BUYERS REMAIN HESITANT AMID ECONOMIC TURMOIL

via themortgagepoint.com—As more properties came onto the market and overall inventory increased for the 17th consecutive month, the U.S. housing market showed signs of a sustained recovery this spring, according to Realtor.com‘s March Housing Trends Report. Nonetheless, increasing price reductions and declining pending house sales indicate that buyers are being cautious, most likely as a result of the uncertain economic climate and customers’ growing anxieties about their individual financial circumstances.

“The spring housing season is beginning with more sellers and a growing number of homes for sale,” said Danielle Hale, Chief Economist at Realtor.com. “But the high cost of buying coupled with growing economic concerns suggest a sluggish response from buyers in early spring. We’re seeing a market that’s rebalancing, offering more choices for shoppers. Data also suggest that pricing competitively is key for sellers in today’s environment. This is likely to be even more true after the mid-April Best Time to Sell, when the number of sellers grows even more swiftly. Recent improvements in mortgage rates bode well for the later spring and early-summer housing season, as long as economic concerns settle and don’t knock buyers off course.”

Key Highlights — U.S. Summary

Major metro regions saw a 5.2% decline in pending house sales, or homes under contract, as buyers were burdened by high mortgage rates and financial uncertainties.

For the seventeenth consecutive month, the number of available homes increased by 28.5% year-over-year.

Compared to the previous year, there were 17.3% more unsold properties overall, including those under contract.

March saw the greatest number of new home listings in three years, up 10.2% over the previous year.

The price per square foot increased 1.3%, indicating modest improvement in home values, but the national median list price for homes remained at $424,900, unchanged from the previous year.

Three more days were spent on the market than a year ago, with a median of 53 days spent on the market.

Price reductions affected 17.5% of listings, the largest percentage for any March since at least 2016.…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

Another small inventory drop in the Miami Springs/Virginia Gardens market this week. There are thirty-seven (37) active listings. Seventeen (17) of the active listings—approximately 46% percent—are over $1 million. There are two (2) new pending sales. Inventory hovered at approximately 35+/- listings the last month. Sold prices remain strong for sellers and there are still serious qualified buyers looking for the right property, though demand has slowed. Sales slowed down a bit last year too, volume-wise, but prices remained strong. We are truly in a unique market.

We had been transitioning to a more neutral market. However, there is a practically nonexistent number of entry-level homes (i.e. under $600,000), which makes it difficult for some buyers. Current 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. It all depends on pricing, condition, and location, location, location. 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 remain 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 89 days. Seventeen (17) of the active listings had a price reduction—four (4) 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; three (3) listings are priced between $600,000-$700,000; seven (7) are priced between $700,000-$800,000; eight (8) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; fifteen (15) between $1-2 million; and two (2) priced for over $2 million.

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

During the period of March 28, 2025 through April 4, 2025, there were reported 2 new listings, 2 closed sales, 2 pending sales, 1 active with contract, 0 expired listings, 1 cancelled listing, 1 temp off market, 4 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 April 4, 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]

………………………………………………..……………………………………………………………………………