SELLERS SLASH LIST PRICES ASBUYERS FACE RECORD HIGH HOME COSTS

via themortgagepoint.com—Home sales dipped 1.7% month-over-month in May on a seasonally adjusted basis, and 2.9% year-over-year, according to a recent Redfin study. There have only been two months in the last decade with fewer home sales: October 2023, when mortgage rates reached a 23-year high, and May 2020, when the pandemic brought the housing market to a halt and home sales to an all-time low.

“Buyers today are facing many of the realities of a hot market even though few homes are changing hands,” said Elijah de la Campa, Senior Economist at Redfin. “Sales are sluggish because high homebuying costs are making both house hunters and prospective sellers skittish. And with so few homes for sale, buyers in some markets are getting into bidding wars, which is helping push home prices to record highs.”

Experts predict sales may increase later this year if mortgage rates gradually fall as projected....READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-two (32) active listings in the MS/VG market this week. More than 50% of the listings are over $1,000,000.00! Two of the listings are spec houses that have not yet been built. One is listed for a whopping $3.2 million! We do not use spec listings in calculating market values for this report. Inventory has hovered around 30+/- listings these last months. Increased inventory is better for Buyers, but prices remain strong for Sellers. We are truly in a unique market! Though the market appears to be slowing down a bit, prices remain strong in Miami Springs and Virginia Gardens and demand continues despite high interest rates and high prices. Please refer to the articles posted on our website.

There are fourteen (14) active listings over one million dollars. Thirteen (13) of the active listings have had a price reduction; one (1) this week. There are two (2) 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? Sales activity has slowed down a bit. 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 have recently dipped just below 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 62 days. There are no properties listed under $500,000. The limited options for entry-level homes, higher interest rates, and homeowner insurance costs make it difficult for first-time Buyers. There is one (1) listing priced between $500,000-$600,000; three (3) listings are priced between $600,000-$700,000; seven (7) are priced between $700,000-$800,000; two (2) are priced between $800,000-$900,000; five (5) are priced between $900,000-$1,000,000; twelve (12) between $1-2 million; and two (2) spec houses listed for over $2.5 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of June 7, 2024 through June 14, 2024, there were reported 3 new listings, 3 closed sales, 2 pending sales, 2 active with contract, 0 expired listings, 1 cancelled listing, 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 June 14, 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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