Miami Shores Real Estate Update Single Family Homes

Miami Shores Real Estate Update Single Family Homes

Miami Shores Real Estate Update Single Family Homes

Market Update: VIDEO – MARKET UPDATE: Miami Shores Real Estate Update Single Family Homes

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Transcript:

Hi my name is Ognjen Prezzi with the Prezzis at Miami City Diggs, and today we’re going to talk about the market update for Miami Shores Single Family Homes. I love Miami Shores and today I’m going to tell you what’s happening, what’s the overall activity you know, what’s selling.

What was the highest sale in the last six months? And also we always talk about what is actually the months of inventory and why these months of inventory are so important to you. Whether you’re buying, whether you’re selling the property in this area. Now, so let’s, let’s just get to it. Let’s talk about the Miami Shores.

Right now we have 117 properties the on the market. 37 of these properties, came on the market in the past 30 days. 20 of these properties, now these properties 20 properties are under the contract. That means these properties that receive a contract, you know they’re just waiting for the contingencies to be closed and finally sold. We don’t know the number you know, how much they’re gonna sell for obviously once it’s finished we will know. So that’s that.

Now, let’s talk about what’s sold in the past six months and why we always use this number. The reason why we use a six months period because this is what the banks will use too. When they send their appraisers out, they will take all the comps, in this period of time, in the past six months. And also this is the best indication what’s happening in the market right now. Some appraisers don’t want also depends on the market. They only take a three months period. So again we’ll do six.

Okay, so in the past six months we had a 113 homes that sold. That’s actually 12% more, than exactly the year before, at this time, exactly. So 12%, more so definitely see, activity going up. In the past 30 days, we had actually 14 homes that sold in that period of time, in the past 30 days. Now, the highest sale was a property located at 1460 Northeast 101st street. It actually sold for $2,781,400. Kind of like an odd number But bottom line is, it actually sold for $966 per square foot.

Four bedroom house, four and a half bathrooms. The property almost 2900 square feet. Clearly that was the price per square foot and the lot size it’s a little over 12,000 square feet. The beautiful part, thing about this property is, or it was, it is. It’s located right on the bay. Perfect views. Like beautiful bay and it’s a completely, it was a completely renovated house. So it’s a very good house, and also, it’s just very good for the area. We see these property values goes up and up slowly.

Okay, so let’s talk about a months of inventory and while we talk about the months of inventory and why it’s so important. If there was no other properties that come on the market, these 117. How long would it approximately take for the properties to be sold? The months of inventory. When we talk about six, I’m sorry five to seven months, we’re talking about a balanced market a normal market. Seven months and above, we’re talking about a buyer’s market, and five months below we’re talking about a seller’s market. So, that’s what we want to talk. So whether you’re buying or selling you should sort of know where you’re at what should be your expectations.

Now, so total months of inventory in the entire Miami Shores it’s six months. So, we’re talking about a balanced market, a good market. $1.5 million and above 21 months of inventory. We’re not seeing a crazy amount of activity but things are happening. Now look at this, $1 million to $1.5 million. Six months of inventory. Excellent! $800,000 to $1 million. We’re talking about a eight months inventory.

So we’re here a little bit in a buyer’s market, just because I think we have a little more, I mean we do have a little more properties on the market for the moment. $600,000 to $800,000. We have 6.8 months of inventory. $500,000 to $600,000. Six months of inventory. And obviously $500,000 and under four months of inventory. Obviously, the lower the price is, it doesn’t stay on the market for very long time. But what the beautiful thing about the Miami Shores is, we are really seeing like a healthy market.

We are seeing good activity. So again, if you’re a buyer, if you’re a buyer and you’re looking to buy something Miami Shores, you are buying in a good established neighborhood. You know people love that, and if you’re a seller, this should be your expectations, obviously. If you overpriced, if you don’t price the property correctly, it will sit on the market. It will collect dust. So even though the market is good, price it correctly, use the right marketing take good pictures and allow people to come and see your property, you should be able to sell.

If you have any questions about Miami Shores or Biscayne Park, El Portal or some other areas, give us a call or just shoot us a message on Facebook. Shoot us an email. We’d love to talk about it. Especially in my next marketing show.

My number is 305-439-7511, or you could just visit Miami City Diggs or you could just go to our Facebook page, which is excellent.

Thank you so much. Have a wonderful day.

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