SOUTH FLORIDA HOME PRICES REACH NEW HIGH

via miamiherald.com — Prices for homes sold in Miami-Dade County reached a new high in June, despite a sharp drop in sales amid higher interest rates. For would-be homebuyers on the sidelines, real estate experts offered a sour forecast — prices will remain steady or increase.

Total home sales fell steeply for the first six months of 2023 compared to the same period in 2022 in Miami-Dade and Broward, according to data from the Miami Association of Realtors. Miami-Dade had 12,605 closings, an approximately 33% drop from 18,925 closings in the first half of last year. Broward saw a similar trend with 15,500 transactions, down about 18% from 18,838 in 2022.

While sales fell, prices reached new peaks. As of June, Miami-Dade had a median sales price of $622,500 for single-family homes and $418,000 for condos — historic highs. That surpasses the county’s last peak of $620,000 for a single-family home in May. Real estate experts said there are fewer buyers on the market due to higher interest rates. The average 30-year fixed-rate mortgage was 6.78% as of July, up from 5.54% a year ago.

Those who are buying homes are willing to spend more due to the limited inventory. “People thought this was going to be a bubble, things were going to crash. It hasn’t happened. Interest rates slowed things down for the entire country, but I feel like where we are today compared to other cities in the world is we are the place where everybody wants to be,” said Ron Shuffield, CEO of Berkshire Hathaway HomeServices EWM Realty. “Part of the … READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are fifteen (15) active listings in the MS/VG market this week. Drop in inventory since last week. We are truly in a unique market with lots of unpredictability. More inventory increases in the months ahead? Anything can happen! Pending sales have remained the same. Values do remain strong in Miami Springs and Virginia Gardens. Multiple properties listed for over a million dollars are now pending sales. Despite interest rate increases, there are still many qualified Buyers out there. With tight inventory and high demand, the market is starting to transition back to a Sellers' market. Please refer to the articles posted on our website.

More than half of the active listings are over one million dollars. One is listed at $2,300,000!! One (1) of the active listings has had a price reduction; one this week. We had been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage rates, gives Sellers an advantage and makes it difficult for Buyers. Expected interest rates increases in the future can mean fewer buyers. We anticipate more inventory increases at some point.

DEMAND IS STILL THERE!

Mortgage interest rates have remained between 6% and 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming more common again. The number of days properties are staying on the market is averaging 66 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. Two (2) are priced between $500,000-$600,000; one (1) is priced between $600,000-$700,000; two (2) are between $700,000-$800,000; two (2) are between $800,000-$900,000; none (0) are priced between $900,000-$1,000,000; seven (7) 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 July 14, 2023 through July 21, 2023, there were reported 0 new listings, 1 closed sale, 5 pending sales, 2 actives with contract, 0 expired listings, 0 cancelled listings, 1 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, July 21, 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:  charlie@leonardrealestategroup.com

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