The table below shows the current status of the Miami Springs/VG real estate market as of Friday, September 2, 2022. All closed sales are within the last 90 days and all data per MLS.
During the period of August 26, 2022 through September 2, 2022, there were reported 6 new listings, 3 closed sales, 1 pending sale, 0 active with contract, 0 expired listings, 3 cancelled listings, 1 temp off market, 1 price reduction, and 0 price increases.
There are twenty-eight (28) active listings in the Miami Springs / Virginia Gardens market this week. The inventory has increased by 40% in one week! It had averaged under 15 listings the last several months. I expect continued increases in inventory in the months ahead. Pending sales have slowed. 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-seven (27) of the active listings are priced over $500,000. Seven (7) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Six (6) of the active listings have had a price reduction; one (1) this week. We remain in a Sellers’ market due to high demand and low inventory, but that has started to change. More interest rate increases are coming in 2022. We anticipate inventory will increase.
Mortgage interest rates have remained around 5%, but expect increases. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming less common in today’s market.