Change is Coming

For the first time in two years, weekly data show that homes are taking longer to sell than they did at this time last year. The increase in time on market is just another one of the increasingly common flags that the housing trends that prevailed over the last two years are squarely in the rearview mirror. Market activity is downshifting in response to high prices and rising mortgage rates that mean fewer than one of every four listings on Realtor.com is affordable to the household earning $75,000.

Although home prices have not retreated, they decelerated this week, providing another signal that the market has shifted. Homeowners may be noting these dynamics and responding. The market saw fewer homes newly listed for sale for a fourth week in a row. With fewer fresh listings coming up for sale, active for-sale inventory growth steadied. Shoppers today see 30% more homes for sale than at this time one year ago, the same improvement as last week...READ MORE

The Current Miami Springs Market

A GREAT TIME TO BUY OR SELL!

There are nineteen (19) active listings in the MS/VG market this week. The inventory has increased the last 3-4 weeks. It had averaged under 15 listings the last several months. I expect continued increases in inventory in the months ahead. Pending sales have slowed a bit. Values are still strong in Miami Springs and Virginia Gardens. 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.

Eighteen (18) of the active listings are priced over $500,000. Four (4) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Seven (7) of the active listings have had a price reduction; three this week. We remain in a Sellers' market due to high demand and low inventory, but that will start to change. More interest rate increases are coming in 2022. We anticipate that inventory will continue to increase.

MULTIPLE OFFERS HAVE DROPPED AND DEMAND IS SLOWING!

Mortgage interest rates have surprisingly dropped this week to under 5%, but expect more increases. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming less common in today's market. The demand remains high for properties under $500,000. There is one (1) listing just under $500,000. The low inventory and interest hikes make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Four (4) properties are priced between $500,000-$600,000; four (4) between $600,000-$700,000; one (1) between $700,000-$800,000; one (1) between $800,000-$900,000; three (3) between $900,000-$1,000,000; four (4) between $1-2 million; and one (1) is listed for over $2 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of July 29, 2022 through August 5, 2022, there were reported 1 new listing, 7 closed sales, 0 pending sales, 2 active with contract, 1 expired listing, 0 cancelled listings, 0 temp off market, 3 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 Friday, August 5, 2022. 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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