HOUSING MARKET TRENDS

via realtor.com—The 2024 summer housing market is wrapping up by shifting to a more buyer-friendly environment. Lower prices, an increase in listings, and longer time on the market are giving buyers more time and flexibility to consider their options, setting the stage for a favorable fall. With mortgage rates expected to decline further and inventory continuing to grow, we anticipate more buyers will enter the market in the coming months.

Meanwhile, sellers are showing increased patience and flexibility, with the share of listings with price reductions reaching its highest level for an August in over five years. This combined with the downward trending mortgage rates presents great opportunities for those looking to complete their home shopping before the end of 2024.

Key findings

The median listing price fell by 0.9% year over year

For the 14th week in a row, the median listing price in the U.S. is less than or equal to what it was in the corresponding week of 2023. This summer has seen a consistent moderation in prices dating back to data from June 1. In fact, the share of listings with price reductions reached the highest for an August in over five years as sellers adjust asking prices to better meet what buyers are looking for.

New listings—a measure of sellers putting homes up for sale—ticked higher this week by 5.5% from one year ago

The recent easing of mortgage rates has encouraged many sellers to return to the market, with the year-over-year growth in new listings experiencing its largest increase in a month. We anticipate that mortgage rates will continue to decline throughout the rest of the year, which could motivate more hesitant homeowners to sell. However, we don’t foresee a significant increase in selling activity...READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Inventory in the MS/VG market has hovered around 35+/- listings these last months and value remains strong. This week there are thirty-four (34) active listings; over 40% are listed for over a $1,000,000.00. Increased inventory is better for Buyers, but prices remain strong for Sellers. Interest rates have decreased slightly but prices are still high; we are truly in a unique market! Despite high interest rates and high prices, there are still many qualified buyers out there. Please refer to the articles posted on our website for more insight.

There are thirteen (13) active listings over one million dollars. Fifteen (15) of the active listings have had a price reduction; two (2) this week. There is one (1) new 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% but lower rates are expected. 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 49 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 are two (2) listings priced between $500,000-$600,000; six (6) listings are priced between $600,000-$700,000; five (5) are priced between $700,000-$800,000; two (2) are priced between $800,000-$900,000; six (6) are priced between $900,000-$1,000,000; eleven (11) between $1-2 million; and two (2) are priced for over $2 million.

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

During the period of August 30, 2024 through September 6, 2024, there were reported 3 new listings, 1 closed sale, 1 pending sale, 6 active with contract, 0 expired listings, 1 cancelled listing, 1 temp off market, 2 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 September 6, 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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