Zip code area 33137 in the City of Miami is located east of North Miami Avenue between NW 20th Street and NW 62 Street. This area encompasses the Edgewater neighborhood and the Upper East Side neighborhoods of Bay Point and Morningside. The Design District and parts of Buena Vista and Little Haiti (Lemon City) are also in zip code area 33137.
There are 11,592 residential properties in 33137, with a mix of high-rise & low-rise condominiums, single family homes and rental communities. The median age is 39, Seventy-six percent of residents are unmarried, and less than 20% of the homes have children.
The current median list price: $608,190; however, this number is very misleading due to wide variations between neighborhoods. List prices currently range from $20,000,000 for a 6/8 bay-front home inside Bay Point to $175,000 for a 1/1 condominium next to Stearns Park on Biscayne Bay. (Great location and potential investment upside. Contact me for more information!)
There are currently 871 active listings, a 5.4% drop since October, while the number of sales in October dropped by 75.5% from the previous month – not necessarily usual going in to the holiday months.
More important to consider is the median “Days on Market” – currently at 171 and much higher than the national rate of 66 days. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. In addition, the “Months Supply of Inventory” is more than 30. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. A serious seller should look at these indicators, plus the considerable disparity between “median list price” vs “median sold price” below, and consider a substantial price adjustment.
HOUSING MARKET TRENDS – SOLD VS. LISTED
Understand the difference between “listing prices” (what sellers are asking for) and “sold prices” (what buyers are willing to pay). By comparing these price trends, you’ll have a good idea of where the market is heading. The median listing and sold property prices are calculated based on the market activity each month.
HOUSING INVENTORY TRENDS
The number of active listings in MIAMI (33137) dropped by 5.4% from the previous month. The median number of days active properties have been listed is 171. This is much longer than the national average. The number of sales in October dropped by 75.5% from the previous month.
The percent of owner occupied properties in MIAMI (33137) is 34.98% below the national average. The percent of rental properties in MIAMI (33137) is 33.67% above the national average which is typical for urban areas.
Melanie Dawn Molina Wood is a real estate educator and licensed real estate agent with Coldwell Banker Residential Real Estate. She is a Certified International Property Specialist, an NAR GREEN designee, and an accredited LEED Green Associate. For more information about real estate in the Greater Downtown Miami area, or to connect with a real estate agent anywhere in the world, contact Melanie Dawn by text/phone at 305-801-3133, or by email at MelanieDawn@MelanieinMiami.com
Information deemed reliable but not guaranteed. Neighborhood and sold information provided by Onboard Informatics © 2019 Onboard informatics. School Review data by Niche.com. School Performance data by SchoolDigger.com. Miami listings last updated Dec 7, 2019 8:11:am.