SEPTEMBER EXISTING-HOME SALES FALL TO 14-YEAR LOW

via themortgagepoint.com—In a new report from the National Association of Realtors (NAR), existing-home sales drew back in September, as three out of four major U.S. regions registered sales declines, marking the lowest monthly rate reported since October 2010.

Total existing-home sales–defined by NAR as completed transactions that include single-family homes, townhomes, condominiums, and co-ops–fell 1.0% from August to a seasonally adjusted annual rate of 3.84 million in September. Year-over-year, sales dipped 3.5% (down from 3.98 million in September 2023).

“Home sales have been essentially stuck at around a four-million-unit pace for the past 12 months, but factors usually associated with higher home sales are developing,” said NAR Chief Economist Lawrence Yun. “There are more inventory choices for consumers, lower mortgage rates than a year ago and continued job additions to the economy. Perhaps, some consumers are hesitating about moving forward with a major expenditure like purchasing a home before the upcoming election.”

Single-family home sales edged lower by 0.6% to a seasonally adjusted annual rate of 3.47 million in September, down 2.3% from the previous year. The median existing single-family home price was $409,000 in September, up 2.9% from September 2023. Existing condominium and co-op sales dropped 5.1% in September to a seasonally adjusted annual rate of 370,000 units, down 14% from one year ago (430,000 units). The median existing condo price was $361,600 in September, up 2.2% from the previous year ($353,900).

Total housing inventory registered at the end of September was 1.39 million units, up 1.5% from August, and up 23% from one year ago (1.13 million). Unsold inventory sits at …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-two (32) active listings this week. Almost 40% of the active listings are over a $1,000,000.00! Inventory in the MS/VG market has hovered around 35+/- listings these last months. Increased inventory is better for Buyers, but prices remain strong for Sellers. Interest rates have decreased slightly and prices are still high but we are seeing a significant number of price decreases on active listings. We are truly in a unique market! It is slowing down but there are still many qualified buyers out there, despite high interest rates and high prices. Please refer to the articles posted on our website for more insight.

There are twelve (12) active listings over one million dollars. Seventeen (17) of the active listings—more than half!—have had a price reduction; two (2) this week. There are five (5) new pending sales. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes still makes it difficult for Buyers. The high interest rates 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. Properties are staying on the market for longer but some houses still quickly 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 are just under 6% with lower rates expected. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers still happen in some cases. The number of days properties are staying on the market is averaging 51 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; seven (7) listings are priced between $600,000-$700,000; five (5) are priced between $700,000-$800,000; three (3) are priced between $800,000-$900,000; four (4) are priced between $900,000-$1,000,000; eleven (11) between $1-2 million; and one (1) priced for over $2 million.

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

During the period of October 25, 2024 through November 1, 2024, there were reported 3 new listings, 2 closed sales, 5 pending sales, 0 active with contract, 0 expired listings, 1 cancelled listing, 1 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 November 1, 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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