The Schenley Park Miami Real Estate Report 2017
Schenley Park Home Values in 2017!
Over the last few years, more families have migrated to Miami’s neighborhood gem, Schenley Park. With its charming streets, nearby parks, and friendly neighborhood, Schenley Park offers the allure of a small town, quietly nestled in a major metropolitan with more affordable prices than in many other desired Miami areas. Located just North of South Miami and East of Coral Gables, the area offers easy access to Miami’s best hospitals such as Baptist Hospital, South Miami Hospital, Nicklaus Children’s Hospital, as well as a short commute to The University of Miami and the major business sector in Coral Gables.
Miami has seen an increase in home prices in recent years. Starting with the rising property values in Coral Gables and Coconut Grove, buyers have been migrating East towards Schenley Park, where families and savvy investors can find affordable deals in a growing market.
Increasing demand for Schenley Park Miami Real Estate
Demand for single family homes in Schenley Park have been steadily increased over the years, with a huge jump in demand in 2016. Despite the hold of sales in September due to Hurricane Irma, sales remain strong for 2017. The average monthly home sales for 2017 have already surpassed that of 2014 and 2015, and total home sales for the year are predicted to continue to increase at a strong rate.
Increase in demand and sales, leads to an increase in the average dollar per square foot for single family homes in Schenley Park. As can be seen from the tables above, property values in Schenley Park have been steadily increasing, with 2017 seeing the largest growth in property value.
A Sellers Market in Schenley Park
The increased attention from buyers, has created a seller’s market. A seller’s market means that there is more demand than supply, providing the seller with an advantage. A seller’s market is seen as an indication of rising prices in the future. In 2017, sellers have captured 97% of the price, meaning homes have sold for only 3% less than asking price. This means that sales prices are not inflated and buyers are willing to pay near asking price. The average days a property stays on the market before being sold has ranged from 62 days in Q1, to 66 days in Q2, and has significantly dropped to 31 days in Q3. This is an incredibly healthy market for Miami Dade County. Homes in the neighborhood are moving and buyers are ready. *Source for all data is from Miami-Dade MLS. Values are taken from 2014 to the end of Q3 2017 over all single family homes.