Surfside Real Estate - monthly market report - Jan 2021

How is the Surfside Real Estate Market Doing?

There are currently 17 Surfside homes for sale:

Highest priced listing: $2.8 Million for 5 bedroom / 4.5 bathroom home under construction not on the water at 9408 Byron Ave., with 4,046 sq.ft., on 5,600 Sq.Ft. lot. ($692/SF)
Lowest priced listing: $749,000 for the 3/2 with 1,697 SF on 5,607 SF lot at 9073 Froude Ave. ($441/SF)
Pending Sales: 30 (homes with a sales contract that have not yet closed)
Closed Sales in January: 7
Median Sales Price in January: $710,000

For a list of all properties sold in January, please email us at Surfside@miamism.com

The average sold price per square foot in Surfside in January for homes not on the water was $502 compared to:

The average sold price per square foot in Surfside in January for waterfront homes was $809 compared to:

Brand new construction at 9408 Bay Drive with 7 bedrooms / 8.5 bathrooms, 9,252 SF on 9,100 SF lot with 50′ of water frontage. This home was listed for $6.55 Million in August of 2018, increased to $7.45 Million in November, lowered to $6.995 Million in December and sold for $6.9 Million ($1,016/SF) **seller financing
1935 waterfront home at 9234 Bay Drive with 3 bedrooms / 3 bathrooms, 2,363 SF on 13,000 SF lot with 60′ of water frontage. This home was listed for $2.4 Million and sold for $2,231,000 ($1,127/SF) **cash transaction and also the highest sale per square foot in January.
1951 non-waterfront home at 625 95th St with 3 bedrooms / 2.5 bathrooms, 1,905 SF on 6,160 SF. This home was listed for $999,000 in November and sold for $999,000 ($496/SF) **cash transaction

We provide a comprehensive 3D market report with in-depth data from the last 12 months that you can download HERE.

Some key points you should know:

Hot seller’s market. We are seeing bidding wars for properties that are in good locations and don’t need a lot of work. There are 4 months of inventory at the current rate of sales.
Average Sales Price is $990,000
Average Discount is 7%
Sweet spot in sales are homes priced between $700,000 – $800,000
48.2% of all deals are CASH
72.4% of buyers are primary residents