Here is your market report presented by The Leonard Real Estate Group:

The table below shows the current status of the Miami Springs/Virginia Gardens real estate market as of Friday, October 21, 2022. All closed sales are within the last 90 days.

During the period of October 14, 2022 through October 21, 2022, there were reported 2 new listings, 4 closed sales, 1 pending sale, 1 active with contract, 0 expired listings, 0 cancelled listings, 1 temp off market, 3 price reductions, and 0 price increases.

1021 Oriole Avenue – 4 Beds – 3 Bath

There are twenty-seven (27) active listings in the MS/VG market this week. The same inventory as last week. It had averaged approximately 15-20 listings the last several months. I expect continued increases in inventory in the months ahead. Bot who knows in this market! Pending sales have slowed. A definite sign that sales have slowed down. Values remain strong in Miami Springs and Virginia Gardens, for now. 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.

1226 Robin Avenue – 3 Beds – 3 Bath

Twenty-six (26) 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! Eleven (11) of the active listings have had a price reduction; three (3) this week. We are transitioning to a Buyers’ market due to decrease in demand and higher mortgage interest rates. More interest rate increases are coming in the next month, which means fewer Buyers and likely increases in inventory.

The Leonard Real Estate Group

1271 Meadow Lark Avenue – 3 Beds – 2 Baths



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