surfside-real-estate-market-report-october-2019

Surfside Real Estate Market Report – October 2019

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How is the Surfside Real Estate Market Doing?

There are currently 47 Surfside homes for sale: (compared to 48 last month)

  • Highest priced listing:  $5,250,000 for the waterfront home at Biscaya Island, located at 1413 Biscaya Dr with 6 bedrooms / 6.5 bathrooms, 6,072 SF on 10,709 SF lot with 68′ of water frontage.

  • Lowest priced listing: $550,000 for the small, 2/1 home, being sold as development opportunity with 2 adjacent lots also available for sale.

  • Pending Sales: 12

  • Closed Sales in October: 6 (compared to 2 in September)

  • Median Sales Price in October: $595,500

The 6 Surfside homes sold in October were the following:

  • 8838 Harding Ave – charming 3 bedrooms/2 bathrooms, 1,372 SF on 5,600 SF lot – Originally listed for $580,000 in January of 2019, with several price reductions and closing for $500,000 ($295/SF)
  • 9248 Harding Ave – updated 2 bedrooms/2 bathrooms, 1,762 SF on 5,600 SF lot – Originally listed for $689,000 in September of 2018, had several price reductions and closed at $500,000 ($284/SF)
  • 9481 Bay Dr – updated 3 bedrooms/2 bathrooms, 1,434 SF on 5,600 SF lot – Originally listed for $670,000 in June of 2019, had several price reductions and closed at $582,000 ($438/SF) **cash transaction
  • 9217 Abbott Ave – 2 bedrooms / 2 bathrooms (50’s home in good condition), 1,752 SF on 5,600 SF lot – Originally listed for $737,000 in November of 2018, had one price reduction and closed for $609,000 ($348/SF) **cash transaction
  • 9033 Garland Ave – remodeled 4 bedrooms / 2 bathrooms, 2,023 SF on 5,600 SF lot – Originally listed for $799,000 in February of 2019 with several price changes and selling for $685,000 ($338/SF)
  • 8934 Abbott Ave – completely remodeled 3 bedrooms / 3.5 bathrooms, 1,938 SF on 8,400 SF lot – Listed for $1,100,000 and selling for $1,100,000 ($509/SF)

The average price per square foot in October for Surfside homes not on the water was $369, compared to previous months:

  • September average $433
  • August average $385
  • July’s average $380
  • June’s average $391
  • May’s average $446
  • April’s average $337
  • March’s average $410
  • February’s average $352 (1 sale)
  • January’s average **no sales
  • 2018’s average $360

There were no waterfront sales in the month of October in Surfside and therefore, no average. The average price per square foot in previous months was:

  • September average **no sales
  • August average **no sales
  • July’s average **no sales
  • June’s average **no sales
  • May’s average $852 (one sale)
  • April’s average $756 (one sale)
  • March’s average **no sales
  • February’s average $598
  • January’s average $690

Surfside continues to be a buyer’s market with 18 months of inventory. This means that at the current rate of sales, it would take 18 months to sell all the homes that are currently listed for sale.  64% of all Surfside sales in the last 12 months have been cash transactions and buyers are coming not just from the U.S. but from Argentina, Brazil, Canada and Italy!!  This information is key when you are marketing a home for sale in Surfside.  With our new market reports we are able to go super granular into the data and analyze what factors contribute to your home selling faster and for more money. 48% of people living in Surfside are owners, the rest are investors and 38% of sales are for 3 bedroom homes because there happen to be more 3 bedroom homes than anything else.

Our new reports, which you can DOWNLOAD HERE, use the last 12 months of data, for you to make an educated decision about buying or selling depending on robust data. 

The Micro data we produce will educate you on real estate market conditions and will empower you into making the right move. 

The Market Action Index has increased to 26, which still shows slight buyer’s advantage. 

Slight Buyer’s Advantage

The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.

Please contact us when you are ready to buy and sell in Surfside – click here for a complimentary evaluation of your home.

Featured Surfside Home For Sale

9072 Dickens Ave – Surfside, FL

This is a property in need of updates but in good condition, perfect for an investor or someone looking to remodel.  The home has 2 bedrooms / 2 bathrooms plus a 1-car garage.  The home’s square footage is 1,691 and sits on a 5,607 SF lot and was built in 1946.  Please contact us for additional information.

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