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Miami Shores Real Estate Market Report for April 2017

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 105 homes for sale:  (compared to 108 last month)

  • Highest priced listing is $6,200,000 $5,499,000 for the bay front home at 1600 NE 103 St (2-story Italian Mediterranean with 20,534 SF LOT and 103' of open bay water frontage - see information below)
  • Lowest priced listing is $148,900 for the short sale at 9312 NW 3rd Ave 
  • Pending Sales (Properties under contract): 29 (compared to 36 in March)
  • Median Sales Price in April: $521,150
  • Closed sales in April: 12 (same as in March)

The 12 Miami Shores homes sold in April were the following:

  • 525 NW 111th St - 3 bedrooms / 2 bathrooms, 1,876 SF on 7,830 SF lot - remodeled home in West Miami Shores, listed for $305,000 in December 2016 and sold for $295,000 ($157/SF)
  • 240 NE 97 St - 3 bedrooms / 2 bathrooms, 2,344 SF on 5,750 SF lot - fixer upper in Central Shores - originally listed for $415,000 and selling for $345,000 ($147.18/SF)
  • 142 NW 98 St - 3 bedrooms / 2 bathrooms, 1,368 SF on 7,725 SF lot - listed for $429,000 and selling for $420,000 ($307/SF)
  • 290 NE 101 St - 2 bedrooms / 2 bathrooms, 1,324 SF on 8,927 SF lot - listed for $429,000 and selling for $417,000 ($315/SF)
  • 530 NE 107 St - 2 bedrooms / 2 bathrooms, 1,528 SF on 9,150 SF lot - listed for $495,000 and selling for $435,000 ($285/SF)
  • 1055 NE 105 St - 3 bedrooms / 2 bathrooms, 2,003 SF on 11,050 SF lot - listed for $499,000 and selling for $474,800 ($237/SF)
  • 1048 NE 99 St - 2 bedrooms / 2 bathrooms, 1,781 SF on 9,360 SF lot - listed for $559,000, increased to $569,000 and selling for $567,500 ($319/SF)
  • 560 NE 107 St - 4 bedrooms / 4 bathrooms, 2,647 SF on 9.150 SF lot - listed for $619,000 in November 2016, with several price reductions and selling at $562,000 ($212/SF)
  • 161 NE 106 St - 4 bedrooms / 2 bathrooms, 2,177 SF on 9,225 SF lot - listed for $664,000 and selling for $600,000 ($276/SF)
  • 1250 NE 91 Ter - 4 bedrooms / 3 bathrooms, 2,592 SF on 10,625 SF lot - listed for $749,000 in September 2016, with several price reductions and selling at $615,000 ($237/SF)
  • 374 NE 95 St - 4 bedrooms / 3 bathrooms, 2,850 SF on 9,600 SF lot - originally listed in December 2015 for $1,100,000, lowered several times and selling for $756,600 ($265/SF)
  • 1249 NE 100 St - 3 bedrooms / 2 bathrooms, 2,184 SF on 7,950 SF lot - originally listed in September 2016 for $1,090,000 and selling for $950,000 ($435/SF) **highest sale per sq.ft. this year!

The average sold price per square foot in Miami Shores in April for homes not on the water was $266 compared to previous months:

The drastic fluctuation in price per square foot has to do with the quality of the inventory.  April showed an increased amount of sales of homes that needed work, which are usually not as desirable and obviously sell for less.  The typical buyer in Miami Shores is one that doesn't have to completely remodel a home, but is willing to do some minor work.

When comparing sales price, it is crucial to look not only at location, but also at condition of the property.  West Miami Shores historically sells for less, even if homes are remodeled.  East of Biscayne Boulevard homes usually sell for more, even if they are fixer uppers.

With that said, it will be interesting to pay attention to the average in the first half of 2017 to see how it compares to 2016's figures.

There were no waterfront homes sold in April.

If you are interested in a value analysis of your home, without obligation, we will be happy to send you one.  Just go to MiamismValue.com or click on The SELL tab above.  We also provide REAL-TIME market reports - click HERE to see a sample or go to MiamismTRENDS.com

Miami Shores House of The Month

The Miamism Sales Team recommends the bay front home located at 9275 N Bayshore Dr.  We sold this property back in December 2014 for $4 Million.  It was listed for $5.4 Million and lowered to the current list price of $4.45 Million.  It's a contemporary home with 5 bedrooms and 5.5 bathrooms; completely remodeled in 2008 with over 80' of wide bay frontage.  The home has a 3-car garage, generator, stainless steel staircase, marble floors, floor-to-ceiling impact glass, infinity pool, summer kitchen and sits on a 13,994 SF lot.

For additional information, please check out property info below and contact us to coordinate showing appointments.

Here's a listing video we did to market it back in 2014


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