HOME LISTING PRICES REMAIN STEADY BUT
PRICE CUTS COULD SIGNAL SOFTENING

via realtor.com — The national median list price declined seasonally, to $425,000 from $430,000 in September, and the median list price remained stable compared to the same time last year. Listing prices have been buoyed by scarce inventory and, while new home sales have been increasing, construction activity isn’t elevated enough to fully bridge the low inventory gap.

While the median listing price has remained relatively stable relative to last year, higher mortgage rates compared to last October increased the monthly cost of financing 80% of the typical home by roughly $166 (+7.4%) compared to a year ago–a new record on top of what was already the highest amount since Realtor.com began tracking this data in mid-2016. This increased the required household income to purchase the median-priced home by $6,600 to $120,000.

The percentage of homes with price reductions decreased from 21.5% in October of last year to 18.9% this year. However, the share of price reductions is still increasing well into the fall season which is unusual for a normal year but follows the trend seen last year and in 2018 when the housing market also slowed. We will be looking to November to see if the share of price reductions begins to fall in line with 2022 and 2018 or whether this is a signal for a greater softness in listing prices…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are fifteen (15) active listings in the MS/VG market this week. Inventory is unchanged since last week. The market remains unpredictable with inventory fluctuating from week to week. Will we finally see a steady rise in inventory in the months ahead? Who knows! One thing is for sure—values remain strong in Miami Springs and Virginia Gardens, despite interest rate increases. There are still many qualified Buyers out there, and with tighter inventory and continued high demand, the market is transitioning back to a Sellers' market. Please refer to the articles posted on our website.

Forty percent (40%) of the active listings are over one million dollars, with one listing even priced for over $2,000,000.00!! Six (6) of the active listings have had a price reduction; three this week. There are zero (0) pending sales. Though we were transitioning to a more neutral market, 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 reached almost 8% this 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 44 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 costs make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000; none (0) are priced between $500,000-$600,000; one (1) is priced between $600,000-$700,000; one (1) is priced between $700,000-$800,000; four (4) are priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; five (5) 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 October 27, 2023 through November 3, 2023, there were reported 1 new listing, 0 closed sales, 0 pending sales, 2 active with contract, 0 expired listings, 2 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, November 3, 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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