Weekly Housing Trends

Already above their 2020 level in October, active listings continued to ratchet higher this week despite the largest year-over-year pullback in new listings since January. The data suggest that it’s not just many buyers, but sellers, too, who are in “wait-and-see” mode.

The price of the typical for-sale home continues to climb at double-digit pace, and could finally return to single-digit territory by the end of the year if the recent slowing is sustained.

Despite last week’s dip, mortgage rates are expected to climb back above 7% this week and more could be ahead.

Key Findings:

The median listing price grew by 11.7% over last year. The typical asking price of for-sale homes continues to exceed last year’s level by double-digits, hitting a 45th week at double-digit pace. However, the pace of growth shrank again.

New listings–a measure of sellers putting homes up for sale–were again down, dropping 20% from one year ago. This marks the eighteenth week of year over year declines in homeowners listing their home for sale, a sign that homeowners are well aware of the market’s reset.

Active inventory continued to grow, increasing 42% above one year ago. Homes spent seven extra days on the market compared to this time last year. For a fifteenth straight week, homes spent more time on market than last year.

As we near the end of the calendar year,....READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-three (33) active listings in the MS/VG market this week, an increase since last week. The inventory had averaged approximately 20-25 listings the last several months. I expect continued increases in the months ahead. But who knows in this market! Pending sales have slowed. A definite sign that sales have slowed down. Values remain strong in Miami Springs and Virginia Gardens, for now. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! The market is starting to transition, and Sellers are no longer in the driver's seat. Please refer to the articles posted on our website.

Thirty-two (32) of the active listings are priced over $500,000. Five (5) properties are listed between 1-2 million dollars. Two (2) are listed for OVER 2 million dollars! Ten (10) of the active listings have had a price reduction; one this week. We are transitioning to a Buyers' market due to decreased demand and higher mortgage interest rates. More interest rate increases are coming in the next month, which means fewer Buyers and likely increases in inventory.

MULTIPLE OFFERS HAVE DROPPED AND DEMAND IS SLOWING!

Mortgage interest surprisingly dropped below 6.0% this week, but expect rates to increase. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are less common and properties are staying on the market for more days. The demand remains high for properties under $500,000. There is one (1) listing just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Five (5) properties are priced between $500,000-$600,000; eleven (11) between $600,000-$700,000; five (5) between $700,000-$800,000; one (1) between $800,000-$900,000; three (3) between $900,000-$1,000,000; five (5) between $1-2 million; and two (2) are 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 November 4, 2022 through November 11, 2022, there were reported 8 new listings, 3 closed sales, 1 pending sale, 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, November 11, 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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