EXISTING HOME SALES UP IN JANUARY

via realtor.com—Existing home sales ticked up in January. Sales rose 3.1% from December to a pace of 4.0 million–their highest since August 2023. Sales still lagged the year ago pace by 1.7%. Mortgage rates tumbled from late October through mid-January, propelling sales as shoppers capitalized on lower costs.

Pending home sales, which are based on contract signings, an earlier stage in the sales process that tend to lead existing home sales by a month or two, saw a big pop in December and grew over the prior year for the first time since May 2021. Despite the pickup, both pending and existing home sales remain historically low, coming off the heels of 2023, which saw the lowest total home sales tally in nearly 30 years as high costs stemming from high prices and mortgage rates continue to remain a challenge for many shoppers.

Home Prices Continue to Climb as Shelter Costs Drive Inflation:

The median existing home sales price rose further, by 5.1%. With inflation surprising on the high side and shelter inflation continuing to be the major driver, housing costs are front and center. Although home sales prices grew, the latest Realtor.com January Rental Trends Report showed that rents softened again, nationwide. Despite the pull-back, rents remain up 18.3% above 2019, highlighting the long-run impact of inflation on costs–what goes up in this case doesn’t tend to come back down (by much). While starts for multi-family homes fell in January, completion gains mean that more multi-family homes are entering the market for rent, helping to better balance supply with demand and stem rental cost gains, as anticipated in Realtor.com’s 2024 Housing Forecast.

Mortgage Rates and Local Economies Drive Regional Sales:

Regionally, all areas saw sales growth from December except in the…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-two (32) active listings in the MS/VG market this week. Inventory over the last month has averaged around 30 listings. Increased inventory is better for Buyers, and we expect these increases to continue in the months ahead. We are truly in a unique market with continued demand despite high interest rates and high prices. Though the market appears to be slowing down a bit, prices remain strong in Miami Springs and Virginia Gardens. Please refer to the articles posted on our website.

There are eleven (11) active listings over one million dollars. Twelve (12) of the active listings have had a price reduction; three (3) this week. There are two (2) new 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? 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 hovering 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 33 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; seven (7) are priced between $700,000-$800,000; four (4) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; eleven (11) between $1-2 million; and none (0) are 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 16, 2024 through February 23, 2024, there were reported 3 new listings, 2 closed sales, 2 pending sales, 0 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 3 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, February 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:  charlie@leonardrealestategroup.com

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