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Miami Shores Real Estate Market Report - January 2020

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 95 homes for sale: 

  • 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): 26
  • Median Sales Price in January: $454,000
  • Closed sales in January: 12

What sold in Miami Shores in January?

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

  • 1245 NE 94th St - Wahl Snyder's own home with 3 bedrooms / 3 bathrooms, with 3,929 SF of living space on 18,750 SF lot.  This home was originally listed for $1,393,000 in June of 2018, with several price drops and finally selling for $1,070,000 ($272/SF) <<<incredible deal for the lucky home buyer **cash transaction
  • 501 NE 96th St - This 4 bedroom / 3 bathroom home on main road was purchased for $470k in 2015, was flipped and resold for $920k in March of 2016. It was relisted in March of 2019 for $1,150,000 and sold for $914,500 ($376/SF) **cash transaction
  • 9780 NE 5th Ave Road - one of Miami Shores' gems with 4 bedrooms / 3.5 bathrooms and 13,962 SF lot. This home was originally listed for $1,095,000 in April of 2019, was relisted for $839,000 in October and sold for $820,000 ($222/SF) <<another incredible deal for a lucky buyer
  • 423 NE 92 St - 3/3 with 2,069 SF of living space on 12,800 SF lot. This home was listed for $825,000 in September and sold for $765,000 ($393/SF)
  • 9204 NE 10th Ave - 3/2 with 2/067 SF of living space on 8,240 SF lot. This home was listed for $835,000 in July of 2019 and sold for $700,000 ($372/SF)
  • 857 NE 97th St - 3/2 with 1,919 SF of living space on 8,400 SF lot. This home was listed for $625,000 in September of 2019 and sold for $545,000 ($356/SF)
  • 10400 N Miami Ave - 3/2 on main road with 1,862 SF of living space on 13,520 SF lot.  Originally listed for $582,700 in July of 2019, relisted for $579,900 in November and sold for $530,000 ($285/SF)
  • 29 NW 96th St - 3/3 with 1,800 SF of living space on 8,625 SF lot. This home was sold for $585,000 in June of 2018. It was listed in July of 2019 for $517,888, had several price reductions and sold for a loss at $525,000 ($292/SF)
  • 135 NE 98 St - 3/2 with 1,995 SF of living space on small 5,750 SF lot. Listed for $625,000 in May of 2019, had several price reductions and sold for $520,000 ($290/SF) 
  • 229 NE 101 St - 3/2 with 2,035 SF of living space on 11,500 SF lot. Listed for $625,000 in July of 2019, had several price reductions and sold for $430,000 ($230/SF) <<another great deal **cash transaction
  • 420 NW 112th Ter - 3/2 with 1,311 SF of living space on 7,500 SF lot.  West Miami Shores home listed for $379,900 in November and selling for $379,900 ($282/SF)
  • 190 NW 97th St - 3/2 with 1,608 SF of living space on 8,625 SF lot. Listed for $349,000 in November and sold for $329,000 ($205/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 January for homes not on the water was $276 compared to:

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

Miami Shores Opinion

Miami Shores inventory has dropped to 6 months, which means that at the current rate of sales, it would take 6 months to see all the homes that are currently listed for sale. January evidenced a few extra low sales which means that means that some buyers walked away with great deals.  This is not to be misconstrued with a declining market by any means, it's the reason we show you annual stats and ask you to pay attention to major changes in the market.  

It does, however, mean that you, as a real estate consumer, should be doing a thorough job of educating yourself about trends and options in your market. If you are willing to sell below market, there are other non-conventional ways to sell your home that may net you more money at the end.

 

Did you know that people buying in Miami Shores are not only from The US and definitely not local?  There are also foreign nationals buying from other countries like Argentina, Russia, France and Germany!!  Because we have the data identifying where buyers are coming from, we market our listings directly to those countries in order to get you the highest return when you sell your home.

Other micro-data that we now include in our market reports to help you understand what's going on in different areas of Miami is investor and cash purchase cash.  25.5% of all purchases in Miami Shores are cash and there's a 27% investor pool.

To ge a copy of our new micro-level market reports, 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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