SLOW SUMMER PACE DRIVES HOME SALES DOWNWARD

via themortgagepoint.com—The average home that was under contract in July was listed for 43 days. According to a recent report from Redfin, reflecting the largest duration for any July since 2015 and up from 35 days a year earlier.

Due to declining demand brought on by high homebuying expenses and economic uncertainty, homes are taking longer to sell. Existing home sales decreased slightly to the lowest seasonally adjusted annual rate of 4,150,266 in almost a year, while pending home sales dropped 1.1% month-over-month (MoM) in July to the lowest seasonally adjusted level since November 2023.

Supply has been increasing as a result of homes remaining on the market, providing buyers with more choices and less pressure. Despite down 1.1% from June—the worst monthly seasonally-adjusted decline in over two years—active listings of houses for sale in July were close to the highest level in five years. The seasonally-adjusted number of new listings dropped 0.4% MoM to its lowest level since March 2024.

“Supply is starting to fall because prospective sellers are choosing not to list after seeing their neighbor’s home linger on the market or sell for below the asking price,” said Redfin Senior Economist Asad Khan. “Some existing sellers are also pulling their homes off the market, opting instead to rent their house out or hold off on a move altogether—especially if they bought at the peak of the pandemic market and are worried about taking a loss.”…

Because there is less competition and a greater selection of homes, buyers generally have more negotiation power than they did in previous years. But if the supply keeps getting smaller, the power can begin to move back in favor of sellers. For the time being, Redfin agents advise sellers who wish to draw in buyers to make sure their homes are in good condition and priced fairly—as overpriced homes frequently take a long time to sell.

“It’s a weird market right now,” said Shauna Pendleton, a Redfin Premier real estate agent in Boise, ID. “For the most part, it’s crickets. I recently did a $100,000 price drop on my listing that had sat on the market for several weeks at over $600,000, only to lure one interested buyer. But there are also…READ MORE

The Current Miami Springs Market

DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES

There are forty-one (41) active listings in the Miami Springs/Virginia Gardens real estate market this week. There are sixteen (16) active listings over $1million—that's approximately forty percent (40%) of the active listings! At twelve (12), almost 34% of the active listings have had a price reduction, five (5) this week. The number of days properties are staying on the market is averaging 60 days. There is ONE property under $600,000; six (6) properties are priced between $600,000-$700,000; ten (10) between $700,000-$800,000; eight (8) between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; fourteen (14) between $1-2 million; and two (2) properties are priced for over $2 million.

We are truly in a unique market where timing is everything! Demand has slowed down a bit again but there are still many qualified Buyers out there. Interest rates remain relatively unchanged. Property values and sold prices remain strong in Miami Springs and Virginia Gardens, though we are seeing more price decreases this year. Inventory increases in the months ahead? We think so! Increasing inventory is better for Buyers, though prices have remained strong for Sellers despite high interest rates.

The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. Additionally, there is a practically nonexistent number of entry-level homes (e.g., under $600,000). Interest rates aside, we continue to anticipate more inventory increases.

Mortgage interest rates remain relatively unchanged, under 7%. They are expected to fluctuate between 6-7% in 2025. Current interest rates create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Any additional interest rate increases in the future can mean fewer Buyers. Properties are staying on the market for longer but some houses still quickly sell. It all depends on pricing, condition, and location, location, location. Timing is everything!

CALL US FOR AN EVALUATION

During the period of August 15, 2025 through August 22, 2025, there were reported 5 new listings, 6 closed sales, 1 pending sale, 1 active with contract, 1 expired listing, 0 cancelled listing, 0 temp off market, 5 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of August 22, 2025. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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