There are only 14 active listings in the Miami Springs / Virginia Gardens market. The inventory continues to remain low and that is why prices remain high and strong in Miami Springs and Virginia Gardens. There are many qualified Buyers but a very low inventory makes the market great for Sellers.
- Nine (9) listings are priced over $500,000.
- Two (2) properties are listed over $1,000,000.
- Four (4) active listing have had a price reduction (3 this week).
We remain in a strong Sellers’ market with low inventory and high demand. The market will change, and the Buyers are out there! If you are considering selling, do it before the shift.
The 2020 graph shows us that COVID had a significant but brief affect on the market. Prices plummeted 4 months straight reaching a low of $391,364. The low prices are partially due to limited sales as well as actual diminished value. But then June hit and prices sky-rocketed through September, eventually hitting a plateau in the $470,000 area. Our pre-COVID high was $495,880, which we hit in February just before the COVID crash.
The 2021 graph shows a slow and steady climb, indicating that the frenzy is most likely behind us. We have come close to our pre-COVID normal but a severe shortage of inventory is what drives the market now. Currently, sellers have all the power as there are MANY more buyers than there are homes available. This leads to multiple offers and above appraised value sales, pushing prices even higher. With expected inventory increases later this year, all signs point to a shift in market conditions where buyers hold more negotiating power. It all depends on how much inventory increases, how fast, and interest rate increases which are also expected later this year.
Whether buying or selling, it’s important to use a trusted real estate team to help you with the process. You can reach The Leonard Real Estate Group at 305.726.8416 or visit their website at https://www.leonardrealestategroup.com/.