HOMEBUYERS BATTLING ECONOMIC UNCERTAINTY

via themortgagepoint.com—According to Zillow‘s most recent market analysis, during what is usually one of the most competitive months of the year for house buyers, inventory increased, and home price growth slowed. That’s even though in March mortgage rates hit a 2025 low.

“More sellers came out to test their luck as rates ticked down in March, but home sales didn’t keep up. Buyers—especially first-timers without equity to pour into their down payment—continue to struggle with affordability and now are facing even higher levels of uncertainty,” said Zillow Chief Economist Skylar Olsen. “A turbulent economy likely weighs more heavily on first-time buyers than more firmly established sellers.”

March had a strong showing from sellers, who listed over 375,000 houses, up over 9% from the same period the previous year. Listing activity is increasing month over month and closely following seasonal tendencies, even though it is still roughly 19% below a normal March prior to the epidemic.

What Does This Mean for Buyers?

Buyers failed to keep up as sellers pressed the gas pedal. Although typical mortgage rates were lower this year—some 6.65% on average in March, compared to 6.82% last year—newly pending sales were virtually unchanged from the previous year. In March, almost 265,000 listings entered a pending sale, which is 110,000 fewer than what was first listed.

Due to this discrepancy, inventory increased to 1.15 million properties, which is 19% more than the previous year and the highest level of inventory buyers have seen in March since 2020. Currently,…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are thirty-nine (39) active listings in the Miami Springs/Virginia Gardens market--no change from last week. Over 40% of the active listings are over $1 million. There is one (1) new pending sale this week. 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, however, seeing more price decreases on active listings. 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 80 days. Twenty-one (21) of the active listings had a price reduction—three (3) 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; five (5) 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; three (3) are priced between $900,000-$1,000,000; fourteen (14) 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 April 18, 2025 through April 25, 2025, there were reported 2 new listings, 3 closed sales, 1 pending sale, 3 active with contract, 0 expired listings, 0 cancelled listings, 0 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 April 25, 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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