The Best Time to Buy a Home

Since the start of the pandemic, homes have been in high demand leading to intense competition, rapidly depleting inventory, soaring prices and a breakneck market pace. Buyers flocked to areas that offered spacious homes, desirable outdoor amenities and more bang for their buck. Over the last year, the median US home price climbed 16.9% year-over-year to a record-high $450,000 in June, and rental prices offered no relief, setting new records nationwide. High prices, climbing mortgage rates and inflation reaching near-historic levels put a dent in potential buyers’ pocketbooks. As a result, the market finally started to show signs of returning to balance and in May 2022, inventory started the trek towards recovery, growing compared to the previous year for the first time since June 2019.

Up until the last couple months, 2022 continued to crank it up a notch with record-high listing prices and a blistering pace of home sale. However, as of August, the national median time on market for a home was 42 days, slowing from 37 days last year and this year’s peak speed of 31 days in May. After a whirlwind couple of years, time on market has started to level off and even slow compared to last year. However, inventory has kept up the pace in affordable areas, such as many of this year’s hottest zip codes, where the typical home sells within a little over a week of going on the market.

The continued high prices combined with elevated mortgage rates took a toll on buyers’ budgets, leading to fewer buyers which freed up inventory at the same time that more homeowners decided to list homes for sale this spring. By the end of August, active listings were up 87.3% compared to the start of the year. Moreover, despite falling below year-ago levels in summer, new listings continue to enter the market, with...READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are twenty-eight (28) active listings in the MS/VG market this week. The inventory has been increasing the last several 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. There are only three (3) pending sales. A definite sign that sales have slowed down. 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.

Twenty-six (26) of the active listings are priced over $500,000. Six (6) 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; one (1) this week. We remain in a Sellers' market due to high demand but that has started to change. More interest rate increases are coming in 2022. We anticipate inventory will increase.

MULTIPLE OFFERS HAVE DROPPED AND DEMAND IS SLOWING!

Mortgage interest rates topped 6% last week, with more increased expected. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are less common and the number of days on the market are increasing. The demand remains high for properties under $500,000. There are two (2) listings just under $500,000. The low inventory and interest hikes make it difficult for most first-time Buyers. Two (2) properties are priced between $400,000-$500,000. One (1) property is priced between $500,000-$600,000; five (5) between $600,000-$700,000; four (4) between $700,000-$800,000; six (6) between $800,000-$900,000; three (3) between $900,000-$1,000,000; six (6) 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 September 9, 2022 through September 16, 2022, there were reported 3 new listings, 1 closed sale, 0 pending sales, 1 active with contract, 1 expired listing, 0 cancelled listings, 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, September 16, 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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