Housing Markets Shifting Toward a ‘New Equilibrium’
The latest S&P Dow Jones Indices (S&P DJI) for May 2022, a measure of U.S. home prices, show that home prices continue to increase across the U.S., as the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 19.7% annual gain in May, down slightly from 20.6% the previous month.
The 10-City Composite annual increase came in at 19%, down from 19.6% in the previous month. The 20-City Composite posted a 20.5% year-over-year gain, down from 21.2% the previous month.
Regionally, Tampa, Miami, and Dallas reported the highest year-over-year gains among the 20 cities in May. Tampa led the way with a 36.1% year-over-year price increase, followed by Miami with a 34% increase. The 10- and 20-city indices advanced by 19.6% and 20.5%, respectively. Only 4 of 20 cities in the index recorded higher yearly advances during the month, seven fewer than last month, with Tampa, Miami and Dallas posting the largest price gains.”
“We’ve noted previously that mortgage financing has become more expensive as the Federal Reserve ratchets up interest rates, a process that was ongoing as our May data were gathered,” said Lazzara. “Accordingly, a more-challenging macroeconomic environment may not support extraordinary home price growth for much longer.”..…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO BUY OR SELL!
There are twenty-two (22) active listings in the MS/VG market this week. The inventory has increased the last 3-4 weeks. It had averaged under 15 listings the last several months. I expect continued increases in inventory in the months ahead. Pending sales have slowed a bit. 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.
Nineteen (19) of the active listings are priced over $500,000. Five (5) 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 this week. We remain in a Sellers' market due to high demand and low inventory, but that will start to change. More interest rate increases are coming in 2022. We anticipate that inventory will continue to increase.
MULTIPLE OFFERS HAVE DROPPED AND DEMAND IS SLOWING!
Mortgage interest rates have increased to over 5%; expect more 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 are three (3) listings just under $500,000. This low inventory and interest hikes make it difficult for most first-time Buyers. Three (3) properties are priced between $400,000-$500,000. Five (5) properties are priced between $500,000-$600,000; four (4) between $600,000-$700,000; one (1) between $700,000-$800,000; one (1) between $800,000-$900,000; three (3) between $900,000-$1,000,000; four (4) 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.
During the period of July 22, 2022 through July 29, 2022, there were reported 2 new listings, 4 closed sales, 2 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 0 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, July 29, 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.
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