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The Current Miami Springs Market

TIME TO BUY OR SELL?
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There are twenty (20) active listings in the MS/VG market this week. Inventory has dropped this week. I continue to expect that inventory will slowly increase, but that has not happened so far this year. We are truly in a unique market, where anything is possible. Pending sales are stable. Though values remain strong in Miami Springs and Virginia Gardens, we have seen many list-price decreases. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! The market is starting to transition, and Sellers are no longer in the driver's seat. Please refer to the articles posted on our website.

All of the active listings are priced at $525,000 or above. Three (3) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Seven (7) of the active listings have had price reductions; one this week. We have been transitioning to a more neutral market. However, the continued light inventory and high demand, despite higher mortgage rates, make it difficult for first-time buyers. Expected interest rates increases in the future means fewer buyers and anticipated inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates have been between 6% and 7% this month. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are much less common and the number of days properties are staying on the market is averaging 62 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. Four (4) properties are priced between $500,000-$600,000; five (5) are priced between $600,000-$700,000; two (2) are between $700,000-$800,000; two (2) between $800,000-$900,000; three (3) between $900,000-$1,000,000; three (3) between $1-2 million; and one (1) is listed for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates  = Less Demand.

During the period of April 21, 2023 through April 28, 2023, there were reported 0 new listings, 6 closed sales, 0 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 1 temp off market, 1 price reduction, 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 Friday, April 28, 2023. 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:  charlie@leonardrealestategroup.com

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