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Miami Shores Real Estate Market Report for 2020

Ines Hegedus-Garcia
ines@miamism.com

What a year 2020 was for Miami Shores Real Estate.  The Coronavirus proved to be pro single-family living and pushed a lot of people out of condos and into houses, Miami Shores being one of the hottest areas in South Florida.  With multiple offers and bidding wars, it was a good year for sellers and a frustrating move for buyers.  Price per square foot increased due to demand and little inventory and we foresee this trend continuing for a few more months until the market levels off.

We remind you that we publish monthly Miami Shores real estate market reports on the first week of each month. We have an amazing team of agents ready to help you with award-winning marketing and unparalleled data to help you maximize your buying/selling goals.

Our marketing is relevant and always have safety in mind.  Give us a call if you are thinking of buying or selling.

Download our latest 3-D Market Analyzer HERE.

Miami Shores Homes - Price per Square Foot

Miami Shores continues to improve and it's evident by looking at past years' sales. Here are the average price per square foot of Miami Shores homes in the past 10 years.  Any questions on appreciation?

Year Price per SF
2020 $338/SF
2019 $324/SF
2018 $317/SF
2017 $293/SF
2016 $278/SF
2015 $264/SF
2014 $236/SF
2013 $215/SF
2012 $181/SF
2011 $166/SF
2010 $158/SF
2009 $153/SF

Although you are seeing a conservative increase in average price per square foot, what you are not seeing is the disparity between move-in-ready homes and "average" homes.  To give you an idea of the changes in the last semester of the year, the average price was $381!!  That's a $43 difference between 12 month and 6 month stats - and remember that average means exactly that - an average home that needs work.

Take a look at the benchmark for the city for the last 12 months:

The average closed price was at $687,000 and we are now in a seller's market with 4 months of inventory.  Here's what's interesting about the micro stats:

  • most sales in Miami Shores are 3-bedroom properties and those average at $343/SF
  • 4-bedroom homes average at $375/SF
  • 24.6% of sales are cash
  • buyers are coming not just from the U.S. but from Brazil, Colombia, Venezuela and Argentina.
  • 80.9% of occupants are home owners (with a strong 19.1% of investors)
  • Most popular architecture is mid-century modern and that sells at an average of $339/SF
  • Second most popular architecture is built in the 30's and that sells at an average of $355/SF
  • The price range that is most popular is between $400,000 and $900,000 (so those will sell the fastest)
  • Second most popular price range is between $1M-$1.5 Million
  • Buyers are most interested in homes sized between 1,500-2,500 sq.ft.

We offer market reports on a monthly basis for you to stay on top of the pulse of the market.  These reports help you identify the best time to buy or sell. Download our latest 3-D Market Analyzer HERE.

Miami Shores Real Estate Market Report for 2020

The general figures for Miami Shores homes in 2020 are the following:  (click HERE to see 2019 figures)

  • There were 221 Miami Shores homes sold in 2020. The median sales price was was $680,000, compared to $575,000 in 2019, $585,000 in 2018, $530,000 in 2017.
  • The highest sale in Miami Shores in 2020 was for the waterfront home at 1460 NE 103rd Street which sold for $3,050,000 and $761/SF as a cash transaction. This was also the highest sold price per square foot.
  • The highest dry lot sale (not waterfront) in Miami Shores in 2020 was for the 2016 construction at 1035 NE 96th St, selling for $595/SF and also a cash transaction
  • The hightest price per square foot for a non-waterfront home in 2020 was a record-breaking $645/SF for the home at 9145 NE 4th Ave.  This completely remodeled home featured 4 bedrooms / 4 bathrooms and a 14,080 lot.  It was listed for $1,590,000 in October of 2020 and sold for full price ($645/SF ) **cash transaction
  • The lowest Miami Shores home sold in 2020 was for the starter home at 20210 NW 2nd Ave, which sold for $282,000.  This home was listed for $337,000 in March and sold in June.  (Sold for $341/SF as a cash transaction)
  • The lowest sale per square foot in Miami Shores in 2020 was for the grand dame at 620 Grand Concourse, selling at crazy $151/SF as a cash transaction <<deal of the year!
  • Only 1 home sold under $300,000.

Download our latest 3-D Market Analyzer HERE.

List of Miami Shores Homes Sold in 2020

To get a list of all Miami Shores homes sold in 2020, please contact us.

Miami Shores Future

2020 was challenging in so many ways but it helped us to appreciate our community for what it is, a true community with diverse needs that's here to stay and that others want to be part of. Last year we had new businesses and restaurants join our downtown area and it's more important than ever to continue to support them if we want them to to succeed.  Support LOCAL!

Here's a list of a few downtown businesses you should visit (include others in comments or contact us to add them to the list)

Download our latest 3-D Market Analyzer HERE.

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.

Download our latest 3-D Market Analyzer HERE.


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