HOME SELLERS ADJUSTING TO EVOLVING MARKET CONDITIONS

via themortgagepoint.com—According to the Realtor.com February Monthly Housing Report, the percentage of homes with price reductions increased to 16.8% from 14.6% in February of previous year, indicating that sellers are becoming more accustomed to the present market conditions. The number of newly listed homes grew 4.2% over the previous year, making 2019 February the most active month for sellers since 2021.

“While rates remain elevated, we are beginning to see green shoots in the market as sellers grow tired of waiting for significant changes in interest and mortgage rates,” said Danielle Hale, Chief Economist at Realtor.com. “If these trends continue for the next few months, we could see a market that is entering into more balanced terrain, with rising inventory and a potential future slowdown in price growth. While the market does not look like it did before the pandemic, we are moving away from the ultrahigh demand, low inventory period we saw in 2021 and 2022.”

Key Findings:

Newly listed homes increase 4.2% year-over-year, slightly slower than January’s pace

Homes actively for sale increased 27.5% compared with last year

Impact of the recent turmoil within the Federal workforce is not yet apparent in housing data…

Additionally, homes are remaining on the market for longer periods of time; February 2025 is the eleventh consecutive month in which this has happened. On average, February homes were on the market for 66 days, which is an estimated 11 days less than the average for February of 2017–2019. With an average increase of seven and eight days on market, respectively, the South…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

Inventory was stable this week. There are still thirty-two (32) active listings in the Miami Springs/Virginia Gardens market this week. Approximately 30% of the active listings are over $1,000,000! Inventory hovered at approximately 30+/- listings the last quarter of 2024 and has been comparable in early 2025, despite week-to-week fluctuations.

Increased inventory is good for buyers, but sold prices remain strong for sellers. Regardless, there are still serious qualified buyers looking for the right property and multiple offers still happen in some cases. We are seeing fewer price decreases on active listings. We are truly in a unique market where timing is everything!

We had been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for some buyers. High interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit. Properties are staying on the market for longer but some houses still quickly sell. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates are just under 7%. Rates are expected to fluctuate between 6-7% this year. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 67 days. Thirteen (13) of the active listings had a price reduction—three (3) this week. There are no new pending sales this week. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no properties listed under $500,000. There are no listings priced between $500,000-$600,000; six (6) listings are priced between $600,000-$700,000; five (5) are priced between $700,000-$800,000; nine (9) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; nine (9) between $1-2 million; and one (1) priced for over $2 million.

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

During the period of February 28, 2025 through March 7, 2025, there were reported 2 new listings, 3 closed sales, 0 pending sales, 2 active with contract, 1 expired listing, 0 cancelled listings, 1 temp off market, 3 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of March 7, 2025. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  [email protected]

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