According to The Leonard Real Estate Group, the average Miami Springs closed sales price is now above $700,000. The graph chart shows the closed sale average from January 2020 through today. Looking at the graph is absolutely mind blowing. From a bottom of $391,000 to $706,000 in 33 months! That’s an increase in the average value of property by $315,000! Put another way, that’s an 81% increase since the pandemic lows. Unprecedented seems like an understatement here.
During the period of September 16, 2022 through September 23, 2022, there were reported 2 new real estate listings, 2 closed home sales, 2 pending sales, 3 active with contract, 1 expired listing, 0 cancelled listings, 1 temporary off market, 2 price reductions, and 0 price increases.
There are twenty-six (26) active listings in the Miami Springs Virginia Gardens market this week. The inventory has been increasing the last several weeks. It had averaged approximately 15-20 listings the last several months. I expect continued increases in inventory in the months ahead. Pending sales have slowed. There are only three (3) pending sales. A definite sign that sales have slowed down. Values are still strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified buyers out there, BUT as rates increase, there WILL be fewer Buyers! Today, it is still a Sellers’ market. Please refer to the articles posted on The Leonard Real Estate Group website.
- Twenty-four (24) of the active listings are priced over $500,000.
- Six (6) 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 a price reduction; two (2) this week.
We remain in a Sellers’ market due to high demand but that has started to change. Mortgage interest rates topped 6% last week, with more increases expected. We anticipate inventory will increase.
Folks, there’s no secret that interest rates are going up. So it’s more important than ever to get the lowest possible interest rate. Connect with the team at Firenze Mortgage (right here in Miami Springs) to get the lowest possible rates to refinance your current home, finance a new home, or get cash out. Call 305.882.0933 to get started today.