HOMES SITTING ON MARKET LONGER
AS HIGH PRICES CURTAIL DEMAND

via themortgagepoint.com—According to new Redfin research, more than three in five—an estimated 61.9%—of homes on the market in May had been listed for at least 30 days without selling. That’s up from 60% a year ago and around 50% two years ago.

Since March, when new listings increased but buyer demand remained sluggish, the share of properties on the market for at least one month has increased year-over-year, as it has since mortgage rates began climbing in 2022. More homes for sale, combined with low demand, means that less appealing listings are piling up, leaving some without a buyer.

Stubbornly high mortgage rates and record-high home prices have priced out many homebuyers, dampening demand even at a time of year when the housing market usually warms up. The average 30-year fixed mortgage rate is 6.99%, more than double the pandemic-era low and just marginally lower than the two-decade peak of 7.8% set in October 2023. The typical monthly housing payment in the U.S. is only approximately $30 less than its all-time high.....READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-four (34) active listings in the MS/VG market this week. Almost 50% of the listings are over $1,000,000.00! Two of the listings are spec houses that have not yet been built. One is listed for 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. Increased inventory is better for Buyers, but prices remain strong for Sellers. We are truly in a unique market! Though the market appears to be slowing down a bit, prices remain strong in Miami Springs and Virginia Gardens and demand continues despite high interest rates and high prices. Please refer to the articles posted on our website.

There are fifteen (15) active listings over one million dollars. Fourteen (14) of the active listings have had a price reduction; two (2) this week. There is one (1) pending sale 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? Sales activity has slowed down a bit. 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 have recently dipped just below 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 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; six (6) are priced between $700,000-$800,000; one (1) is priced between $800,000-$900,000; five (5) 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 June 14, 2024 through June 21, 2024, there were reported 3 new listings, 5 closed sales, 1 pending sale, 0 active with contract, 0 expired listings, 1 cancelled listing, 1 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 June 21, 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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