MARKET ACTIVITY TICKS UP AS BUYERS BEGIN TO TOUR HOMES

via themortgagepoint.com—In a newly released report, according to a recent survey from Redfin, the Homebuyer Demand Index is close to its highest level seen since September 2023.

A seasonally adjusted indicator of tours and other purchasing services from Redfin agents, the Homebuyer Demand Index, is up approximately 7% over the previous year. Applications for mortgage purchases are at their highest level since late January, rising 17% month over month.

The four weeks ending December 1 saw an estimated 6.5% increase in pending home sales compared to the same period last year, which is comparable to the annual increases Redfin has witnessed over the past two months.

Despite high property prices and mortgage rates, there are a few reasons why homebuyers are emerging from the sidelines and easing their way into the market. Before taking the decision to purchase a property seriously, many Americans waited for the election to be over. Following the election, Redfin witnessed a surge in early-stage homebuying activities, such as home tours, and this trend has persisted.

Purchasers have been used to high mortgage rates, and many have come to terms with the fact that they are unlikely to decrease very soon. With a current weekly average rate of 6.81%, it is approximately in the middle of the two-year range of 6% to 7.8%.

“The market is strong, with a lot of pent-up demand after a slow summer and early fall,” said Mimi Trieu, a Redfin Premier agent in the Bay Area. “Buyers realized mortgage rates may not drop below 5%, and probably not below 6%, in the near future. They are also noticing there are not many desirable, move-in ready homes for sale that are priced reasonably, so they’re pushing forward and negotiating good deals. Homes that have been sitting on the market since the summer or early fall are finally selling.”

New listings on the for-sale market have increased by…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are twenty-eight (28) active listings this week. Approximately 32% of the active listings are over a $1,000,000.00! Inventory in the MS/VG market hovered at around 32+/- listings last month. Prices remain strong for Sellers. Interest rates have decreased slightly but we still have high prices? We are seeing a significant number of price decreases on active listings, but sold prices remain fairly strong. 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 nine (9) active listings over one million dollars. Thirteen (13) of the active listings (less than half!) 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. 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 are just under 7% 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 55 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; five (5) listings are priced between $600,000-$700,000; two (2) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; five (5) are priced between $900,000-$1,000,000; eight (8) 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 December 6, 2024 through December 13, 2024, there were reported 1 new listing, 7 closed sales, 1 pending sale, 1 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 December 13, 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:  [email protected]

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