July Home Sales Drop to Early-Pandemic Levels

Home sales showed no signs of stopping its recent descent in July 2022, as sales dropped to their lowest level since the beginning of the pandemic when the market was at a near standstill.

According to Redfin, home sales dropped 19.3% year-over-year in July, and by another measure, home sales dipped 4.1% month-over-month, the sixth-straight monthly decline recorded by their report.

Redfin said that this decrease comes as some prospective homebuyers were sidelined because they were priced out of the market; others were wary of potential home-value declines in the near future amid early signs of a recession.

In addition, home prices decelerated from their recent meteoric rise only registering a 7.7% gain over the course of the month. Now that price growth is dipping into single-digit territory after two years of double-digit increases represents “slumping” homebuyer demand shown by the fact that homes are also sitting on the market longer than before…

The buyers who are still in the game are finally getting a break from bidding wars, which means they can be picky,” said Raleigh, North Carolina Redfin Agent Pam Lewis. “Three months ago, buyers were saying, ‘Get me a building with four walls and I’ll make it work.’ Now they have some choices....READ MORE.

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are twenty (20) active listings in the MS/VG market this week. The inventory has fluctuated over the last 3-4 weeks. It had averaged under 15 listings the last several months. I expect continued increases in inventory in the months ahead. Pending sales have slowed a bit. Values are still strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! Today, it is still a Sellers' market. Please refer to the articles posted on our website.

Nineteen (19) of the active listings are priced over $500,000. Five (5) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Five (5) of the active listings have had a price reduction; two (2) this week. We remain in a Sellers' market due to high demand and low inventory, but that has started to change. More interest rate increases are coming in 2022. We anticipate inventory will increase.

MULTIPLE OFFERS HAVE DROPPED AND DEMAND IS SLOWING!

Mortgage interest rates have remained around 5%, but expect more increases. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming less common in today's market. The demand remains high for properties under $500,000. There is one (1) listing just under $500,000. The low inventory and interest hikes make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Two (2) properties are priced between $500,000-$600,000; four (4) between $600,000-$700,000; one (1) between $700,000-$800,000; four (4) between $800,000-$900,000; two (2) between $900,000-$1,000,000; five (5) between $1-2 million; and one (1) is listed for over $2 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of August 19, 2022 through August 26, 2022, there were reported 6 new listings, 4 closed sales, 0 pending sale, 2 active with contract, 0 expired listings, 0 cancelled listings, 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 Friday, August 26, 2022. 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 

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