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Surfside Real Estate Market Report - June 2018

Ines Hegedus-Garcia
ines@miamism.com

How is the Surfside Real Estate Market Doing?

There are currently 42 Surfside homes for sale: (compared to 39 in May).

  • Highest priced listing:  $10,000,000 - 1332 Biscaya Dr - house on 14,903 SF lot with 100' of wide bay, water frontage.

  • Lowest priced listing: 9156 Harding Ave $585,888

  • Pending Sales: 6

  • Closed Sales in June: 6 (compared to 3 in May)

  • Median Sales Price in May: $677,000

The Surfside homes sold in June were the following: 

  • 9064 Abbott Ave - 3 bedrooms / 2 bathrooms, 1,655 adjusted living area on standard 5,600 SF lot. Handyman special originally listed for $610,000 in January of 2018, with several contracts and price reductions and finally selling for $405,000 ($264/SF) **cash sale
  • 9065 Abbott Ave - 2 bedrooms / 2 bathrooms, 1,718 adjusted living area on standard 5,600 SF lot. Originally listed for $699,500, in January of 2017, with several price adjustments and selling for $515,000 ($327/SF)
  • 9016 Carlyle Ave - 3 bedrooms / 2 bathrooms, 1,618 adjusted living area on standard 5,600 SF lot. Listed in March for $669,000 and sold for $664,000 ($445/SF)
  • 9256 Dickens Ave - 3 bedrooms / 2.5 bathrooms, 1,835 adjusted living area on standard 5,600 SF lot. Listed in March for $685,000 and sold for $650,000 ($387/SF) **cash sale
  • 9116 Froude Ave - 4 bedrooms / 3 bathrooms, 2,465 adjusted living area on 5,607 SF lot. Originally listed for $910,000 in May of 2015 with a contract that fell through, a price reduction to $899,000 and selling at $860,000 ($352/SF)
  • 9056 Bay Dr - 5 bedrooms / 3 bathrooms, 2,403 living area on 9,250 SF lot with 50' of water frontage facing Indian Creek multi-million dollar homes. Originally listed for $2.8 Million in May of 2016, with several price reductions and selling for $1,681,180 ($700/SF) **cash purchase

The average price per square foot for Surfside homes not on the water in June was $355 compared to previous months:

  • May average $336
  • April average $299 <<fluke
  • March average $415
  • February average $382
  • January - no sales
  • 2017's average of $382/SF.

Average price per square foot in Surfside is all over the place because of type of inventory that is selling.  If homes are mostly fixer uppers, then pricing will reflect that.  As we keep repeating, looking at monthly sales is never healthy so we pulled the average in the lat 6 months and it came in at $383/SF.  That means prices are staying steady with not even the accustomed conservative increase - the average price per square foot in the last 6 months is the same as 2017's average.

As for the Market Action Index, which measures the current rate of sales versus amount of inventory, comes in at 30, which indicate a market that favors sellers.  We need to watch for upward pricing pressure in the near future if the trend continues because sales continue to outstrip supply.

Contact us for a complimentary evaluation of your home.

To see our real-time market reports, please visit MiamismTrends.com or Click HERE.

Surfside Home of The Month

The Miamism Sales Team recommends the waterfront home located at 932 88 St.  Beautiful 1957 home on wide canal with 50' of water frontage, 10,000 SF lot and 2,608 SF of living area.  The house has 4 bedrooms / 2.5 bathrooms, has been tastefully remodeled with gorgeous pool area and dock.  It has a soundproof music studio, oversized covered patio perfect for entertainment and in a great location.

It's offered for $2,450,000 - $939/SF (for more information, see below)

Please contact us for additional information or to schedule a showing appointment for this and any other Surfside home. 


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