EXISTING-HOME SALES RETREAT AS
MEDIAN SALE PRICE JUMPS

via themortgagepoint.com—While supply has inched up in some parts of the country, August experienced a decline in existing-home sales, according to the National Association of REALTORS (NAR). The Midwest had no change in sales, but the other three of the four major U.S. regions reported declines. Sales decreased in three regions from the previous year, while they held steady in the Northeast.

Completed transactions involving single-family homes, townhomes, condominiums, and cooperatives make up the total existing-home sales, which fell 2.5% from July to a seasonally adjusted annual rate of 3.86 million in August. Sales decreased 4.2% from the previous year (from 4.03 million in August 2023).

“Existing home sales were likely little changed in August,” said Danielle Hale, Chief Economist at Realtor.com. “Although home buyers had more for-sale homes to choose from and increased buying power from easing mortgage rates, it seems that many are waiting for additional improvements. The median home sales price likely continued to climb from one year ago, but dropped from July as is typical at this time of year.”

Existing-home sales retreated 2.5% in August to a seasonally adjusted annual rate of 3.86 million. Sales slid 4.2% from one year ago.

The median existing-home sales price rose 3.1% from August 2023 to $416,700, the 14th consecutive month of year-over-year price increases.

The inventory of unsold existing homes improved by 0.7% from the previous month to 1.35 million at the end of August, or,...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. There are thirty-one (31) active listings this week; 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 and prices are still high but we are seeing a significant number of price decreases on active listings lately. We are truly in a unique market! It is slowing down but there are still many qualified buyers out there, despite high interest rates and high prices. Please refer to the articles posted on our website for more insight.

There are thirteen (13) active listings over one million dollars. Sixteen (16) of the active listings have had a price reduction; three (3) this week. There are no new 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? Properties are staying on the market for longer but some houses still quickly sell. 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 been lowered to just below 5.5% with lower rates 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 54 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; six (6) listings are priced between $600,000-$700,000; three (3) 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; twelve (12) between $1-2 million; and one (1) 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 September 13, 2024 through September 20, 2024, there were reported 0 new listings, 2 closed sales, 0 pending sales, 2 active with contract, 1 expired listing, 0 cancelled listings, 1 temp off market, 3 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 20, 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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