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YEAR IN REVIEW
Shenandoah Miami Real Estate: 2017 Year in Review
By Jorge Fernandez, REALTORĀ®
Market data and analysis from Jorge Fernandez, Shenandoah resident and local real estate market expert, with The Shenandoah Guys at SERHANT.
A full-year look at Shenandoah single-family sales in 2017: prices, pace, negotiating power and how our neighborhoodās market changed compared with 2016.
2017 Shenandoah Real Estate at a Glance
Single-family homes Ā· Southeast Florida MLS Ā· Change vs. 2016
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Months of inventory
Calculation
MEDIAN SALE PRICE
$410,000
āĀ 0.7% vs. 2016
MEDIAN SOLD $ / SQ. FT.
$235
āĀ 2.5% vs. 2016
CLOSED SALES
104
āĀ 13 vs. 2016
TOTAL SALES VOLUME
$45.1M
āĀ 18.4% vs. 2016
SOLD VS. ORIGINAL LIST PRICE
93.0%
āĀ 3.0Ā pts vs. 2016
MEDIAN DAYS ON MARKET
72
āĀ 1Ā day vs. 2016
MARKET ACTIVITY
167
Homes Listed for Sale
āĀ 4 vs. 2016
95.1%
Sold vs. Final List Price
āĀ 2.3Ā pts vs. 2016
38%
Sold After Price Reduction
āĀ 7Ā pts vs. 2016
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Year to date
The 2017 Shenandoah Market in Review
More homes changed hands in Shenandoah in 2017, but prices barely moved. 104 single-family homes closed, up from 91 in 2016, and total sales volume rose 18.4% to $45.1 million. The median sale price was essentially flat at $410,000, up 0.7%, and the median price per square foot slipped 2.5% to $235.
Borrowing costs stayed favorable, with thirty-year mortgage rates hovering around 4% for most of the year even as the Federal Reserve raised its benchmark rate three times. The biggest local event came in September, when Hurricane Irma swept through South Florida. Shenandoah was spared major damage, but we did see power outages and a lot of downed trees across the neighborhood, and the storm pushed back inspections, insurance approvals and closings for many pending sales. In December, the new federal tax law was signed, with changes to mortgage interest and property tax deductions that buyers and sellers would be weighing going into 2018. With plenty of homes to choose from, buyers had little reason to rush.
The numbers favored buyers throughout the year. The median home took 72 days to sell, and only 15% of sales closed at or above asking, down from 32% in 2016. 38% of sales needed a price reduction, and the typical home sold at 93.0% of its original list price, down from 96.0%. Inventory remained deep at roughly 7.4 months of supply, a level that typically signals a buyerās market. Sellers who priced to the market sold; those who held out for top dollar often waited months.
Nearly every sale closed below $750,000. The highest sale of the year was 1800 SW 11th Terrace, a 1925 home that sold in August for $807,000, followed by 1945 SW 21st Terrace at $780,000. Only three homes sold for $750,000 or more, and the typical Shenandoah home was a roughly 1,700-square-foot house on a lot of about 5,900 square feet.
The Last 12 Months in Shenandoah
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Market Snapshot
Snapshot
How 2017 Compared With 2016
Shenandoah single-family homes
SHENANDOAH SINGLE-FAMILY
2016
2017
CHANGE
SHENANDOAH SINGLE-FAMILY
Closed sales
2016
91
2017
104
CHANGE
āĀ 14%
SHENANDOAH SINGLE-FAMILY
Total sales volume
2016
$38.1M
2017
$45.1M
CHANGE
āĀ 18.4%
SHENANDOAH SINGLE-FAMILY
Median sold price
2016
$407,000
2017
$410,000
CHANGE
āĀ 0.7%
SHENANDOAH SINGLE-FAMILY
Median original asking price
2016
$448,000
2017
$437,450
CHANGE
āĀ 2.4%
SHENANDOAH SINGLE-FAMILY
Median price / sq. ft.
2016
$241
2017
$235
CHANGE
āĀ 2.5%
SHENANDOAH SINGLE-FAMILY
Sold vs. original list price
2016
96.0%
2017
93.0%
CHANGE
āĀ 3.0Ā pts
SHENANDOAH SINGLE-FAMILY
Sold vs. final list price
2016
97.4%
2017
95.1%
CHANGE
āĀ 2.3Ā pts
SHENANDOAH SINGLE-FAMILY
Median days on market
2016
71
2017
72
CHANGE
āĀ 1Ā day
SHENANDOAH SINGLE-FAMILY
Sales after a price reduction
2016
31%
2017
38%
CHANGE
āĀ 7Ā pts
SHENANDOAH SINGLE-FAMILY
Sold at or above asking
2016
32%
2017
15%
CHANGE
āĀ 17Ā pts
SHENANDOAH SINGLE-FAMILY
Homes listed for sale
2016
163
2017
167
CHANGE
āĀ 2%
SHENANDOAH SINGLE-FAMILY
Months of supply (approx.)
