It is a buyers' market in Miami Shores and the amount of houses for sale keeps increasing. There have been 26 closed sales this year and there are currently 197 homes for sale. This means that there are 22 months of inventory.
There are currently 197 single-family listings in Miami Shores:
- Highest priced listing: $3,950,000
- Lowest priced listing : $299,500
- Properties currently under contract: 18
- Closed properties since 1/1/2007: 26
This graph shows the movement in different price ranges in Miami Shores. Please note that the $200,000 and under market was omitted because there are no listings in that price range. The highest number of sales has occurred in the $400,000 -$600,000 range price, but it is also the range price with the most inventory. The least number of sales have been in the $600,000-$800,000 range price.
If you are selling a home now it is important that you cover all bases because there is so much competition. You will have an advantage if your house has curb appeal, if it is staged, and most importantly, if it is priced correctly. It is not the right time to test the market, and buyers are not paying above market price. Be flexible and get ready to negotiate. Having the right real estate professional representing you is key to a successful sale.
If you are in the market to buy, working with one qualified real estate professional that knows the area and the inventory is key. You're agent should know the market, which listings are overpriced and which areas sell for more.