Miami Springs Real Estate Market Report January 29, 2024

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via—Existing home sales slipped in December. Sales fell 1% from November to a pace of 3.78 million, which trailed the year-ago pace by 6.2%. Mortgage rates tumbled from late October through the end of the calendar year and likely kept sales from slipping further. Even though pending home sales, which mark an earlier stage in the transaction process and tend to lead existing home sales by a month or two, steadied in November, high costs stemming from high prices and mortgage rates continue to remain a challenge for many shoppers. For the year as a whole, existing-home sales totaled 4.09 million, slightly above the late-year projection, but still the lowest tally since 1995.

A recent study found that as the housing market slowed in 2023, investors also pulled back as costs soared and rents softened. With rents continuing to ease and more multi-family homes entering the market for rent, investors may continue to tread more cautiously in the housing market. This would mean one less source of competition for potential first-time home buyers who are approaching the 2024 market with optimism despite the challenge of trying to buy a home at a below-median price point, one that investors also often target.  Data showed that first-timers met a challenging market in December 2023, comprising only 29% of sales, down from 31% in both the prior month and prior year…READ MORE




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The Current Miami Springs Market


This week there are twenty-seven (27) active listings in the MS/VG market this week. Inventory took a slight dip this week. Despite high interest rates and high prices, there are still many qualified Buyers out there! The  current market dynamics are inexplicable, with continued strong demand and tight inventory, despite high interest rates. Property values in Miami Springs and Virginia Gardens remain strong. Please refer to the articles posted on our website.

There are ten (10) active listings over one million dollars. One listing is priced for over $2,000,000! Ten (10) of the active listings have had a price reduction; two (2) this week. There are two (2) pending sales this week. We have been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage interest rates, gives Sellers an advantage and makes it difficult for Buyers. The high interest rates also create a difficult situation for Sellers because the Sellers likely have a mortgage with a much lower interest rate. Where do they go if they decide to sell? Interest rates aside, we continue to anticipate more inventory increases.


Mortgage interest rates decreased recently and are now hovering around 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are more common again. The number of days properties are staying on the market is averaging 18 daysThe demand remains high for properties under $500,000. There are no properties listed under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. There are zero (0) properties priced between $500,000-$600,000; four (4) are priced between $600,000-$700,000; six (6) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; nine (9) between $1-2 million; and one (1) is listed for over $2 million.

Increasing Inventory + Increasing Interest Rates  = Less Demand.

During the period of January 19, 2024 through January 26, 2024, there were reported 2 new listings, 1 closed sale, 1 pending sale, 6 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 2 price reductions, and 0 price increases. 


The table below shows the current status of the Miami Springs/VG real estate market as of Friday, January 26, 2024. 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.

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