WEEKLY HOUSING TRENDS:
WEEK ENDING 3-9-2024

via realtor.com—The lower listing price seen last week is an encouraging sign to home shoppers, given the ongoing affordability challenges in the housing market. However, the key question is whether this decline is a one-time spark or the beginning of a sustainable trend.

Despite the elevated mortgage rates, there is encouraging progress regarding the supply of active for-sale homes, which has consistently increased year over year for 18 consecutive weeks. Specifically, February Realtor.com® Housing Trends Report highlighted that as heading into the spring buying season, home shoppers will have greater options than in recent years, and in particular more choice of lower-priced homes compared with the previous year.

Key findings

The median listing price dropped by 0.6% over the past year. Annual listing price growth has floated lower since early 2024, and it dropped below zero this week. It marks the first week of year-over-year price declines since July 2023, attributed to mortgage rates hovering around 7% and an ongoing increase in available for-sale homes, notably an upsurge in affordable listings spotlighted in the February Realtor.com Housing Trends Report. With mortgage rates nearly returning to 7% in February, many potential buyers are postponing their purchasing plans in hopes of securing lower rates. Consequently, lower buyer competitions exerted downward pressure on prices.

New listings–a measure of sellers putting homes up for sale–were up this week, by 15.8% from one year ago. For the 20th consecutive week, newly listed homes have surpassed levels from a year ago. This may be even better news for home shoppers than the overall growth in active inventory because a jump in new listings means fresh options—crucial for buyers with a specific must-have list. As the spring market picks up, more sellers tend to enter the market, and…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-six (36) active listings in the MS/VG market this week. Inventory has hovered around 30+/- listings this last month. Increased inventory is better for Buyers, but prices remain strong for Sellers. We are truly in a unique market with continued demand despite high interest rates and high prices. Though the market appears to be slowing down a bit, prices remain strong in Miami Springs and Virginia Gardens. Please refer to the articles posted on our website.

There are fifteen (15) active listings over one million dollars. One of the listings is a spec house that hasn’t been built yet but the list price is a whopping $3.2 million!!! Thirteen (13) of the active listings have had a price reduction; three (3) this week. There is one (1) new 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? 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 remained around 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 64 days. There are no properties listed under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. There is one (1) listing priced between $500,000-$600,000; nine (9) listings are priced between $600,000-$700,000; five (5) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; fourteen (14) between $1-2 million; and one (1) spec house listed for over $3 million.

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

During the period of March 8, 2024 through March 15, 2024, there were reported 4 new listings, 1 closed sale, 1 pending sale, 1 active with contract, 0 expired listings, 0 cancelled listings, 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 Friday, March 15, 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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