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Miami Shores Real Estate Market Report - February 2020

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 105 homes for sale: (compared to 95 last month)

  • Highest priced listing is $2,449,000 for the waterfront home located at 1080 NE 105th St.  This is 5/4.5 home with 75' of canal frontage with one fixed bridge and over 4,500 SF of living space. 
  • Lowest priced listing is $324,000 for the 2/1 fixer upper located at 19 NW 109th St.
  • Pending Sales (Properties under contract): 23
  • Median Sales Price in February: $677,500
  • Closed sales in February: 10

What sold in Miami Shores in February?

The 10 homes sold in Miami Shores in February were the following:

  • 269 NW 111 Ter - 3 bedrooms / 2 bathrooms, 1,473 SF on 7,500 SF lot - renovated 50's home originally listed in September of 2019 for $469,900, with a couple of price reductions and selling for $422,371 ($336/SF)
  • 9426 NW 2 Pl - 4 bedrooms / 3.5 bathrooms, 1,144 SF on 8,175 SF lot - Originally listed for $535,000 in January of 2019, and sold for $475,000 ($288/SF)
  • 17 NE 107 St - 3 bedrooms / 2 bathrooms, 1,758 SF on 9,225 SF lot - updated 40's home listed for $599,000 and selling for $585,000 ($380/SF)
  • 711 NE 94 St - 3 bedrooms / 2 bathrooms, 2,070 SF on 9,675 SF lot - originally listed for $669,000, had one price reduction and sold for $635,000 ($307/SF)
  • 1242 NE 104 Th - 2 bedrooms / 2.5 bathrooms, 2,228 SF on 8,850 SF lot - listed for $699,000 in October of 2019 and sold for $670,000 ($376/SF)
  • 1163 NE 92 St - 2 bedrooms / 2 bathrooms, 1,958 SF on 9,375 SF lot - Originally listed for $719,000 in October of 2019, had a couple of price reductions and sold for $685,000 ($381/SF)
  • 372 NE 98 St - 4 bedrooms / 3 bathrooms, 1,819 SF on 8,625 SF lot - listed for $850,000 in October of 2019 and sold for $760,000 ($425/SF)
  • 9377 NE 9 Pl - 4 bedrooms / 2.5 bathrooms, 1,761 SF on 7,500 SF lot - listed for $879,000 in December of 2019 and sold for $775,000 ($484/SF) **cash transaction
  • 1200 NE 97 St - 3 bedrooms / 3 bathrooms, 2,619 SF on 10,371 SF lot - listed for $949,000 in November of 2019 and sold for $880,000 ($342/SF)
  • 435 Grand Concourse - 4 bedrooms / 5.5 bathrooms, 3,467 SF on 19,500 SF lot - designer home featured in different publications, listed for $1,749,000 in April of 2019 and sold for $1,600,000 ($461/SF) **cash transaction

What is the average price per square foot in Miami Shores?

The average sold price per square foot in Miami Shores in February for homes not on the water was $378 compared to:

There were no waterfront homes sold in February in Miami Shores.  

  • January average - no sales

Miami Shores Opinion

Miami Shores inventory is now at 7 months with a balanced market (not buyers or sellers).  The price range that sells th most is between $400k-$600k and 25.5% of sales are cash transactions.  Buyers are coming not just from the US, but from Argentina, Russia, France and Germany!! That means that we market our Miami Shores listings to the audience that buys in our community. We have an investor pool of a little over 26% (which is reflective of the cash purchases) and we are starting to see seller contributions at closings (buyers asking for sellers to pay part of their closing costs).

The micro-data we now offer in our market reports will help you identify the right time to buy or sell and what will make your property more or less marketable.  We also provide negotiation stats not only on the area you are buying comparing average discounts of zip-codes, but also of listing agents to help with negotiation power.

To ge a copy of our 3D-market analyzer report, please click HERE or contact us with your address and we'll be happy to provide a physical copy.

 

 

CONTACT us if you are thinking of selling.  We would be happy to meet and give you our opinion on your home.


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