MIAMI-DADE HOME PRICES AGAIN HIT NEW HIGH

via miamiherald.com — Despite another month of double-digit sales declines, home prices in Miami-Dade County reached a new high mark for the fourth consecutive month in July. Miami-Dade hit a median sales price of $631,670 for single-family homes, a bump from the June peak of $622,500 and sharply higher than $570,000 a year ago, according to the Miami Association of Realtors monthly home sales report released Tuesday.

The streak of record prices started in April, when the county posted a $600,000 median price tag on single-family homes. Condominium prices also increased in July to a new high of $420,000, up $2,000 from the previous peak of $418,000 in June and $380,000 in July 2022.

Housing inventory last month remained tight in Miami-Dade, with 3.2 months of houses and 5.1 months of condos available. In Broward, there were 2.8 months of houses and 3.5 months of condos. Sellers have strong leverage when supply falls below six months, while buyers have the upper hand when inventory exceed nine months, housing analysts said.

Although the tight home supply coupled with lofty interest rates are expected to remain challenges in South Florida, real estate expert Jason Damm expects median prices to remain high for the foreseeable future. “Prices being so high is alarming,” said Damm, assistant professor of professional practice in finance at the University of Miami. “[But] home prices will stay the same. We have four months left in this year. I will be surprised if home prices come down in the next four months.”

Some relief for would-be buyers could come…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

Inventory continues to remain relatively stable, with only minor fluctuations over the last few weeks. There are now seventeen (17) 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! Four (4) pending sales this week, and 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!! Four (4) 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 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 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; five (5) are priced between $600,000-$700,000; none (0) are 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 18, 2023 through August 25, 2023, there were reported 3 new listings, 2 closed sales, 4 pending sales, 0 active with contract, 0 expired listings, 2 cancelled listings, 0 temp off market, 2 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, August 25, 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

………………………………………………..……………………………………………………………………………