RISING HOME PRICES FUELED BY ONGOING SUPPLY SHORTAGE

via themreport.com — While mortgage rates continue to inch down from their recent peak, overall housing affordability isn’t improving at a rapid pace, according to a new report from Redfin. With the median U.S. home-sale price up 4.5% year-over-year during the four weeks ending September 3 and mortgage rates remaining above 7%, the typical monthly mortgage payment is $2,612—just $18 shy of the all-time high set in May. High housing costs are continuing to dampen homebuying demand, with mortgage-purchase applications falling to a 28-year low.

Prices are rising due to a supply shortage, as the total number of homes on the market is down 18% year-over-year, representing the biggest decline since February 2022. New listings are also down 9% as many homeowners refuse to part with relatively low mortgage rates. However, there are still more homebuyers than sellers in much of the country.

"Some buyers are cutting back on other expenses to up their housing budgets because they believe home prices are only going to increase, said Chicago Redfin Premier agent Niko Voutsinas. "They’re nervous that the minute rates come down, a flood of competition will edge them out. Those buyers typically need to move quickly and offer at or above the asking price if they love a home, because so few listings are hitting the market.”

“The market is marching on, especially for turnkey homes,” said Voutsinas. “If folks can figure out a way to buy instead of rent, they will." …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Inventory has remained relatively over the last few weeks. There are eighteen (18) active listings in the MS/VG market this week. We are anticipating inventory increases in the months ahead, but we are truly in a unique market with lots of unpredictability. Anything can happen! Two (2) pending sales this week, and values remain strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there. With tighter inventory and continued high demand, the market has been transitioning back to a Sellers' market. Please refer to the articles posted on our website.

Half of the active listings are over one million dollars. Three are listed for more than $2,000,000!! Five (5) of the active listings have had a price reduction; none this week. We had been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage rates, gives Sellers an advantage and makes it difficult for Buyers. Although, things may start to slow down! Expected interest rates increases in the future can mean fewer buyers. We still anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates are approximately 7% this past month. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming more common again. The number of days properties are staying on the market is averaging 67 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) is priced between $500,000-$600,000; four (4) are priced between $600,000-$700,000; one (1) is between $700,000-$800,000; one (1) is between $800,000-$900,000; two (2) is priced between $900,000-$1,000,000; six (6) between $1-2 million; and three (3) 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 September 1, 2023 through September 8, 2023, there were reported 1 new listing, 1 closed sale, 2 pending sales, 2 active with contract, 0 expired listings, 1 cancelled listing, 0 temp off market, 0 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 8, 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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