The table below shows the current status of the Miami Springs/VG real estate market as of Friday, July 15, 2022. All closed sales are within the last 90 days and all data per MLS (Multiple Listing Service).
During the period of July 8, 2022 through July 15, 2022, there were reported 5 new listings, 1 closed sale, 2 pending sales, 4 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 1 price reduction, and 0 price increases.
There are twenty-four (24) active listings in the MS/VG market this week. An increase from last week. The inventory has increased in the last 3-4 weeks. It has averaged under 15 listings the last several months. I expect continued increases in inventory in the months ahead. Pending sales have started to drop a bit. 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 our website.
Twenty-two (22) of the active listings are priced over $500,000. Seven (7) properties are listed over 1 million dollars! Seven (7) of the active listings have had a price reduction; one this week. We remain in a Sellers’ market due to high demand and low inventory, but that will start to change. More interest rate increases are coming in 2022. We anticipate that inventory will continue to increase.
Average Closed Sales Data over the last 90 days:
- Average closed sales price: $660,886
- Average Sq Ft: 1,625 sq ft
- Average Price per Sq Ft: $422.22