IS THE HOUSING MARKET BECOMING BUYER FRIENDLY?

via themortgagepoint.com—The number of homes currently for sale increased for an eighth consecutive month in June, rising by 36.7% year-over-year, according to Realtor.com June housing data. The median home also spent 45 days on the market, an increase of two days over the previous year. The market is trending slightly in the direction of becoming more buyer-friendly thanks to these factors.

“While the quantity of homes on the market still trails pre-pandemic levels, home buyers are seeing more options to choose from as inventory increases,” said Danielle Hale, Chief Economist for Realtor.com. “The combination of more for-sale homes and longer time on the market is beneficial for home shoppers as they have more selection and don’t need to feel as rushed in picking a place to call home. Whether this translates into more home sales will likely hinge on how mortgage rates impact affordability in the second half of the year.”...READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-five (35) active listings in the MS/VG market this week. Almost 40% of the listings are over $1,000,000.00! Two of the listings are spec houses that have not yet been built-- their list prices range from $2.5 million to a whopping $3.2 million! We do not use spec listings in calculating market values for this report. Inventory has hovered around 30+/- listings these last months. We are truly in a unique market! Increased inventory is better for Buyers, but prices remain strong for Sellers. The market appears to be slowing down a bit, but demand in Miami Springs and Virginia Gardens continues despite high interest rates and high prices. Will inventory increase in the months ahead? We think so! 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; four (4) this week. There are no pending sales 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 just under 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are happening again. The number of days properties are staying on the market is averaging 58 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 is one (1) listing priced between $500,000-$600,000; six (6) listings are priced between $600,000-$700,000; five (5) are priced between $700,000-$800,000; four (4) are priced between $800,000-$900,000; four (4) are priced between $900,000-$1,000,000; thirteen (13) between $1-2 million; and two (2) spec houses listed for over $2.5 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of July 5, 2024 through July 12, 2024, there were reported 0 new listings, 1 closed sale, 0 pending sales, 3 active with contract, 0 expired listings, 0 cancelled listings, 2 temp off market, 4 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 July 12, 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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