We had the opportunity to sit down with Charlie Leonard and Sean Pascale of the Leonard Real Estate Group and go over the current state of the real estate market in Miami Springs. According to the team, there have been several key factors that have caused the increase in prices we’ve seen after the initial hit from COVID:
- Low Interest Rates
- Working from home created a re-evaluation of what a home should be and the amenities required including a home office
- Migration to South Florida from high income states like New York and California
- Consistent migration to South Florida from other countries
COMPARING THE LAST THREE YEARS
COVID-19 hit us in March of 2020. As you can see in the chart below, the average sale price of a Miami Springs home fell from $495,000 in March of 2020 to $391,000 in June of 2020. That’s $100,000 drop in three months during the lockdowns. However, three months later, the market rebounded and was back to $473,000.
2021 Miami Springs Home Prices
Last year the average home sold in Miami Springs was priced at $464,000 in January. By December, that number had climbed to $565,000. That’s a $100,000 increase in the average home price between January and December. That’s a 22% jump in less than 12 months.
2022 Miami Springs Home Prices
So far this year, the prices have continued to climb. In January, the average Miami Springs home sold for $586,000. Last month, the average Miami Springs home sold for $641,000. That’s a 9% increase in just four months.
2022 MIAMI SPRINGS HOME SALES
The Leonard Real Estate Group shared the following list of homes sold so far this year.
3 Homes over $1,000,000
Three homes have already sold in excess of one million dollars. Not surprisingly, we see a home on Hunting Lodge topping this list. However, there was a Ludlam home that sold for $1.275mm and a home on Raven that sold for $1.18 Million.
| 1031 Hunting Lodge Dr | $1,350,000 |
| 2251 Ludlam Dr | $1,275,000 |
| 650 Raven Ave | $1,180,000 |
1 Home over $900,000
Not yet a million dollars, but the home at 557 De Leon Drive sold for $958,500.
3 Homes over $800,000
Three homes have sold in excess of $800,000 (and under $900,000) in Miami Springs so far this year. They include:
| 461 Curtiss Pkwy | $842,000 |
| 175 Chippewa St | $835,000 |
| 549 La Villa Dr | $835,000 |
11 Homes over $700,000
There were eleven homes that sold for over $700,000 in Miami Springs so far this year. They include:
| 17 Lenape Dr | $785,000 |
| 140 Pocatella St | $769,000 |
| 920 Meadowlark Ave | $750,000 |
| 1180 Thrush Ave | $745,000 |
| 340 Payne Dr | $745,000 |
| 861 Wren Av | $735,000 |
| 617 South Dr | $725,000 |
| 1160 Ibis Ave | $710,000 |
| 1295 Thrush Ave | $710,000 |
| 1011 Meadowlark Ave | $700,000 |
| 209 Fern Way | $700,000 |
19 Homes over $600,000
There were 19 homes that sold for over $600,000 in Miami Springs so far this year. They include:
| 30 Bentley Dr | $688,900 |
| 1240 N Oriole Ave | $685,000 |
| 515 Lafayette Dr | $685,000 |
| 157 Glendale Drive | $685,000 |
| 1126 Dove Ave | $678,000 |
| 620 Cardinal St | $673,000 |
| 80 Whitethorn Dr | $670,000 |
| 901 Apache St | $670,000 |
| 372 Payne Dr | $660,000 |
| 249 Duval Dr | $660,000 |
| 369 Pinecrest Dr | $655,000 |
| 1275 Bluebird Ave | $650,000 |
| 565 South Dr | $640,000 |
| 215 Lenape Dr | $630,000 |
| 1505 Westward Dr | $630,000 |
| 141 Pocatella St | $625,000 |
| 271 Glendale Dr | $620,800 |
| 1221 Falcon Ave | $620,000 |
| 165 Whitethorn Dr | $600,000 |
15 Homes over $500,000
There were 15 homes that sold for over $500,000 in Miami Springs so far this year. They include:
| 270 Linwood Dr | $599,000 |
| 550 Cardinal St | $599,000 |
| 1271 Meadowlark Ave | $595,000 |
| 441 De Soto Dr | $590,000 |
| 560 Forrest Drive | $589,000 |
| 516 La Villa Dr | $585,000 |
| 580 Lee Dr | $550,000 |
| 225 Corydon Dr | $550,000 |
| 531 Forrest Dr | $550,000 |
| 1543 Westward Dr | $545,000 |
| 165 Lawn Way + Cottage | $530,000 |
| 951 Plover Ave | $530,000 |
| 1121 Falcon Ave | $525,000 |
| 100 Truxton Dr | $500,000 |
| 324 Palmetto Dr | $500,000 |
7 Homes over $400,000
There were just 7 homes that sold for over $400,000 so far this year.
| 1101 Oakwood Dr | $490,000 |
| 473 Falcon Ave | $490,000 |
| 830 Nightingale Ave | $470,000 |
| 419 Falcon Ave | $460,000 |
| 480 S Royal Poinciana Blvd | $460,000 |
| 270 Laurel Way | $449,000 |
| 144 South Dr | $425,000 |
2 Homes over $300,000
There were just 7 homes that sold for less then $400,000. These small homes had less than 1,000 sq ft of living space. They include:
| 181 Truxton Dr | $350,000 |
| 117 Pine Ave | $340,000 |
Full List of 2022 Home Sales
The following data was provided by The Leonard Real Estate Group.
Shop Homes for Sale in Miami Springs
See a list of active homes for sale in Miami Springs.
Need to Sell Your Home?
The Leonard Real Estate Group is the number one real estate team serving Miami Springs and Virginia Gardens. They also sell homes in Hialeah and greater Miami-Dade County. If you’re thinking of selling your home, do it the right way. Call the Leonard Real Estate Group at 305.726.8416 or visit their website at www.LeonardRealEstateGroup.com.
Need Financing?
Now more than ever, it’s important that you lock in the lowest rate possible. Let’s not sugar coat it. If you want to buy a home in Miami Springs you’re going to need proof of good income and a solid credit background. And you’re going to need a solid down payment. If you’ve got the income. You’ve got a clean credit history. And you have your down payment ready, then all you need is a great low rate with favorable terms. Let the fine folks at the Firenze Group connect you with the lowest rate possible. This will save you tons of cash over the life of your loan. Furthermore, they are a boutique lender. Your loan is the most important loan for this team. Call the Firenze Group today at 305.882.0933.
