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Miami Shores Real Estate Market Report for 2015

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Market?  Here's a question we get on a regular basis but somehow, without even having a pulse on the market, we are seeing people getting an uneasy feeling about a "collapse" or the end of a "high market".  The good news is that you can rest assured that our market continues to appreciate. Although it is normal to follow the overall sentiment the media puts out about another market bubble and the downfall of the South Florida real estate market, it is crucial for you to realize the real estate is LOCAL in nature.  You cannot grab all of Miami-Dade County Stats and generalize about your own neighborhood — unless you want to drive yourself crazy, that is. Miami-Dade is HUGE and real estate reports will include stats from the most affluent, multi-million properties in Miami Beach, to impoverished area on the West side of Miami.  If you want to know how your market is doing, you need to compare Apples to Apples and rely on your favorite real estate professional to keep you informed. With that said, we prepare monthly real estate market reports for several areas around Miami - Miami Shores Real Estate Stats being one of them — here's the Miami Shores Real Estate Market Report for 2015.

Miami Shores Homes - Price per Square Foot

Looking at past years is key to see improvement — it is evident that Miami Shores homes continue to appreciate — here's the average price per square foot of Miami Shores homes in the past  7 years:

  • 2015 - $264/SF
  • 2014 - $236/SF
  • 2013 - $215/SF
  • 2012 - $181/SF
  • 2011 - $166/SF
  • 2010 - $159/SF
  • 2009 - $153/SF

So why do you think our Miami Shores real estate market continues to improve while some others are worsening?  It's not only a Supply and Demand issue, it has to do with the desirability of the area, our location and the architecture of our homes.  Our market has always been conservative in nature without massive increases — we foresee prices continuing to rise slowly with a possible leveling off — but we do not foresee a collapse in Miami Shores. Call us for a listing appointment and search for Miami Shores Homes For Sale in our new property search system directly from the MLS - Multiple Listing Service.

Miami Shores Real Estate Market Report for 2015

The general figures for Miami Shores homes in 2015 are the following:  (click HERE to see 2014 figures)

  • There were 201 Miami Shores homes sold in 2015.  The median sales price was $465,000 compared to $440,000 in 2014 and $390,000 in 2014.
  • The highest sale in Miami Shores in 2015 was for the bay-front property at 1420 NE 101 Street which was a mid-century modern fixer-upper on a huge lot directly on the bay (23,471 SF LOT with 204' of water frontage).  This home was listed for $4.5 million and sold for $3.825 million.
  • The lowest Miami Shores home sold in 2015 was a short sale in complete disrepair and on a very busy street.  The home at 10326 NW 1 Ave was listed for $190,000 and appeared as pending since September 2014 and closed for $165,000 in March of 2015 - this stat should belong to 2014 since it took 6 months for bank to approve the short sale.  The same home was listed a month after closing for $259,000 and sold for$236,000 2 months later.
  • The lower end inventory in Miami Shores is almost non-existent.  Here are the homes sold under $200,000 in the past:
    • In 2009 - 60% of Miami Shores homes sold were under $200,000
    • In 2010 - 28% of Miami Shores homes sold were under $200,000
    • In 2011 - 16% of Miami Shores homes sold were under $200,000
    • In 2012 - 12% of Miami Shores homes sold were under $200,000
    • In 2013 - 4.5% of Miami Shores homes sold were under $200,000
    • In 2014 - 2.4% of Miami Shores homes sold were under $200,000
    • In 2015 - 1% of Miami Shores homes sold were under $200,000 (that's only 2 homes)
  • The highest sale for a dry-lot home (non-waterfront) in Miami Shores was $1,350,000 and it was for 2 different homes:
    • 9909 NE 4th Avenue Road was listed for $1,399,000 in October of 2014 and sold for $1.35 million in January 2015 - this home was a 60's built, modern "prairy-type-style" with 4,734 SF!! (selling at a very low $285/SF).
    • 672 NE 98 St was listed for $1,500,000 in May and sold for $1.35 million in June - this home in a 30's remodeled beauty, by the Miami Shores field house, sitting on a 29,000+ lot (selling at an amazing $414/SF because of style, location, condition and lot size).
  • The highest sale per square foot for a dry-lot home (non-waterfront) in Miami Shores was for the history, Marion Manley designed home located at 601 Grand Concourse, which sold for $457/SF.
  • The average price per square foot in Miami Shores coming in at $264, compared to 2014's $236.

List of Miami Shores Homes Sold in 2015

To get a list of all Miami Shores homes sold in 2015, please contact us.

I LOVE MIAMI SHORES magnets

If you want one of our free, I LOVE MIAMI SHORES magnets for your car and/or refrigerator, send us your contact information, including name, telephone number and address to miamishores@miamism.com. I love Miami Shores magnet

2016 Calendar Magnets

And lastly - our Calendar magnets are in!! Look for it in next month's Greater Miami Shores Chamber of Commerce packet distribution!! 2016 Miami Real Estate Calendar Magnet

WHAT’S YOUR HOME WORTH?  Click here to get an automated report or go to MiamismValue.com

*Data obtained from SEF MLS*  – we provide monthly market reports for Miami Shores at the beginning of each month.  Come back or email us for a copy of the report at info@miamism.com


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