2 bathrooms, 2,279 SF on 9,100 SF lot with 50′ of water frontage. Originally listed for $1,979,000 in January of 2019, reduced to $1,875,000 and sold for $1,750,000 ($852/SF) **cash transaction

The average price per square foot in May for Surfside homes not on the water was $446, compared to previous months:

April’s average $337
March’s average $410
February’s average $352 (1 sale)
January’s average **no sales
2018’s average $360

The average price per square foot in May for Surfside homes on the water was $852 with only one sale. The average price per square foot in previous months was:

April’s average $756 (one sale)
March’s average **no sales
February’s average $598
January’s average $690

May is historically the hottest real estate month of the year when it comes to amount of sales but Surfside continues to prove that it chooses its own rhythm. Inventory is low, sales remain slow and pricing fluctuates only because of the reduced amount of sales. Remember to look at stats for at least 6 months when considering buying or selling. Type of homes being sold and location of those homes will be big factors in determining price.

The Market Action Index remained at 26, which still shows slight buyer’s advantage.

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer’s market, prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller’s zone, and we are likely to see upward pressure on pricing.

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