2016
7.2
2017
7.4
CHANGE
About even
SHENANDOAH SINGLE-FAMILY
Listings that sold (approx.)
2016
58%
2017
65%
CHANGE
āĀ 7Ā pts
SHENANDOAH SINGLE-FAMILY
Median living area
2016
1,769 sq. ft.
2017
1,705 sq. ft.
CHANGE
āĀ 4%
SHENANDOAH SINGLE-FAMILY
Median lot size
2016
6,129 sq. ft.
2017
5,942 sq. ft.
CHANGE
āĀ 3%
Approximate figures are estimated from listings that expired or were cancelled without selling; homes relisted and sold within a year are counted as sold.
2017 Month by Month
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MONTH
CLOSED SALES
MEDIAN SOLD PRICE
MEDIAN $ / SQ. FT.
MEDIAN DAYS ON MARKET
SOLD VS. ORIGINAL LIST
MONTH
January
CLOSED SALES
11
MEDIAN SOLD PRICE
$315,000
MEDIAN $ / SQ. FT.
$207
MEDIAN DAYS ON MARKET
28
SOLD VS. ORIGINAL LIST
100.0%
MONTH
February
CLOSED SALES
7
MEDIAN SOLD PRICE
$290,000
MEDIAN $ / SQ. FT.
$195
MEDIAN DAYS ON MARKET
46
SOLD VS. ORIGINAL LIST
93.6%
MONTH
March
CLOSED SALES
8
MEDIAN SOLD PRICE
$430,000
MEDIAN $ / SQ. FT.
$209
MEDIAN DAYS ON MARKET
150
SOLD VS. ORIGINAL LIST
93.0%
MONTH
April
CLOSED SALES
6
MEDIAN SOLD PRICE
$397,500
MEDIAN $ / SQ. FT.
$232
MEDIAN DAYS ON MARKET
120
SOLD VS. ORIGINAL LIST
91.1%
MONTH
May
CLOSED SALES
17
MEDIAN SOLD PRICE
$409,000
MEDIAN $ / SQ. FT.
$262
MEDIAN DAYS ON MARKET
83
SOLD VS. ORIGINAL LIST
91.6%
MONTH
June
CLOSED SALES
10
MEDIAN SOLD PRICE
$397,000
MEDIAN $ / SQ. FT.
$266
MEDIAN DAYS ON MARKET
98
SOLD VS. ORIGINAL LIST
94.3%
MONTH
July
CLOSED SALES
6
MEDIAN SOLD PRICE
$403,500
MEDIAN $ / SQ. FT.
$287
MEDIAN DAYS ON MARKET
86
SOLD VS. ORIGINAL LIST
91.3%
MONTH
August
CLOSED SALES
8
MEDIAN SOLD PRICE
$527,500
MEDIAN $ / SQ. FT.
$213
MEDIAN DAYS ON MARKET
47
SOLD VS. ORIGINAL LIST
93.6%
MONTH
September
CLOSED SALES
8
MEDIAN SOLD PRICE
$419,500
MEDIAN $ / SQ. FT.
$258
MEDIAN DAYS ON MARKET
47
SOLD VS. ORIGINAL LIST
94.0%
MONTH
October
CLOSED SALES
3
MEDIAN SOLD PRICE
$398,444
MEDIAN $ / SQ. FT.
$226
MEDIAN DAYS ON MARKET
24
SOLD VS. ORIGINAL LIST
92.8%
MONTH
November
CLOSED SALES
14
MEDIAN SOLD PRICE
$390,575
MEDIAN $ / SQ. FT.
$250
MEDIAN DAYS ON MARKET
58
SOLD VS. ORIGINAL LIST
90.3%
MONTH
December
CLOSED SALES
6
MEDIAN SOLD PRICE
$510,000
MEDIAN $ / SQ. FT.
