HOW ARE EXISTING-HOME SALES FARING?

via themortgagepoint.com—According to the latest Existing-Home Sales Report housing snapshot from the National Association of Realtors (NAR), existing home sales fell 3.7% year-over-year in March 2024 while median existing-home sale prices rose 4.8% year-over-year to $393,500, marking the ninth consecutive month for home price gains and the highest ever number for the month of March.

According to the NAR, the inventory of unsold homes grew 4.7% from one month ago to 1.11 million dwelling units, the equivalent of 3.2 months of inventory at the current monthly sales pace. This number is up 14.4% (970,000 units) from one year ago.

“More inventory is always welcomed in the current environment,” Yun added. “Frankly, it’s a great time to list with ongoing multiple offers on mid-priced properties and, overall, home prices continuing to rise.”\

The current rate of existing-home sales fell to a seasonally adjusted annual rate of 4.19 million units in March. Year-over-year, sales fell from 4.35 million units in March 2023.

“Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” said NAR Chief Economist Lawrence Yun. “There are nearly six million more jobs now compared to pre-COVID highs, which suggests more aspiring home buyers exist in the market.”

Further, the NAR said the average property is on the market for 33 days in March, down from 38 in February 2024, but up from 29 days year-over-year.

First-time buyers were responsible for 32% of sales in March.

All-cash sales accounted for 28% of transactions in March, down from 33% in February but up from 27% one year ago.

Individual investors or second-home buyers, who make up many cash sales, purchased …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-six (36) active listings in the MS/VG market this week. One of the listings is a spec house that hasn’t been built. The list price is a whopping $3.2 million! We do not use this listing in calculating market values for this report. Inventory has hovered around 30+/- listings these last months. Increased inventory is better for Buyers, but prices remain strong for Sellers. We are truly in a unique market! Though the market appears to be slowing down a bit, prices remain strong in Miami Springs and Virginia Gardens and demand continues despite high interest rates and high prices. Please refer to the articles posted on our website.

There are twelve (12) active listings over one million dollars. Sixteen (16) of the active listings have had a price reduction; four (4) this week. There are three (3) pending sales this week. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for Buyers. The high interest rates, however, 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. 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 remained around 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are more common again. The number of days properties are staying on the market is averaging 71 days. There are no properties listed under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. There is one (1) listing priced between $500,000-$600,000; seven (7) listings are priced between $600,000-$700,000; nine (9) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; twelve (12) between $1-2 million; and one (1) spec house listed for over $3 million.

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

During the period of April 12, 2024 through April 19, 2024, there were reported 2 new listings, 6 closed sales, 3 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 1 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 April 19, 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

………………………………………………..……………………………………………………………………………