THE BEST TIME TO SELL: THE WEEK OF APRIL 16-22

via realtor.com — Home sellers on the fence waiting for that perfect moment to sell should start preparations, because the best time to list a home in 2023 is approaching quickly.

The week of April 16-22 is expected to have the ideal balance of housing market conditions that favor home sellers, more so than any other week in the year.

This selection comes from looking at seasonal trends from 2018-2019 and 2021-2022 data. Due to the onset of the pandemic, 2020 was an uncharacteristic year and has therefore been excluded from the analysis. We expect the 2023 housing market to behave similarly to 2021, 2022 and pre-pandemic years in terms of seasonality. Each week was scored based on favorability toward sellers — this included competition from other sellers (active listings and new listings), listing prices, market pace (days on market), likelihood of price reductions, and homebuyer demand (views per property on Realtor.com). Percentile levels for each week were calculated along each metric and were then averaged together across metrics to determine a Best Time to List score for each week. Rankings for each week were based on these Best Time to List scores. Though housing demand… READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are twenty-five (25) active listings in the MS/VG market this week. Inventory decreased slightly over the last couple of weeks. It has averaged approximately 25 listings the last month or so. I expect inventory to continue to slowly increase in the months ahead, but in this market, anything is possible. Pending sales are stable. Though values remain strong in Miami Springs and Virginia Gardens, we have seen many list-price decreases. 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.

Twenty-four (24) of the active listings are priced at $525,000 or above. Two (2) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Nine (9) of the active listings have had price reductions; four this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to decreased demand, higher inventory, and higher mortgage interest rates. More interest rate increases are coming in the next month, which means fewer Buyers and likely increases in inventory.

DEMAND IS SLOWING!

Mortgage interest rates are between 6.5% and 7% this week. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are much less common. Days properties are staying on the market has increased (Average DOM = 62).

The demand remains high for properties under $500,000. There is just 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. Six (6) properties are priced between $500,000-$600,000; eight (8) between $600,000-$700,000; four (4) between $700,000-$800,000; one (1) between $800,000-$900,000; two (2) between $900,000-$1,000,000; two (2) 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 March 24, 2023 through March 31, 2023, there were reported 4 new listings, 3 closed sales, 2 pending sales, 1 active with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 4 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, March 31, 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

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