WEEKLY HOUSING TRENDS:
WEEK ENDING 3-23-2024

via realtor.com—As the number of fresh listings continues to grow, homebuyers this spring have a wider array of options compared to this time last year. Additionally, the increased listings might put some downward pressure on prices, offering relief to homebuyers. However, with mortgage rates fluctuating between the 6.5% to 7% range since the starting of the year, many homebuyers may opt to delay their purchasing plans in anticipation of lower rates, thereby reducing competition. While many sellers continue to feel ‘locked-in’ as mortgage rates remain elevated, those who have been waiting for the opportune moment to list their properties this year should start preparing. According to Realtor.com’s recent analysis, the week of April 14-20 is projected to present the best time to sell. It is the week with the ideal balance of housing market conditions favoring home sellers, more so than any other week throughout the year.

This past week, the median price for homes listed on the market remained flat compared to the same period last year. This is the second consecutive week where we saw flat annual price changes, following the first year-over-year price decline since July 2023 in the week ending March 9. With the mortgage rates hovering in a narrower 6.5% to 7% band due to still-strong inflation readings, buyers are likely to take a wait-and-see approach which could temporarily lower competition and exert some downward pressure on prices. Indeed, we have seen that the inventory share of price reductions in February increased by 1.4 percentage points compared to the previous year, and this pace of increasing price reductions has continued into the first few weeks of March.

New listings–a measure of sellers putting homes up for sale–were up this week, by 14.9% from one year ago.

For the 22nd consecutive week, newly listed homes have surpassed levels from a year ago. While the annual growth rate was slower than the 17.8% recorded a week earlier, it remains among the fastest increase rates in new listings since June 2021. This indicates a surge in fresh options for buyers as we approach the spring homebuying season. However, it’s worth noting that the inventory base for this growth remains relatively small.

Active inventory increased, with for-sale homes 25.5% above year ago levels.

For an 20th straight week, active listings registered above prior year level, which means that today’s home shoppers are able to consider more options for existing homes for sale. However, the number of homes on the market is still down nearly 40% compared to what was typical in 2017 to 2019 and…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-seven (37) active listings in the MS/VG market this week. One of the listings is a spec house that hasn’t been built. The list price is a whopping $3.2 million! Inventory has hovered around 30+/- listings these last months. 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 thirteen (13) active listings over one million dollars. Seventeen (17) of the active listings have had a price reduction; three (3) this week. There are no new pending sales 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 73 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 three (3) listings priced between $500,000-$600,000; eight (8) listings are priced between $600,000-$700,000; four (4) are priced between $700,000-$800,000; eight (8) are priced between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; twelve (12) 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 22, 2024 through March 31, 2024, there were reported 2 new listings, 2 closed sales, 0 pending sales, 1 active with contract, 1 expired listing, 0 cancelled listings, 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 March 31, 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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