THE BALANCE IS SHIFTING

via realtor.com — The housing market today remains in a hazy no man’s land, with neither buyer nor seller willing to surrender what little control they have.

Buyers face the dual enemies of high home prices and mortgage rates, which have been bouncing between 6% and 7% this year and ticked up this week to 6.5%, according to Freddie Mac.

Sellers bear their own hardships: a glut of competition. As buyers sit on the sidelines, homes for sale linger on the market, gathering dust and dashing sellers’ hopes of bidding wars and over-asking offers.

But there is some inkling of a power shift in the buyers vs. sellers battle, and it’s in favor of the team willing to take some action: buyers.

“Perhaps surprisingly, data suggests that many shoppers are still finding success in this challenging market, with the homeownership rate notching its highest fourth-quarter reading in over a decade of 65.9%,” says Realtor.com® Economist Jiayi Xu in her analysis of housing data for the week ending Feb. 18.

Buyers who can make it past the market’s affordability challenges can exploit what positives they have on their side—namely, homes galore.

Indeed, the number of homes for sale for the week ending Feb. 18 is notably higher, up 67% from one year ago. And that’s mainly because listings are sitting on the market longer.

And that ballooning inventory has resulted… READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are twenty-seven (27) active listings in the MS/VG market this week– a continued drop in inventory, which is good for Sellers. Inventory has averaged approximately 30 listings the last month or so. Though inventory has fluctuated, I do expect overall increases in the months ahead. 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-five (25) of the active listings are priced at $500,000 or above. Four (4) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Eight (8) of the active listings have had price reductions; two (2) more this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to decreased demand, higher inventory, 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 6.5% and 7% this week. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are much less common and days properties are staying on the market are increasing (Average DOM = 49). 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. Seven (7) properties are priced between $500,000-$600,000; six (6) between $600,000-$700,000; five (5) between $700,000-$800,000; none (0) between $800,000-$900,000; two (2) between $900,000-$1,000,000; four (4) 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 17, 2023 through February 24, 2023, there were reported 1 new listing, 3 closed sales, 1 pending sale, 5 active with contract, 0 expired listings, 0 cancelled listings, 1 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, February 24, 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 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  [email protected]

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