MARKET TRENDS THIS LAST WEEK

via realtor.com—The housing market continued to witness a positive surge in listing activities in the past week, providing today’s prospective home buyers with a more extensive array of options compared to a year ago. Furthermore, the mortgage rates experienced a decline of over one percentage point from their recent peak, leading to a renewed interest from buyers entering the market. Consequently, listing prices continued their year-over-year increase, underscoring the persistent strength in housing demand. Looking ahead, january’s cpi data means that mortgage rates are likely to maintain their current narrow range, inching towards the upper boundary established since late december. The recent stability in rates, in sharp contrast to the volatility of 2023, is expected to make it less challenging for both home buyers and sellers in planning their next moves.

Key findings:

The median listing price grew by 0.3% over last year.

The median home listing price was 0.3% higher compared to the same week last year. This growth rate declined from the previous week (+0.9%), as listing price growth appears to be cooling after reaching a 35-week high during the week ending january 6th (+2.2%). Although the nation’s median home listing price typically rises after the first week of the year, we may not see the intensity of price growth that we’ve seen in 2021 to 2023. In fact, home prices have been a rough holding pattern since may 2023 and have deviated from prior year levels only by a range of -0.9% to +2.2%.

New listings–a measure of sellers putting homes up for sale–were up this week, by 9.5% from one year ago.

Newly listed homes were above last year’s levels for the 16th week in a row. While the jump was not as big as the one we observed in the previous week (12.8%), it was still an encouraging rate, which could further contribute to a recovery in active listings meaning more options for home shoppers. In realtor.com’s january housing trends report, we dive into local variations. In january, newly listed homes rose compared to the prior year in the west and south while the northeast and midwest saw fewer new listings. By market, the largest growth in newly listed homes was in denver (+21.3%), seattle (+20.6%) and miami (+20.2%).

Active inventory increased, with for-sale homes 13.9% above year ago levels.

For a 14th consecutive week, active listings registered …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are twenty-nine (29) active listings in the MS/VG market this week. Inventory dipped back below thirty listings, which is better for Sellers. But will inventory increase in the months ahead? We think so. We are truly in a unique market with continued demand despite high interest rates and high prices. Though the market appears to be slowing down a bit, prices remain strong in Miami Springs and Virginia Gardens. Please refer to the articles posted on our website.

There are ten (10) active listings over one million dollars. Nine (9) of the active listings have had a price reduction; two (2) this week. There are seven (7) pending sales this week. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for Buyers. The high interest rates, however, also create a difficult situation for Sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Any additional interest rate increases in the future can mean fewer Buyers.Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates decreased recently and are hovering under 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are more common again. The number of days properties are staying on the market is averaging 33 days. There are no properties listed under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. There are no (0) listings priced between $500,000-$600,000; seven (7) listings are priced between $600,000-$700,000; seven (7) are priced between $700,000-$800,000; three (3) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; ten (10) between $1-2 million; and none (0) 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 February 9, 2024 through February 16, 2024, there were reported 2 new listings, 1 closed sale, 7 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, February 16, 2024. 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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