WEEKLY HOUSING TRENDS

via realtor.com — What this Week’s Data Means:

For the first time since 2016, the median listing price started to decline year-over-year. This decrease in listing prices presents potential opportunities for home buyers, especially considering the larger number of homes available compared to the same time last year. However, the near-record high mortgage rates and still-high listing prices continue to create barriers to homeownership. A recent survey conducted by Realtor.com and Censuswide revealed that nearly 80% of individuals planning to purchase a home within the next year expressed concerns about being priced out of the market if housing prices and mortgage rates continue to rise. Despite these concerns, the decline in median listing prices this week brings a glimmer of hope for home buyers.

The median listing price dropped by 0.9% over last year.

For the first time in our data’s history (back to 2016), we see a year-over-year decline in the median listing price. In fact, hesitations among home buyers play a significant role in driving this decline. With high inflation rates, escalating home prices, and rising interest rates, home buying sentiment declined. Additionally, the rising unemployment rate adds another level of uncertainty to home buying decisions. Despite the increased cost of financing a typical home due to higher rates and mortgage prices, the decrease in median listing prices will bring a ray of hope for home buyers. New listings…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are fourteen (14) active listings in the MS/VG market this week. Still very low inventory this week. I continue to expect that inventory will slowly increase, but that has not happened so far this year. We are truly in a unique market, anything can happen! Pending sales have experienced a slight increase this week. 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.

Thirteen (13) of the active listings are priced at $590,000 or above. Three of the active listings are over one million dollars. Three (3) of the active listings have had a price reduction; two 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 still anticipate 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! We are beginning to see multiple offers in some cases. The number of days properties are staying on the market is averaging 57 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. One (1) property is priced between $500,000-$600,000; three (3) are priced between $600,000-$700,000; four (4) are between $700,000-$800,000; two (2) are between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; three (3) 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 June 9, 2023 through June 16, 2023, there were reported 3 new listings, 2 closed sales, 2 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 0 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, June 16, 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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