EXPERTS FORESEE HOME PRICE GROWTH PICKING BACK UP IN 2024

via themreport.com — According to a new Zillow survey of housing experts, home prices nationally should bottom out in 2023, returning to a more normal growth rate.

Economists and housing experts polled in the latest Zillow Home Price Expectation (ZHPE) survey expect home prices to fall 1.6% through Dec. 2023. Affordability challenges are still dragging down demand for homes – lower mortgage costs in January translated into sales that tracked pre-pandemic trends, but higher rates in February have since dampened buyers' enthusiasm.

The panel forecasts prices to slide 1.6% in 2023; growth over the following four years is expected to average 3.5%, equivalent to the long-term average.

New home sales are expected to decline to near 2016 levels this year.

Sales of both new and existing single-family homes are expected to slide in 2023.

The panel foresees price growth picking back up next year, at an average clip of 3.5% per year through 2027 – the same rate that prices grew in the relatively stable period from 1987-1999, before the housing boom and bust cycle in the 2000s.… READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are twenty-two (22) active listings in the MS/VG market this week. Inventory continues to decrease over the last couple of weeks, which is good for Sellers. It has averaged approximately 30 listings the last month or so. I do expect increases in the months ahead, but in this market, anything is possible. Pending sales are up. Though values remain strong in Miami Springs and Virginia Gardens, 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-one (21) of the active listings are priced at $550,000 or above. Four (4) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Four (4) of the active listings have had price reductions; none 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. Days properties are staying on the market are slightly fluctuating (Average DOM = 51). The demand remains high for properties under $500,000. There is just one (1) listing just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Three (3) properties are priced between $500,000-$600,000; five (5) between $600,000-$700,000; five (5) between $700,000-$800,000; one (1) 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 March 3, 2023 through March 10, 2023, there were reported 3 new listings, 1 closed sale, 1 pending sale, 3 active with contract, 1 expired listing, 0 cancelled listings, 0 temp off market, 0 price reductions, and 1 price increase.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, March 10, 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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