EXISTING-HOME SALES RISE 2.2% IN DECEMBER
via realtor.com—Existing home sales improved in December, rising 2.2% to a pace of 4.24 million home sales. Importantly, this was a third straight year-over-year gain after a streak of declines stretching back to August 2021, and a sizable uptick of 9.3%. Mortgage rates were already climbing higher in October and November when these homes with December closings generally went under contract. While some December buyers likely rushed to close before mortgage rates surged even higher, others may have simply acclimated to a new, and higher, normal. As mortgage rates have remained relatively high, home sales in the months ahead will indicate which is the bigger factor.
While the improvement is something to celebrate, the December data caps a year where home sales did not live up to expectations. In fact, the annual sales total for 2024 was 4.06 million, down from 4.09 million in 2023, marking the most sluggish year for existing home sales since 1996. The strength of the December uptick will be tested in the months ahead but does open the possibility that the bottom in existing home sales is truly in the rearview mirror.
Home prices rose despite seasonal expectations
The median home sales price rose 6.0% compared to one year ago, and remained at $404,000 in December, showing seasonally atypical resilience.
What does this mean for prospective buyers?
A recent Realtor.com survey found that homeownership continues to be an important facet of the American Dream. But high home prices, elevated mortgage rates, and rising costs of other goods and services from groceries to gasoline continue to squeeze household budgets and make the dream of homeownership seem far out of reach for some. Rising homeowner’s association fees, a common feature of smaller homes like condos and townhomes, can push what would otherwise be an in-budget starter home into unaffordable territory. Nevertheless, buyers persist. Despite the challenges, a strong desire for homeownership is…READ MORE
DISCOVER MIAMI SPRINGS!
We are committed to providing a premier level of
service.
All aspects of your real estate experience will be accompanied by Results through exceptional Service and Honesty. From the onset of our marketing meeting, we are dedicated to achieve your goals.
The Current Miami Springs Market
DEMAND IS STILL THERE DESPITE HIGHER INTEREST RATES
Inventory took a dip this week. There are now twenty-two (22) active listings in the Miami Springs/Virginia Gardens market. Approximately 32% of the active listings are over $1,000,000! Inventory had hovered at approximately 32+/- listings last quarter but has gone down. We are seeing a number of price decreases on active listings, which is good for buyers, but sold prices remain strong for sellers. There are still serious qualified buyers looking for the right property and multiple offers still happen in some cases. Timing is everything in this interesting market!
We had been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for some buyers. High interest rates also create a difficult situation for sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit. Properties are staying on the market for longer but some houses still quickly sell. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.
Mortgage interest rates are just under 7%. Rates are expected to fluctuate between 6-7% in 2025. Despite high interest rates, there is still demand! The number of days properties are staying on the market is averaging 55 days. Eight (8) of the active listings had a price reduction—none (0) this week. There are no new pending sales this week. The limited options for entry level homes, high interest rates and homeowner insurance costs make it difficult for many first-time buyers. There are no properties listed under $500,000. There are no listings priced between $500,000-$600,000; five (5) listings are priced between $600,000-$700,000; two (2) are priced between $700,000-$800,000; six (6) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; seven (7) between $1-2 million; and one (1) priced for over $2 million.
TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION
During the period of January 17, 2025 through January 24, 2025, there were reported 1 new listing, 3 closed sales, 0 pending sales, 3 active with contract, 0 expired listings, 3 cancelled listings, 0 temp off market, 0 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 January 24, 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: [email protected]
………………………………………………..……………………………………………………………………………
We are the Miami Springs Experts
however, we service all of South Florida
Let Us Show You How We Can Get Your Property Sold
at the Highest Possible Price

Attention Sellers!
What are You Waiting For?
We can provide you with a market analysis so you can see how much your property is worth.
Honesty | Service | Results
Drop by to see us
190 Westward Drive
or call us 305-726-8416
Appointments available upon request
Beautiful Miami Springs. Tree City USA.
Our secret paradise in Miami Dade County!
STAY INFORMED!
Thank You
Charlie 305-726-8416



