HOME PRICES COOL; ANNUAL GROWTH NOW BELOW 5%

via themortgagepoint.com—According to a new report from CoreLogic, annual home price gains have dipped below the 5% mark for the first time since October while monthly gains posted a 0.6% growth rate, a number that is in line with statistics from before the pandemic.

“While national annual home price growth continues to slow as anticipated, cooling appreciation over the past months is now observed in more markets, as the surge in mortgage rates this spring caused both slowing homebuyer demand and prices,” said Dr. Selma Hepp, Chief Economist for CoreLogic. “However, persistently stronger home price gains this spring continue in markets where inventory is well below pre-pandemic levels, such as those in the Northeast.”

“Also, markets that are relatively more affordable, such as those in the Midwest, have seen healthy price growth this spring,” Hepp continued. “On the other hand, markets with notable inventory increases, including those in Florida and Texas, continue to see annual deceleration that is pulling prices below numbers ….”...READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-eight (38) active listings in the MS/VG market this week. Almost 40% 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 is 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 fifteen (15) active listings over one million dollars. Thirteen (13) of the active listings have had a price reduction; one (1) this week. There are no 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 and properties are staying on the market for longer. 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 are just 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 56 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; seven (7) listings are priced between $600,000-$700,000; five (5) are priced between $700,000-$800,000; six (6) are priced between $800,000-$900,000; four (4) are priced between $900,000-$1,000,000; thirteen (13) 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 28, 2024 through July 5, 2024, there were reported 3 new listings, 0 closed sales, 0 pending sales, 2 active with contract, 0 expired listings, 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 July 5, 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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