WEEKLY HOUSING TRENDS VIEW

via realtor.com — The housing stalemate continues. The number of homes on the market was still up significantly from one year ago even though fewer homeowners have recently decided to sell compared to one year ago. High home prices and mortgage rates have cut into buyer interest and homes are taking longer to sell than they did at this time last year.

Nevertheless, the typical asking price continues to remain higher, a sign of still-high hopes from sellers entering the market. However, these expectations may ultimately be adjusted lower as the smaller pool of buyers in today’s market tries to exercise their increasing negotiating power. January data shows that the share of home sellers making a price reduction was more than twice as large as one year ago.

Buying, selling, and moving is a daunting task even when the housing market is working optimally. The market’s abrupt adjustments over the last year have made it harder for all participants to determine their own boundaries let alone figure out how to meet in the middle so that a transaction can take place. Despite these challenges, there are still buyers and sellers who need to make a move.

For potential buyers, budgeting tools such as the affordability calculator or rent vs. buy calculator can help frame the financial aspects of the decision and empower shoppers to make the decision that’s right for them, whether it’s to buy now or to rent. Homeowners thinking about selling can tap into tools like the RealEstimate, which will help them better understand their home’s potential market value, or explore selling options and potential proceeds by,… READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are twenty-nine (29) active listings in the MS/VG market this week. Inventory has averaged approximately 30 listings the last month or so. I expect additional increases in the months ahead. Pending sales have increased. Values remain strong in Miami Springs and Virginia Gardens, but 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-seven (27) of the active listings are priced at $500,000 or above. Three (3) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Seven (7) total price reductions; one (1) more this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to higher inventory, decreased demand, 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 are between 6% and 6.5% this week. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are less common and days properties are staying on the market are increasing (Average DOM = 44). The demand remains high for properties under $500,000. There are two (2) listings just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers. Two (2) properties are priced between $400,000-$500,000. Nine (9) properties are priced between $500,000-$600,000; five (5) between $600,000-$700,000; seven (7) between $700,000-$800,000; none (0) between $800,000-$900,000; two (2) 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 February 10, 2023 through February 17, 2023, there were reported 2 new listings, 3 closed sales, 4 pending sales, 2 active with contract, 0 expired listings, 1 cancelled listing, 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, February 17, 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 

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