WEEKLY HOUSING TRENDS

via realtor.com — The median listing price grew by 3.2% over last year. Home prices continue to follow their usual seasonal advance in the spring, with the median list price climbing above $424,000 in March. However, momentum has slowed, and that’s reflected in smaller gains in asking price trends. This week’s 3.2% growth is the slowest since May 2020. This means that while home prices are likely to continue to climb through the summer, as is typical for the season, the jumps will be smaller than we saw in 2022. That will likely cause the measured asking price of for-sale homes to drop this summer. Already, the national median sale price declined in February for the first time in over 10 years (by 0.2%). These modest declines mean a bit of relief for home shoppers relative to the end of 2022, but in the larger context, both prices and mortgage rates remain relatively high. While competitiveness has eased for buyers by some metrics, affordability continues to be a challenge.

New listings–a measure of sellers putting homes up for sale–were again down, this week by 32% from one year ago. The number of newly listed homes has been lower than the same time the previous year for the past 40 weeks. This past week, the gap from last year increased more significantly, perhaps due in part to shifts in religious holidays that fell earlier in 2023. If this is the case, we will likely see some improvement in the next week. Nevertheless, the number of newly listed homes remains a weak spot in the 2023 housing market, keeping home sales low despite a February uptick. Seller sentiment ticked up slightly in March but remains low as consumer expectations for home prices are mixed and mortgage rates are expected to remain high.

Active inventory growth continued to climb… READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are twenty-five (25) active listings in the MS/VG market this week. Inventory remained the same since last week. It has averaged approximately 25 listings the last month or so. I expect inventory to slowly increase in the months ahead, but in this market, anything is possible. Pending sales are stable. Though values remain strong in Miami Springs and Virginia Gardens, we have seen many list-price decreases. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! The market is starting to transition, and Sellers are no longer in the driver's seat. Please refer to the articles posted on our website.

Twenty-four (24) of the active listings are priced at $525,000 or above. Three (3) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Seven (7) of the active listings have had price reductions; one this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to decreased demand, higher inventory, and higher mortgage interest rates. More interest rate increases are coming in the next month, which means fewer Buyers and likely increases in inventory.

DEMAND IS SLOWING!

Mortgage interest rates dropped to between 6.0% and 7% this month. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are much less common. Days properties are staying on the market has increased since the beginning of 2023 (Average DOM = 63).

The demand remains high for properties under $500,000. There is just one (1) listing just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Four (4) properties are priced between $500,000-$600,000; eight (8) between $600,000-$700,000; three (3) between $700,000-$800,000; two (2) between $800,000-$900,000; three (3) between $900,000-$1,000,000; three (3) between $1-2 million; and one (1) is listed for over $2 million.

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

During the period of April 7, 2023 through April 14, 2023, there were reported 3 new listings, 1 closed sale, 2 pending sales, 3 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 1 price reduction, 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 Friday, April 14, 2023. 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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