EXISTING-HOME SALES TRAIL YEAR-AGO PACE

via realtor.com—Existing home sales climbed 4.2% month over month, to a pace of 4.26 million in February. Despite the growth, this sales pace snapped the four-month streak of year-over-year gains, trailing 1.2% behind February 2024’s 4.31 million sales—a fairly high bar.

Pending home sales eased in both December and January, highlighting that mortgage rates continue to matter for home shoppers. When these homes with February closings generally went under contract, mortgage rates averaged 6.96% in January—their highest since May—and 6.84% in February—lower but still higher than any of the preceding six months. Despite the context of an expensive borrowing environment and stretched affordability for many shoppers, today’s pickup shows that a fair number of buyers and sellers are still able to find the middle ground that a transaction requires. The median home sales price continued to move higher, rising 3.8% compared with one year ago, a modest deceleration from the 4.7% annual growth rate in 2024. This mirrors softer median home listing price trends, which trailed the pace from a year ago, according to Realtor.com housing data for February.

What this data means for what’s ahead this year

Home sales are expected to exceed 2024’s long-term low, according to the Realtor.com 2025 Housing Forecast. While February sales slipped behind their year-ago pace, settling mortgage rates are teeing up the possibility of a reverse of 2024’s rate trend, which could be a positive for the busy late spring and early summer sales season, which will set the tone for 2025.

In 2024, mortgage rates generally …READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are now forty-one (41) active listings in the Miami Springs/Virginia Gardens market. That is a ten percent increase in just one week! Inventory hovered at approximately 30+/- listings the last quarter of 2024 and has been comparable in early 2025, despite week-to-week fluctuations. 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. Sixteen (16) of the active listings—approximately 40% percent—are over $1 million.

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 83 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; six (6) listings are priced between $600,000-$700,000; ten (10) are priced between $700,000-$800,000; seven (7) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; fourteen (14) between $1-2 million; and two (2) priced for over $2 million.

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During the period of March 14, 2025 through March 21, 2025, there were reported 7 new listings, 1 closed sale, 1 pending sale, 3 active with contract, 1 expired listing, 0 cancelled listings, 0 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 March 21, 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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