BUYERS TAKE ADVANTAGE OF LOWER RATES

via realtor.com—Buyers continue to see growing existing for-sale inventory, but new home inventory dipped this month as buyers returned to the market in the wake of falling mortgage rates. Overall, for-sale inventory hit a five-year high in July, but there were still roughly 30% fewer homes for sale than in the same period pre-pandemic. Over the past few months, growing inventory has done little to stoke buyer demand as prices and mortgage rates remained stubbornly high. Builders have responded to recent lackluster buyer demand by pulling back on construction activity. However, this month’s new home sales suggest that buyer activity may continue to pick up this fall as mortgage rates ease.

New home sales picked up 10.6% in July, climbing from June’s upwardly revised rate to 739,000 new home sales. July’s rate was 5.6% above the July 2023 rate as buyer demand picked up with falling mortgage rates. Though mortgage rates remained above 6.75% in July, buyers responded enthusiastically to easing housing costs. Mortgage rates have continued to fall and even dipped below 6.5% over the last few weeks, the lowest level since May 2023.

New home sales activity varied regionally in July but picked up in all four regions. New home sales picked up monthly by 33.8% in the West, 9.9% in the Midwest, 6.9% in the Northeast and 2.9% in the South. On an annual basis, new home sales climbed most significantly in the Midwest (+17.1%), followed by the West (+9.0%), the Northeast (+3.3%) and the South (+2.2%). This year’s Hottest Zip Codes were concentrated in the Midwest and Northeast, both of which saw climbing new home sales as buyers took advantage of available new home inventory....READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-seven (37) active listings in the MS/VG market this week. Over 40% of the active listings are over $1,000,000.00. Inventory has hovered around 35+/- listings these last months. Increased inventory is better for Buyers, but prices remain strong for Sellers. We are truly in a unique market! Values remain strong in Miami Springs and Virginia Gardens. 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 fifteen (15) active listings over one million dollars. Sixteen (16) 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%. 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 50 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; four (4) listings are priced between $600,000-$700,000; six (6) are priced between $700,000-$800,000; four (4) are priced between $800,000-$900,000; six (6) are priced between $900,000-$1,000,000; thirteen (13) 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 16, 2024 through August 23, 2024, there were reported 2 new listings, 2 closed sales, 1 pending sale, 3 active with contract, 2 expired listings, 1 cancelled listing, 0 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 August 23, 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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