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Miami Shores Real Estate Market Report for March 2017

Ines Hegedus-Garcia
ines@miamism.com

How is the Miami Shores Real Estate Market Doing?

There are currently 108 homes for sale:  (compared to 116 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 $299,000 for the home at 425 NW 111th St - identified as investor property with tenants
  • Pending Sales (Properties under contract): 36 (compared to 43 in February)
  • Median Sales Price in March: $527,500
  • Closed sales in March: 12 (compared to 10 in February)

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

  • 1009 NE 104 St - canal front home with fixed bridge, 6 bedrooms / 4.5 bathrooms with 5,100 SF of living space on 14,525 SF lot - originally listed for $2,599,000 in May of 2015 and selling for $1,960,000 ($384/SF)
  • 1070 NE 96 St - 4 bedrooms / 3 bathrooms with 2,647 SF of living space on 10,650 SF lot - originally listed for $1.3 Million in June of 2016 and selling for $1,038,750 ($399/SF)
  • 1173 NE 104 St - canal front home directly on Biscayne Boulevard with 5 bedrooms / 4 bathrooms, 4,569 SF of living space on 8,867 SF lot - this home was originally listed for $1.295 M in 2012, increased to $1.695 M in 2014, lowered  several times and finally selling for $930,000 ($204/SF).
  • 1076 NE 98 St - beautiful mid-century modern with 2,298 SF, 3 bedrooms / 2.5 bathrooms on 8,475 SF lot - listed for $799,000 and selling for $775,000 ($337/SF)
  • 62 NW 198 St - updated 3 bedroom/2 bathroom home with 2,101 SF of living space on 9,225 SF lot - listed for $629,000 and selling for $620,000 ($295/SF)
  • 599 NE 101 St - 3 bedrooms / 2 bathrooms, 2,248 SF of living space on 11,500 SF lot - listed for $639,000 in August of 2016 and selling for $575,000 ($256/SF)
  • 250 NE 91 St - 2 bedrooms / 2 bathrooms, 2,649 SF of living space on 13,500 SF lot - originally listed for $699,000 in July of 2016 and selling, after several price reductions, for $540,000 ($204/SF)
  • 165 NW 92 St - 4 bedrooms / 2.5 bathrooms, 2,313 SF of living space on 9,225 SF lot - originally listed for $595,000 in May of 2016 and selling for $515,000 ($228/SF)
  • 175 NW 109 St - 3 bedrooms / 2 bathrooms, 1,846 SF of living space on 12,693 SF lot - originally listed for $500,000 in November of 2016 and selling for $489,900 ($297/SF)
  • 675 NE 93 St - 3 bedrooms / 2 bathrooms, 2,127 SF of living space on 11,170 SF lot - originally listed for $595,500 in November of 2016 and selling for $492,000 ($285/SF)

The average sold price per square foot in Miami Shores in March for homes not on the water was $230, compared to $254 in February, $270 in january and  2016's average of $278. Now please don't misconstrue this to mean that the market is going down.  Remember you need to look at at least 6 months of stats for numbers to really make sense - monthly fluctuations are expected and March saw a high number of unusually low sales.

There were 2 waterfront homes sold in March and these also do not represent the waterfront market.  One is located on the Biscayne Boulevard bridge and the other at the end of the 104th Street canal with fixed bridge and a not so desirable location.  Both of these homes were on the market for years and averaging $294/SF, almost the dry lot average!!

Positive markers to pay attention to are the decrease in inventory and increase in number of homes sold.  This is textbook for a slowing real estate market that remains a seller's market since there's more demand than supply.  We will certainly keep an eye out for changes but bottom line is that Miami Shores remains strong.

If you are a seller, expect more time on the market. If you are a buyer, don't expect ridiculous price adjustments, be reasonable!

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 Mediterranean Revival home located at 280 NE 91 Street.  This magnificent historic home has 4 bedrooms and 3 bathrooms and was built in 1926.  It's a 2-story home that has been remodeled with special attention to historic details.

The home sits on a smaller 6,750 SF lot and has 2,540 SF of well-distributed living space.

Offered at $949,000  (see listing details below)


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