PENDING HOME SALES FALL 5.5% DESPITE EASING RATES

via realtor.com—Pending home sales dropped 5.5% in July as affordability remained a challenge for homebuyers, despite easing mortgage rates through the month. Pending home sales were 8.5% lower year over year and at the second-lowest seasonally adjusted level in the data’s history, behind April 2020.

Though rates remain relatively high, the recent progress is a win for buyers who have been on the sidelines, waiting for their moment to hop into the market.

New-home sales, which are also based on contract signings, jumped 10.6% in July as buyers took advantage of lower rates and ample new-home inventory. Existing-home sales also ticked slightly higher in July, suggesting that the summer’s slow market might see some new energy as rates move lower.

Buyers looking to reenter the market will be pleased to find inventory at its highest level since 2020 and price reductions near pre-pandemic levels.

The housing market continues to vary regionally, but pending home sales fell monthly in all four regions and fell annually in all regions except the Northeast. Contract signings decreased monthly by 7.8% in the Midwest, 6.5% in the South, 3.8% in the West, and 1.4% in the Northeast.

Annually, the seasonally adjusted rate of contract signings decreased...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. Over 40% of the active listings are over $1,000,000.00. Inventory has hovered around 35+/- listings these last months. Increased inventory is better for Buyers, but prices remain strong for Sellers. We are truly in a unique market! Values remain strong in Miami Springs and Virginia Gardens. Despite high interest rates and high prices, there are still many qualified buyers out there. Please refer to the articles posted on our website for more insight.

There are fifteen (15) active listings over one million dollars. Fifteen (15) of the active listings have had a price reduction; three (3) this week. There are four (4) pending sales this week. 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 and properties are staying on the market for longer. 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 around 6.5%. 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 46 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; two (2) are 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) are 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 August 23, 2024 through August 30, 2024, there were reported 2 new listings, 1 closed sale, 2 pending sales, 1 active with contract, 1 expired listing, 1 cancelled listing, 0 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 August 30, 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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