$251
MEDIAN DAYS ON MARKET
80
SOLD VS. ORIGINAL LIST
95.2%
Closed Sales by Month
2017 Ā· single-family homes
Where Homes Sold: Price Ranges
Closed single-family sales by price range, 2016 vs. 2017
Existing Homes vs. New Construction
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HOME TYPE
SALES
MEDIAN PRICE
$ / SQ. FT.
MEDIAN DOM
HOME TYPE
Built before 1960
SALES
92
MEDIAN PRICE
$399,222
$ / SQ. FT.
$248
MEDIAN DOM
68
HOME TYPE
Built 1960ā2013
SALES
10
MEDIAN PRICE
$520,000
$ / SQ. FT.
$217
MEDIAN DOM
96
HOME TYPE
New construction (2014ā2017)
SALES
2
MEDIAN PRICE
$638,250
$ / SQ. FT.
$228
MEDIAN DOM
98
Shenandoah Closed Sales, 2017
104 single-family sales Ā· highest price first
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ADDRESS
CLOSED PRICE ā¼
$ / LIVING SQ. FT.
BEDS / BATHS
LIVING SQ. FT.
LOT SQ. FT.
DAYS ON MARKET
SOLD VS. ORIGINAL LIST
CLOSING DATE
ADDRESS
1800 SW 11th Ter.
CLOSED PRICE
$807,000
$ / LIVING SQ. FT.
$241
BEDS / BATHS
5 / 4.5
LIVING SQ. FT.
3,352
LOT SQ. FT.
6,737
DAYS ON MARKET
61
SOLD VS. ORIGINAL LIST
95.0%
CLOSING DATE
Aug 24
ADDRESS
1945 SW 21st Ter.
CLOSED PRICE
$780,000
$ / LIVING SQ. FT.
$300
BEDS / BATHS
4 / 3
LIVING SQ. FT.
2,597
LOT SQ. FT.
6,500
DAYS ON MARKET
77
SOLD VS. ORIGINAL LIST
97.6%
CLOSING DATE
Nov 29
ADDRESS
1260 SW 16th St.
CLOSED PRICE
$760,000
$ / LIVING SQ. FT.
$211
BEDS / BATHS
5 / 3
LIVING SQ. FT.
3,600
LOT SQ. FT.
14,375
DAYS ON MARKET
174
SOLD VS. ORIGINAL LIST
89.4%
CLOSING DATE
Dec 29
ADDRESS
1419 SW 14th Ter.
CLOSED PRICE
$749,500
$ / LIVING SQ. FT.
BEDS / BATHS
3 / 2.5
LIVING SQ. FT.
LOT SQ. FT.
5,450
DAYS ON MARKET
49
SOLD VS. ORIGINAL LIST
99.3%
CLOSING DATE
Sept 28
ADDRESS
2000 SW 17th Ter.
CLOSED PRICE
$718,000
$ / LIVING SQ. FT.
$300
BEDS / BATHS
4 / 3.5
LIVING SQ. FT.
2,397
LOT SQ. FT.
8,089
DAYS ON MARKET
168
SOLD VS. ORIGINAL LIST
90.0%
CLOSING DATE
May 15
ADDRESS
1800 SW 13th Ave.
CLOSED PRICE
$675,000
$ / LIVING SQ. FT.
$322
BEDS / BATHS
3 / 2
LIVING SQ. FT.
2,094
LOT SQ. FT.
7,085
DAYS ON MARKET
12
SOLD VS. ORIGINAL LIST
90.6%
CLOSING DATE
Sept 5
ADDRESS
1024 SW 13th Ct.
CLOSED PRICE
$675,000
$ / LIVING SQ. FT.
$233
BEDS / BATHS
4 / 4
LIVING SQ. FT.
2,903
LOT SQ. FT.
7,800
DAYS ON MARKET
8
SOLD VS. ORIGINAL LIST
96.6%
CLOSING DATE
Dec 1
ADDRESS
2137 SW 10th St.
CLOSED PRICE
$650,000
$ / LIVING SQ. FT.
$169
BEDS / BATHS
5 / 3
LIVING SQ. FT.
3,852
LOT SQ. FT.
12,420
DAYS ON MARKET
280
SOLD VS. ORIGINAL LIST
93.0%
CLOSING DATE
Apr 27
ADDRESS
2142 SW 16th Ter.
CLOSED PRICE
$638,000
$ / LIVING SQ. FT.
$285
BEDS / BATHS
3 / 2.5
LIVING SQ. FT.
2,240
LOT SQ. FT.
