ACTIVE HOMES FOR SALE HITS
POST-PANDEMIC HIGH

via themortgagepoint.com—The market is getting more buyer-friendly as a result of a combination of increasing inventory levels and price decreases, according to Realtor.com’s July housing data. In July 2024, the number of active homes for sale increased by 36.6% from the same month the previous year, reaching a post-pandemic high. At the same time, the percentage of listings with price reductions reached 18.9%, the highest level since October.

“The inventory scars of the pandemic-era housing market are continuing to fade,” said Danielle Hale, Chief Economist of Realtor.com. “Although active listings are still short of the pre-pandemic mark, we saw the gap continue to narrow meaningfully as active listings hit a post-pandemic high.

As sellers continue to list homes and buyers become choosier, the time a home spends on the market is extending, thereby helping the housing market move in a more buyer-friendly direction. In response, sellers are curbing expectations and reducing listing prices more often which could set the stage for more sales this fall, especially if mortgage rates continue to decline.”

“In addition to seeing inventory levels rise to heights not seen since before the pandemic, buyers are also seeing sellers cut prices on a much larger...READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Inventory increased this week to thirty-five (35) active listings in the MS/VG market. Nearly 50% of the active 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 sixteen (16) active listings over one million dollars. Fifteen (15) of the active listings have had a price reduction; four (4) this week. There is one (1) pending sale 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 around 6.5%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers still happen in some cases. 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; five (5) listings are priced between $600,000-$700,000; five (5) are priced between $700,000-$800,000; four (4) are priced between $800,000-$900,000; four (4) are priced between $900,000-$1,000,000; thirteen (13) 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 26, 2024 through August 2, 2024, there were reported 3 new listings, 2 closed sales, 1 pending sale, 0 active with contract, 1 expired listing, 1 cancelled listing, 0 temp off market, 4 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 August 2, 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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