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Surfside Real Estate Market Report - October 2017

Ines Hegedus-Garcia
ines@miamism.com

Surfside Real Estate Market Report - September 2017

There are currently 40 Surfside homes for sale: (compared to 46 in September).

  • Highest priced listing:  $5,000,000 (1332 Biscaya Dr - see below)

  • Lowest priced listing: $635,000 (9049 Dickens Ave - see below)

  • Pending Sales: 4 (compared to 3 in September)

  • Closed Sales in October: 6 (compared to 5 in September)

  • Median Sales Price in October: $672,750

The 6 Surfside homes sold in October were the following:

  • 9380 Bay Dr - bay front modern home with 5 bedrooms / 5 bathrooms, 4,765 SF of living space, 9,270 SF lot.  Originally listed in February of 2015 for $3.199 Million and selling for $2.1 Million ($441/SF)
  • 9180 Byron Ave - remodeled 4 bedrooms / 3 bathrooms with 1,941 SF of living space on 5,600 SF lot. Listed for $799,000 and sold for $752,180 ($388/SF)
  • 9224 Byron Ave - renovated 3 bedrooms / 2 bathrooms plus garage with 2,163 SF of living space on 5,600 SF lot. Originally listed for $794,000 in May and selling for $733,000 ($339/SF)
  • 9557 Byron Ave - 3 bedrooms / 2 bathrooms with 1,867 SF of living space on 5,600 SF lot.  Listed for $695,000 and selling for $612,500 ($328/SF)
  • 9049 Carlyle Ave - 2 bedrooms / 1 bathroom with 1,318 SF of living space on 5,600 SF lot.  Listed for $629,000 and selling for $610,000 ($513/SF)
  • 9456 Byron Ave - 2 bedrooms / 2 bathrooms with 1,564 SF of living space on 5,600 SF lot.  listed for $625,000 and selling for $550,000 ($427/SF)

The average selling price per square foot for Surfside homes not on the water in October was $399 compared to previous months:

  • $324/SF in September
  • $420/SF in August
  • $378/SF in July
  • $398/SF in June
  • $355/SF in May
  • $387/SF in April
  • $423/SF in March
  • $423/SF in February
  • $363/SF in January
  • 2016's average of $377/SF.

There was one waterfront home sold in October, listed above, selling well under market value at $441/SF.  The average price per square foot for waterfront homes in 2017 is $596.

To think that the lowest priced home is Surfside is over $600,000 is unreal.  Many of you will remember that you could buy a Surfside home in the $200k's, just a few years ago.  This is key in identifying strong markets in South Florida and knowing that Surfside is up there when it comes to appreciation and desirability. 

Of course you will see price per square foot fluctuate from month to month, but you need to keep your eye on the prize and go back at least 6 months.  The average price per square foot in Surfside in the last 6 months is $382 compared to 2017's average of $377.  It's a conservative increase, but shows that Surfside continues to appreciate even when the media continues to report doom and gloom.

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer's market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing. You can check out our REAL-TIME MARKET REPORTS and stay on top of the pulse.

Contact us for a no-obligation consultation to give you an idea what your home could sell for or go to MiamismVALUE.com to make your request.

Surfside Home of The Month

This month, The Miamism Sales Team recommends the mid-century modern home located at 8866 Byron Avenue.  You know how much we love 50's homes and this is a great specimen of comfort and design.  The home has 3 bedrooms / 2 bathrooms and 1,989 SF.  The lot size is the average 5,600 SF. And it has been tastefully remodeled (not butchered) with impact windows and other design features.

It's offered for $698,000 ($351/SF) <<great price!

Please contact us for additional information or to schedule a showing appointment for this and any other Surfside home.  Details and photos right below this post.

 


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