PROPERTY VALUES ARE UP 12% IN MIAMI-DADE

via miamiherald.com —Miami-Dade County saw a double-digit spike in property values this year, approaching the kind of growth last seen before inflated housing prices hit their last peak ahead of the Great Recession. Taxable property values grew 12.3% in Miami-Dade as 2023 began, according to a county report released Thursday by the Miami-Dade Property Appraiser’s Office, marking the second straight year of double-digit growth in Florida’s largest housing market.

That’s also double the 6% average growth rate between 2012 and 2021, leading some market watchers to predict over-heated prices are due for a retreat. “I think we’re probably at the peak of the hill and about to go down,” said Jack McCabe, a real estate analyst and owner of Jack McCabe Expert Services in Deerfield Beach. “We’re going to see a switch from a sellers market, to a more evenly balanced one, to a market that favors buyers and renters.”

Pedro Garcia, the county’s elected property appraiser, is urging local governments to give back some of the budgetary windfalls that come from higher values and reduce property-tax rates by 3% in 2024. “The steep increase in values, driven by a heated real estate market, will force many property owners to pay higher property taxes, which many cannot afford,” Garcia said. Florida caps taxable value increases at 3% a year for primary residences, so the lower rates would mean flat tax bills for most homeowners. READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are fourteen (14) active listings in the MS/VG market this week. Still very low inventory this week. I continue to expect that inventory will slowly increase, but that has not happened so far this year. We are truly in a unique market, anything can happen! Pending sales have experienced a slight increase this week. Values do remain strong in Miami Springs and Virginia Gardens. Multiple properties listed for over a million dollars are now pending sales. Despite interest rate increases, there are still many qualified Buyers out there. With light inventory and high demand, the market is starting to transition back to a Sellers' market. Please refer to the articles posted on our website.

All of the active listings are priced at $549,000 or above. Over 35% of the active listings are over a million dollars. Four (4) properties are listed between 1-2 million dollars. One (1) is listed for over $2 million. Two (2) of the active listings have had a price reduction; one this week. We had been transitioning to a more neutral market. However, the continued tight inventory and continued demand, despite higher mortgage rates, makes it difficult for first-time buyers. Expected interest rates increases in the future means fewer buyers. We still anticipate inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates have remained between 6% and 7% this past month. There are still serious qualified Buyers looking for the right property. Timing is everything! We are beginning to see multiple offers in some cases. The number of days properties are staying on the market is dropping, now averaging 52 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. One (1) property is priced between $500,000-$600,000; three (3) are priced between $600,000-$700,000; one (1) is between $700,000-$800,000; two (2) between $800,000-$900,000; two (2) between $900,000-$1,000,000; four (4) between $1-2 million; and one (1) is listed for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of May 26, 2023 through June 2, 2023, there were reported 3 new listings, 4 closed sales, 5 pending sales, 1 active with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 1 price reduction, 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 Friday, June 2, 2023. 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

………………………………………………..……………………………………………………………………………