WEEKLY HOUSING TRENDS

via realtor.com — Home listing prices increased again this week, marking the second week of increase after a period of falling prices. Both housing and economic data have been rather positive recently. Pending home sales saw a first monthly uptick since February and economic activity, measured by GDP growth or ADP private payrolls, continued to surprise on the high side. This is putting upward pressure on interest rates, including mortgage rates, which rose last week and are expected to remain elevated this week.

The positive surprises clearly have the Fed on guard against the risk of further inflation, and likely factored into the Fed’s decision to hike its rate again in July. But the housing market is far from fully healed. Home sales are still on target for their lowest annual tally in more than a decade in 2023 and the market has no slack, with homeowner vacancy hitting a new record low. Affordability is likely to continue to be the chief challenge for home buyers and may become a larger obstacle as some of the workplace flexibility that helped shoppers get around this pain point wanes.

Key Findings:

The median listing price grew by 0.7% over last year.

Median listing prices rose for a second week, after price declines through much of June and July. Nevertheless, we did not see prices grow for the month of July as a whole, when the median listing price was $440,000, down 0.9% from $443,900 one year ago. Our prediction that we will not see a new peak home price in 2023, above the June 2022 record of $449,000, seems likely to hold.

New listings–a measure of sellers putting homes up for sale–were down again this week, by 14% from one year ago. For 57 weeks, there have been fewer newly listed homes compared to the same time one year ago. The gap is starting to shrink as we get into a comparison against low new listings in the second half of 2022. This week’s data shows a 2.5 percentage point improvement over last week as the market slowly trends in a buyer-friendly direction, reflecting a stabilization …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Inventory has been relatively stable, with only minor fluctuations over the last few weeks. There are nineteen (19) active listings in the MS/VG market this week. We are anticipating inventory increases in the months ahead, but we are truly in a unique market with lots of unpredictability. Anything can happen! No new pending sales this week, but 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.

Over half of the active listings are over one million dollars. Three are listed for more than $2,000,000!! Three (3) of the active listings have had a price reduction; two 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 anticipate more inventory increases at some point.

DEMAND IS STILL THERE!

Mortgage interest rates have increased to just above 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 56 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 premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. none (0) are priced between $500,000-$600,000; six (6) are priced between $600,000-$700,000; one (1) is between $700,000-$800,000; one (1) is between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; seven (7) between $1-2 million; and three (3) are 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 August 4, 2023 through August 11, 2023, there were reported 2 new listings, 3 closed sales, 2 pending sales, 1 active with contract, 0 expired listings, 2 cancelled listings, 0 temp off market, 2 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 Friday, August 11, 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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