Homes Selling for Less Than Asking

For the first time since the housing market picked up after the pandemic, Redfin has reported that the average home has sold for less than its listing price as of August 28 in another sign of a housing market cooldown.

This information comes by way of a new report published by Redfin, which covers the four-week period prior to August 28.

According to Redfin, every month since March 2021 has seen an average sale-to-list ration of over 100%; this comes as the share of listings with a price drop has finally begun to plateau.

Even as prices ease, demand from homebuyers is subdued—purchase application and pending sales have both recently posted large yearly declines—thanks in parts to mortgage rates, which have eclipsed the 5.6% mark, to their highest level since June. Home sellers....READ MORE.

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are twenty-eight (28) active listings in the MS/VG market this week. The inventory has increased by 40% in one week! It had averaged under 15 listings the last several months. I expect continued increases in inventory in the months ahead. Pending sales have slowed. Values are still strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! Today, it is still a Sellers' market. Please refer to the articles posted on our website.

Twenty-seven (27) of the active listings are priced over $500,000. Seven (7) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Six (6) of the active listings have had a price reduction; one (1) this week. We remain in a Sellers' market due to high demand and low inventory, but that has started to change. More interest rate increases are coming in 2022. We anticipate inventory will increase.

MULTIPLE OFFERS HAVE DROPPED AND DEMAND IS SLOWING!

Mortgage interest rates have remained around 5%, but expect increases. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are becoming less common in today's market. The demand remains high for properties under $500,000. There is one (1) listing just under $500,000. The low inventory and interest hikes make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Two (2) properties are priced between $500,000-$600,000; seven (7) between $600,000-$700,000; one (1) between $700,000-$800,000; six (6) between $800,000-$900,000; three (3) between $900,000-$1,000,000; seven (7) between $1-2 million; and one (1) is listed for over $2 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of August 26, 2022 through September 2, 2022, there were reported 6 new listings, 3 closed sales, 1 pending sale, 0 active with contract, 0 expired listings, 3 cancelled listings, 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 2, 2022. 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:  [email protected]

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