HOUSES GATHERING DUST ON MARKET AS UNSOLD INVENTORY GROWS

via themortgagepoint.com—Nearly two-thirds (64.7%) of homes on the market in June had been listed for at least 30 days without going under contract, according to a new report from Redfin, a technology-powered real estate brokerage. This marks an increase from 59.6% year-over-year, the largest annual rise in a year and the highest share for any June since 2020.

June marked the fourth consecutive month in which the proportion of homes lingering on the market for at least a month increased year-over-year. This trend is contributing to a glut of unsold inventory. The growing number of homes sitting on the market without finding buyers is attributed to record-high home prices and elevated mortgage rates in the 7% range, which are deterring potential buyers. Despite the sluggish demand, supply remains relatively high. The total number of homes for sale recorded its largest year-over-year gain in June, as listings remain on the market longer, causing inventory to accumulate.

“Overall, the market is fairly stagnant,” said Shay Stein, a Redfin Premier Agent in Las Vegas. “There are more listings hitting the market, but many are in poor condition or undesirable neighborhoods, and sellers are pricing unrealistically high. Many sellers are...READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Inventory remained steady this week. There are still thirty-two (32) active listings in the MS/VG market. Almost half of the listings are over $1,000,000.00! Two of the listings are spec houses that have not yet been built— their list prices range from $2.5 million to 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. We are truly in a unique market! Increased inventory is better for Buyers, but prices remain strong for Sellers. The market appears to be slowing down a bit, but demand in Miami Springs and Virginia Gardens continues despite high interest rates and high prices. Will inventory increase in the months ahead? We think so! Please refer to the articles posted on our website for more insight.

There are fifteen (15) active listings over one million dollars. Thirteen (13) of the active listings have had a price reduction; four (4) this week. There are four (4) pending sales this week. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes still makes it difficult for Buyers. The high interest rates 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 happening again. The number of days properties are staying on the market is averaging 47 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; four (4) listings are priced between $600,000-$700,000; four (4) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; twelve (12) between $1-2 million; one (1) is priced for over $2 million and (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 July 19, 2024 through July 26, 2024, there were reported 3 new listings, 3 closed sales, 4 pending sales, 0 active with contract, 0 expired listings, 2 cancelled listings, 1 temp off market, 0 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 July 26, 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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