5,450
DAYS ON MARKET
108
SOLD VS. ORIGINAL LIST
92.7%
CLOSING DATE
Jul 24
ADDRESS
1441 SW 11th Ter.
CLOSED PRICE
$635,000
$ / LIVING SQ. FT.
$316
BEDS / BATHS
3 / 2
LIVING SQ. FT.
2,007
LOT SQ. FT.
5,920
DAYS ON MARKET
129
SOLD VS. ORIGINAL LIST
91.4%
CLOSING DATE
Jun 22
ADDRESS
1375 SW 14th St.
CLOSED PRICE
$630,000
$ / LIVING SQ. FT.
$213
BEDS / BATHS
5 / 4
LIVING SQ. FT.
2,951
LOT SQ. FT.
7,250
DAYS ON MARKET
125
SOLD VS. ORIGINAL LIST
78.8%
CLOSING DATE
Aug 31
ADDRESS
2491 SW 12th St.
CLOSED PRICE
$625,000
$ / LIVING SQ. FT.
$160
BEDS / BATHS
5 / 3
LIVING SQ. FT.
3,902
LOT SQ. FT.
11,414
DAYS ON MARKET
5
SOLD VS. ORIGINAL LIST
96.2%
CLOSING DATE
Jan 31
ADDRESS
1432 SW 11th St.
CLOSED PRICE
$618,000
$ / LIVING SQ. FT.
$278
BEDS / BATHS
3 / 2.5
LIVING SQ. FT.
2,221
LOT SQ. FT.
5,900
DAYS ON MARKET
71
SOLD VS. ORIGINAL LIST
98.9%
CLOSING DATE
Mar 16
ADDRESS
1240 SW 17th Ter.
CLOSED PRICE
$615,000
$ / LIVING SQ. FT.
$204
BEDS / BATHS
4 / 4.5
LIVING SQ. FT.
3,008
LOT SQ. FT.
5,928
DAYS ON MARKET
62
SOLD VS. ORIGINAL LIST
90.4%
CLOSING DATE
Jan 17
ADDRESS
1636 SW 18th Ave.
CLOSED PRICE
$600,000
$ / LIVING SQ. FT.
$279
BEDS / BATHS
4 / 3
LIVING SQ. FT.
2,154
LOT SQ. FT.
8,938
DAYS ON MARKET
49
SOLD VS. ORIGINAL LIST
92.3%
CLOSING DATE
May 19
ADDRESS
2431 SW 14th St.
CLOSED PRICE
$575,000
$ / LIVING SQ. FT.
$288
BEDS / BATHS
3 / 2
LIVING SQ. FT.
2,000
LOT SQ. FT.
6,850
DAYS ON MARKET
76
SOLD VS. ORIGINAL LIST
100.0%
CLOSING DATE
Feb 10
ADDRESS
2251 SW 18th St.
CLOSED PRICE
$570,000
$ / LIVING SQ. FT.
$210
BEDS / BATHS
5 / 3
LIVING SQ. FT.
2,714
LOT SQ. FT.
7,500
DAYS ON MARKET
33
SOLD VS. ORIGINAL LIST
95.2%
CLOSING DATE
Aug 1
ADDRESS
2614 SW 13th St.
CLOSED PRICE
$555,000
$ / LIVING SQ. FT.
$262
BEDS / BATHS
3 / 3
LIVING SQ. FT.
2,121
LOT SQ. FT.
9,198
DAYS ON MARKET
64
SOLD VS. ORIGINAL LIST
92.5%
CLOSING DATE
May 1
ADDRESS
1900 SW 12th Ave.
CLOSED PRICE
$550,000
$ / LIVING SQ. FT.
$190
BEDS / BATHS
4 / 2
LIVING SQ. FT.
2,888
LOT SQ. FT.
6,534
DAYS ON MARKET
155
SOLD VS. ORIGINAL LIST
91.8%
CLOSING DATE
Mar 1
ADDRESS
1871 SW 16th Ter.
CLOSED PRICE
$545,000
$ / LIVING SQ. FT.
$316
BEDS / BATHS
4 / 3
LIVING SQ. FT.
1,722
LOT SQ. FT.
5,450
DAYS ON MARKET
91
SOLD VS. ORIGINAL LIST
95.6%
CLOSING DATE
Dec 28
ADDRESS
2101 SW 33rd Ave.
CLOSED PRICE
$537,000
$ / LIVING SQ. FT.
$230
BEDS / BATHS
4 / 3
LIVING SQ. FT.
2,337
LOT SQ. FT.
