The table below shows the current status of the Miami Springs/VG real estate market as of Friday, February 17, 2023. All closed sales are within the last 90 days and all data is per MLS. If you are ready to buy or sell, The Leonard Real Estate Group are ready to earn your business. We’re here for all your real estate needs.
During the period of February 10, 2023 through February 17, 2023, there were reported 2 new listings, 3 closed sales, 4 pending sales, 2 active with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 1 price reduction, and 0 price increases.
Mortgage interest rates are between 6% and 6.5% this week. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are less common and days properties are staying on the market are increasing (Average DOM = 44). The demand remains high for properties under $500,000. There are only two (2) listings just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers.
- Two (2) properties are listed under $500,000.
- Nine (9) properties are priced between $500,000-$600,000;
- Five (5) between $600,000-$700,000;
- Seven (7) between $700,000-$800,000;
- None (0) between $800,000-$900,000;
- Two (2) between $900,000-$1,000,000;
- Three (3) between $1-2 million;
- One (1) is listed for over $2 million.
For those looking to the future, I have attached two more graphs. The Average Closed Sale Average so far, and the Price Per SQ FT (PPSF) Average so far. Both trend lines do head down, but the Price Per Square Foot (PPSF) has JUST started heading that way. The take away there is that just because the raw Closed Sale Average is heading down, doesn’t necessarily mean that the ACTUAL Price Per SQ FT you are paying is heading down in a commensurate way, or sometimes at all.
