Miami Shores Real Estate Report and Analysis- A Sellers and Buyers Guide to Miami Shores

Miami Shores Real Estate Report and Analysis -A Sellers and Buyers Guide to Miami Shores Real Estate.

Year to date there have been 65 closed sales in 2008. This report will give you some perspective on what those prices really mean in terms of price per square foot in each price range and how that compares with those currently listed for sale in the Miami Shores area. Of the 65 closed sales in 2008, the breakdown by price range is as follows:

Right now there are 208 homes listed for sale in Miami Shores. Below is a breakdown by price range of the closed sales and the listings currently available for sale. The breakdown by price is as follows:

Price Range CS Active

Over $1 million (0) (16)

$700,000-999,999 (11) (21)

$600,000-699,999 (8) (23)

$500,000-599,999 (4) (31)

$400,000-499,999 (16) (42)

$300,000-399,999 (18) (42)

Under $300,000 (8) (33)

Totals 65 208

There is a distinctive difference between the listing prices in general and the homes that are listed to sell, or in other words priced right. The current average listing price in Miami Shores for all price ranges is $605,105, which is $263 per square foot. The average listing price for all homes that were sold in 2008 was $534,602 or $242 per square foot. The average selling price was $485,435 or $219 per square foot, which is 90% of the price it was listed at right before it was sold, which does not include price reductions during the course of the listing or any other changes. In other words, the average selling price over the course of the year is really 83% of the average list price.

For 2008, in Miami Shores only 1 house out of every 27 that is available for sale actually sells and is closed each month, so if your home is not one of the best priced homes in that particular price range, it most likely will not sell, and unless the price is adjusted to put it in contention to compete against the other homes, it may take a very long time to sell. Many people lose their patience and let the listing s expire or cancel them when they are not priced right. The absorption rate (the amount of time to sell all of the current supply or inventory) is approximately 27 months based on the number of houses sold (65) so far in 2008 (253 days).

Average days on market is 145 days, which is the length of time a house is on the market, or from the listing date until it goes into contract. This does not include the time it takes to actually close from when it went into contract, which averages about 60 days right now. What is telling about this number is that only if your house is priced right in Miami Shores, it will take approximately 200 days to actually close based on the information reported through various sources.

Contact Cristina Euripedes-Sahlman and Michael Sahlman, P.A.,e-PRO, IRES, CDPE, Keller Williams Realty,Licensed Realtors® in Florida at 786-553-0697 to list your property for sale or to purchase a property in Miami Shores, Miami Beach, South Beach, Fisher Island, Bal Harbour, Sunny Isles Beach, Surfside and the rest of Miami-Dade County Florida and southeastern Broward County Florida. We are accepting referrals.

Call us today at 786.553.0697 or Toll Free 800.475.3430. Contact us by email if you prefer by clicking on email me on the right side of this page under our profile.

To view all the Miami Shores Homes For Sale Click here. We know the nearby areas in Miami and all of Miami Dade County, as well as most of Broward County; we will help you get your home Sold if you need to Sell your home and help you buy your Miami Shores Home; call us today at 786.553.0697.

Disclaimer: The information provided herein is supplied by several sources including the southeast Florida MLS and is subject to change without notice. Miami Shores, the Beaches and Beyond Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Miami Shores, the Beaches and Beyond Blog represent the opinions and ideas of the author(s). Miami Shores, the Beaches and Beyond Blog does not express the views of the broker.

For more information about Miami Shores and real estate in Miami, Miami Beach, South Beach, Sunny Isles and the surrounding areas, contact us at 786.553.0697, email us, or visit our award winning website at www.HomesForVIPs.com. We are here to help you learn more about the different areas and to assist you in buying, selling or investing here in South Florida. As licensed Florida real estate agents, we are also certified as e-PROs and International Real Estate Specialists. We speak English, Spanish, Portuguese and French.

Copyright © 2008 By Cristina Sahlman All Rights Reserved.* Miami Shores Real Estate Report and Analysis -A Sellers and Buyers Guide to buying and selling Miami Shores Real Estate in 2008.*