The Miami Springs and Virginia Gardens markets continue to be very strong. The demand is high for any property under $400,000, but the inventory remains low and the lack of affordable entry level homes will be an obstacle for first time home buyers. While there are no signs of a “bubble” we have seen more price drops and large interest rate increases in the past couple of weeks, indicating that the market is starting to slow down. Signs point towards a period of slower growth and rapidly rising interest rates, making right now still the best time to buy OR sell real estate.
The Pending sales increased this week. During the period of September 21 through September 28 there were 3 new listings, 3 closed sales, 3 pending sales, 0 expired listings.The table below shows the current status of the Miami Springs/VG real estate market as of Friday, September 21st, 2018. All closed sales are within last 90 days.