In 2015 we warned you that the new Miami Springs pool was going to be much smaller than the grand olympic sized pool we had for over 50 years. We also informed you that much of the money was going into creating more buildings. In other words, more building space. Less pool space. Now you can see the construction of the new pool with your own eyes. Total construction cost: $5 MILLION.
The table below shows the current status of the Miami Springs / Virginia Gardens real estate market as of September 27, 2024. All closed sales are within the last 90 days and all data per MLS.
Our Notes: Slight increase in showing requests, but days on market remain high. Average price has dropped from a high of $800,000 to a low of $735,000 in the last 4 months. Some buyers may be waiting for additional rate cuts.
Inventory around 35+/- listings. Currently thirty-two (32) active listings; 40% are listed for over a $1,000,000.00!
Eighteen (18) of the active listings have had a price reduction; six (6) this week. There are three (3) new pending sales this week. We have been transitioning to a more neutral market.
Mortgage interest rates have been lowered to just below 5.5%, lower rates expected.
The number of days properties are staying on the market is averaging 56 days.
There are no properties listed under $500,000.
There is one (1) listing priced between $500,000-$600,000;
Six (6) listings are priced between $600,000-$700,000;