Real estate market conditions in the cities of Miami Shores, Bay Harbor Islands, Surfside and El Portal have not changed much in the past 6 months. We have received tons of phone calls from buyers that are holding off until there is a huge decrease in prices, of course you get that impression from all the negative media. When it comes to single-family sales in these cities, sellers are holding strong and I don't forsee a drastic drop in prices. This does not mean you cannot find a great deal, you will just have to be extremely patient and will have to be on top of the action in the area you are looking in.
The price range most popular is still between $400,000 and $600,000 - if you are a buyer in this price range, you will have a lot of choices, but also less room to negotiate if the listing is priced correctly. If you are a seller in this price range, because there is a lot of competition, make sure your house is in tip-top showing condition.
Miami Shores Real Estate - There is a slight increase in inventory and sales, althought the price per square foot has decreased a bit, those homes that are in the best showing condition are still selling for top dollar.( Homes that are staged, with new roofs, air conditionings, large lots, pools and top of the line finishes). This shows the importance of making sure your house shows well. Although we are seeing a lot of low-ball offers, it doesn't mean sellers are accepting them.
There are currently 221 single-family listings in Miami Shores, Florida:
- Highest priced listing: $3,900,000
- Lowest priced listing : $300,000
- Properties currently under contract: 9
- Closed properties since 1/1/2007: 80
- According to the closed sales - there are 25 months of inventory in Miami Shores alone.
Since the most inventory and sales are in the price range between $400k-$600k - we decided to share one closed sale and one active listing in that price range in Miami Shores.
Bay Harbor Islands Real Estate -same amount of inventory and no sales last month. Prices have stayed the same and is the perfect example of a market that has not experienced any drastic changes in the past 6 months. Bay Harbor Islands has the lowest crime rate per capita in South Florida. No wonder sellers are holding strong.
There are currently 20 single-family listings in Bay Harbor Islands, Florida:
- Highest priced listing: $6,200,000
- Lowest priced listing : $575,000
- Properties currently under contract: 2
- Closed properties since 1/1/2007: 7
- There are currently 25 months of inventory in Bay Harbor Islands with 0 closings in the month of September.
Bay Harbor Islands has experienced most of its sales and inventory in the price range above $1,000,000 - here is an example of an active listing and a closed sale in that price range. (click on the picture to get additional information).
Surfside Real Estate - Surfside's inventory is still increasing and we are seeing a slight decrease in prices. This was bound to happen to keep up with buyer's demands. There were only 2 sales in the month of September.
There are currently 89 single-family listings in Surfside, Florida:
- Highest priced listing: $8,000,000
- Lowest priced listing : $479,900
- Properties currently under contract: 3
- Closed properties since 1/1/2007: 32
- There are currently 25 months of inventory in Surfside.
For Surfside, we chose one Active listing in the price range of $600k-$800k and one closed listing between $400k-$600.
El Portal Real Estate - with 53 months of inventory, El Portal is the city that needs the biggest adjustment. There have only been 10 sales the whole year and although there has been a slight decrease in pricing, it is not enough to move the inventory. If you are a seller in El Portal, reduce your price or it may take a couple of years to sell your home.
There are currently 60 single-family listings in El Portal, Florida:
- Highest priced listing: $925,000
- Lowest priced listing : $248,900
- Properties currently under contract: 0
- Closed properties since 1/1/2007: 10
- There are currently 54 months of inventory in El Portal with 2 closings in the month of September.
As examples for the El Portal Real Estate Market, we have chosen one listing priced between $400k-$600k and one closed sale between $200k-$400k.
Finally - I will add a chart that shows a summary for all cities with respect to each other.
People all over are talking about a "down market" but the truth is that the market always favors either sellers or buyers, in this case the real estate market favors buyers. It means that we are in the perfect market to buy but make sure that you work with a good Realtor and mortgage professional that look after your best interest. From inspections to good a market analysis, as a buyer, you need to study not only the price, but the amount of time you will keep the property and what type of upgrades, if any, the property will need to fit your needs.
If you have any questions about real estate market conditions in Miami Shores, Bay Harbor Islands, Surfside or El Portal, don't hesitate to leave a comment, send us an e-mail or call us, Rick and I are always available to anwer questions.
**all information for this article was gathered from SEF Multiple Listing Service"