2016 was a year of changes and challenges all around. The Miami Shores Real Estate market was not clear of adversity, but overall, it turned out to be a great year. We still saw an increase in price per square feet, small amount of distressed sales, and low inventory of listings, which all helped to keep the market strong.
Unlike many areas around Miami, Miami Shores is not yet in a buyer's market. We continue to be in a transitional market because the demand is stronger than the supply. Transitional because volume of sales have decreased and this is due to a few different factors but mostly because of elections and negative press by the media or yellow journalism (not painting a clear picture about the real estate market).
The truth is that real estate is hyper local. Just because downtown Miami has an overabundance of condo inventory, doesn't mean that the single-family market in Miami Shores will be affected. It's important to scrutinize small areas at a time, to distinguish who the players are in the area, in order to make educated analysis of each real estate market.
An example of this would be: the third generation family buying in Miami Shores will not be the audience of Brickell, for example. The Brazilian investor looking for cash flow will not be the audience for Miami Shores. Without further ado, here's the Miami Shores Real Estate Market Report for 2016.
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 8 years:
||Price per SF
Miami Shores continues to be a desirable area because of location, size of the community and architecture. We told you in 2015 that prices would continue to rise conservatively, and that's exactly what happened. We also do not see them decreasing at any time. Stability is what has always made Miami Shores so attractive.
We have REAL-TIME market reports now that you can sign up by visiting MiamismTRENDS.com - this will help you stay on top of the pulse of the market to know when it's best to buy or sell.
Miami Shores Real Estate Market Report for 2015
The general figures for Miami Shores homes in 2016 are the following: (click HERE to see 2015 figures)
- There were 175 Miami Shores homes sold in 2016. The median sales price was $544,000 compared to $456,000 in 2015, $440,000 in 2014 and $390,000 in 2013.
- The highest sale in Miami Shores in 2016 was for the bay-front home at 1420 NE 101 St which sold for $4,000,000 and happened to also be the highest sale in 2015, selling for $3,825 million. (Mid-century modern fixer upper on a 23,471 SF lot with 204' of open bay water frontage.)
- The lowest Miami Shores home sold in 2016 was for the starter home in West Shores at 580 NW 113th Street with 2 bedrooms and 1 bathroom, 1,132 SF on 8,178 SF lot.
- Only 9 homes sold under $300,000 and none under $200,000 in 2016.
- The highest sale for a dry-lot home (not on the water) in Miami Shores was our own listing at 1177 NE 100 St which sold for $1.45 Million and $449/SF. This is a 5 bedroom / 4.5 bathroom home with 3,226 SF of living area on a 17,550 SF lot.
- Our listing above was also the highest sale per square foot for a dry-lot home, not on the water, in Miami Shores.
- The average price per square foot in Miami Shores coming in at $278, compared to $264 in 2015 and $236 in 2014.
List of Miami Shores Homes Sold in 2016
To get a list of all Miami Shores homes sold in 2016, please contact us.
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Miami Shores Future
We have a lot of things to look forward to in Miami Shores which will continue to make it more and more desirable. The completion of the sewers in our downtown area; the re-zonification of downtown to encourage community businesses that we will be proud of; the approval of a community center; a dog park ... and so much more.
We post Miami Shores Real Estate Market Reports on the first week of every month and we also post important news throughout the year. Make sure to subscribe or simply come back and read our blog.