SOUTH FLORIDA SNAPS STREAK OF RECORD HOME PRICES

via miamiherald.com — South Florida’s monthly streak of record-breaking home prices ended in August, but price tags remain significantly higher than a year ago. Miami-Dade County recorded a median sales price last month of $620,000 for single-family homes and $416,000 for condominiums, according to the monthly housing report the Miami Association of Realtors released Thursday. It’s the first dip in monthly sales prices in nearly a year. House prices have inflated since December 2022 when the median was $530,900. Condos have taken a similar trend since March when the midpoint price was $400,000.

In Broward County, single-family house prices stayed last month at July’s median of $600,000. Condo prices stumbled to $275,000, after hovering at $280,000 for the past two months. The month-to-month price fluctuation may bring a little bit of relief to aspiring homeowners, but the median annual price jumps still depict a South Florida housing market unaffordable to many middle-class residents. In August 2022, Miami-Dade had a median sales price of $551,250 for houses and $375,000 for condos.

Since then, prices have risen by nearly 13% and 11%, respectively.

“This shows the market taking a breath. That’s certainly helpful to buyers, but it doesn’t mean prices will correct year over year,” said Jonathan Miller, CEO of Miller Samuel real estate consultancy. “The next couple of months we don’t know if this is an outlier or the beginning of a pattern. It is too soon to tell.” Median home prices remain much higher than a year ago because buyers with the financial wherewithal are willing to pay more for the homes they want, real estate experts said.

Also, South Florida still sees house hunters and high-rise enthusiasts with deep pockets moving here from across the country. “Mostly the out-of-towners are the ones paying a little more …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are nineteen (19) active listings in the MS/VG market this week—no change in inventory since last week. More increases in the months ahead? Anything is possible in this unique and unpredictable market. One (1) pending sale this week. Values remain strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there. With tighter inventory and continued high demand, the market has been transitioning back to a Sellers' market. Please refer to the articles posted on our website.

Nearly half of the active listings are over one million dollars. One listing is priced for over $2,000,000!! Six (6) of the active listings have had a price reduction; one this week. We had been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage rates, gives Sellers an advantage and makes it difficult for Buyers. Although, things may start to slow down! Expected interest rates increases in the future can mean fewer buyers. We still anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates are approximately 7% this past month. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming more common again. The number of days properties are staying on the market is averaging 55 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000; one (1) is priced between $500,000-$600,000; seven (7) are priced between $600,000-$700,000; one (1) is priced between $700,000-$800,000; one (1) is priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; six (6) 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 September 15, 2023 through September 22, 2023, there were reported 2 new listings, 1 closed sale, 1 pending sale, 0 active with contract, 1 expired listing, 1 cancelled listing, 1 temp off market, 1 price reduction, 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, September 22, 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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