surfside-real-estate-market-report-october-2020

Surfside Real Estate Market Report – October 2020

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How is the Surfside Real Estate Market Doing?

There are currently 38 Surfside homes for sale (compared to 41 last month):

  • Highest priced listing:  $6,550,000 $7,450,000 for the 7 bedroom / 8.5 bathroom new construction waterfront home at 9408 Bay Dr with estimated completion date of Oct/Nov 2020 and 50′ of water frontage facing Bay Harbor Island. ($963/SF)

  • Lowest priced listing: $610,000 for the 3 bedrooms / 2 bathrooms fixer upper at 9000 Abbott Ave being sold as “development opportunity” ($394/SF)

  • Pending Sales: 11 (homes with a sales contract that have not yet closed)

  • Closed Sales in October: 5 (compared to 8 in September)

  • Median Sales Price in October: $779,500

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Surfside Home Sales in October

The Surfside homes sold in October were the following:

  • 725 91 St – 3 bedrooms / 2 bathrooms fixer upper with 1,872 SF on 5,625 SF lot. Listed for $625,000 in September and selling for $490,000 ($293/SF) **cash transaction
  • 8874 Abbott Ave – 3 bedrooms / 2 bathrooms with 1,961 SF on 6,860 SF lot. Listed for $799,000 in July, had 2 price reductions and sold for $650,000 ($318/SF)
  • 9041 Froude Ave – updated 3 bedrooms / 2 bathrooms with 1,863 SF on 5,600 SF lot. Originally listed for $799,000 in June of 2019, had a few price reductions and MLS shows a contract that fell through and finally sold for $728,000 ($497/SF)
  • 8943 Carlyle Ave – updated 3 bedrooms / 2 bathrooms with 1,902 SF on 5,600 SF lot. Listed for $779,500 in February and selling for $740,000 ($413/SF)
  • 8810 Emerson Ave – renovated 1992 home with 3 bedrooms / 2 bathrooms with 2,008 SF on 5,600 SF lot. Listed for $975,000 in August and selling for $905,000 ($451/SF) **cash transaction

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Surfside Price per Square Foot

The average price per square foot in September for Surfside homes not on the water was $394 compared to previous months:

  • September’s average $453
  • August’s average $460
  • July’s average $377
  • 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

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

  • September’s average $486 (one sale)
  • August’s average **no sales
  • July’s average **no sales
  • 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

Surfside’s real estate market remains unchanged with a buyer’s market with 9 months of inventory (a balanced market has 6 months), an average sales price of $853,000 and an average discount of 7%.

Because of the low inventory, homes that are selling fast, are new listings coming into the market priced right.  Overpriced homes are sitting unsold and fixer uppers need to be offered at a logical price.

Surfside’s sweet spot when it comes to price range that is moving the most is still between $500k-$800k <<I think this apply to most of Miami.

37% of all transactions are cash transactions and 75% of all sales are for primary home buyers that will occupy the home.  Buyers are not only local but coming from Argentina, Italy and Spain.

To get a copy of our in-depth 3D-analyzer report for Surfside, with micro-market insights, 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

This month’s featured Surfside Home for sale is located at 8927 Garland Ave.  I love these charming Surfside homes from the 30’s with 4 bedrooms / 2 bathrooms and spacious 1,783 Sq.Ft. on average 5,600 Sq.Ft. lot.   This home features a Tiki Hut in the back yard, it could use updating but it’s in great condition.   Location is fantastic and it’s being offered below average $/SF.

Asking price $685,000 ($384/SF)

For additional information, please contact us.

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