7,909
DAYS ON MARKET
44
SOLD VS. ORIGINAL LIST
93.4%
CLOSING DATE
Nov 21
ADDRESS
1800 SW 21st St.
CLOSED PRICE
$530,000
$ / LIVING SQ. FT.
$283
BEDS / BATHS
3 / 3
LIVING SQ. FT.
1,870
LOT SQ. FT.
8,298
DAYS ON MARKET
23
SOLD VS. ORIGINAL LIST
92.2%
CLOSING DATE
Aug 23
ADDRESS
2150 SW 17th St.
CLOSED PRICE
$527,000
$ / LIVING SQ. FT.
$228
BEDS / BATHS
4 / 3
LIVING SQ. FT.
2,312
LOT SQ. FT.
5,450
DAYS ON MARKET
146
SOLD VS. ORIGINAL LIST
81.1%
CLOSING DATE
Mar 22
ADDRESS
1345 SW 17th Ter.
CLOSED PRICE
$525,000
$ / LIVING SQ. FT.
$226
BEDS / BATHS
4 / 2.5
LIVING SQ. FT.
2,319
LOT SQ. FT.
10,080
DAYS ON MARKET
216
SOLD VS. ORIGINAL LIST
88.2%
CLOSING DATE
Aug 9
ADDRESS
2101 SW 22nd Ave.
CLOSED PRICE
$500,000
$ / LIVING SQ. FT.
$226
BEDS / BATHS
4 / 3
LIVING SQ. FT.
2,213
LOT SQ. FT.
7,593
DAYS ON MARKET
18
SOLD VS. ORIGINAL LIST
92.8%
CLOSING DATE
Oct 13
ADDRESS
All 104 sales Ā· median
CLOSED PRICE
$410,000
$ / LIVING SQ. FT.
$235
BEDS / BATHS
LIVING SQ. FT.
1,705
LOT SQ. FT.
5,943
DAYS ON MARKET
72
SOLD VS. ORIGINAL LIST
92.9%
CLOSING DATE
Source: Southeast Florida MLS.
How the Month Compared
SHENANDOAH
PRIOR
MONTH
CHANGE
SHENANDOAH
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PRIOR
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MONTH
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CHANGE
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THE LAST 12 MONTHS
The Last 12 Months in Shenandoah
Chart
Chart
ALL SALES, ROLLING 12 MONTHS
Rolling 12-month figures are calculated from closed MLS sales.
The charts illustrate monthly price fluctuations, while the rolling 12-month figures reflect all qualifying closed sales during the period, providing a broader perspective on Shenandoahās market.
What 2017 Means for Buyers and Sellers in Shenandoah
SELLERS
For sellers, 2017 was a buyerās market. Competitive pricing and good presentation were essential to stand out among plenty of choices.
BUYERS
For buyers, 2017 offered selection, time and negotiating leverage, with mortgage rates near 4%. It was a favorable year to buy in Shenandoah.
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YOUR SHENANDOAH HOME VALUE
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Jorge Fernandez | The Shenandoah Guys | SERHANT.
About This Year in Review
This report analyzes single-family home sales and market activity in Shenandoah, Miami, for calendar year 2017, using Southeast Florida MLS data. Jorge Fernandez provides firsthand market analysis and local context to explain the why behind the data and what it means for Shenandoah homeowners, sellers and buyers.
REPORTING PERIOD
January 1 ā December 31, 2017
MLS DATA CURRENT AS OF
ā
PUBLISHED
ā
DATA SOURCE
Southeast Florida MLS
Condominium and townhome sales are not included. Sales referenced may include properties in which Jorge Fernandez/The Shenandoah Guys at SERHANT. Florida LLC did not represent the buyer or seller. Information is provided for market analysis purposes.
REPORT PREPARED BY
Jorge Fernandez, REALTORĀ®
The Shenandoah Guys | SERHANT. Florida
Professional Recognition & Designations
2026 RealTrends Verified | Top 1.5% Nationwide
Certified Luxury Home Marketing Specialist (CLHMSā¢) | Million Dollar GUILDā¢
Master Brokers Forum | Advisory Board
Local Expertise
Miami Native | 21+ Years of Real Estate Experience | 10-Year Shenandoah Resident
Florida Real Estate License #SL3158278
Florida Real Estate License #SL3158278
The Shenandoah Guys | SERHANT. Florida
Miami Native | 21+ Years of Real Estate Experience | 10-Year Shenandoah Resident
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