WEEKLY HOUSING TRENDS
via realtor.com—This past week, the housing market showed signs of picking up, with the nation’s median listing price and the available inventory of homes for sale climbing year-over-year. Though inventory remains below the 2023 peak, seller activity has picked up and promises more options to home shoppers. Homebuyers are feeling increasingly optimistic according to a recent Realtor.com survey and though it is still challenging, buyers are seeing some wins in the housing market. Many US markets, such as those on the 2024 Best Markets for First-Time Homebuyers list, offer buyers both affordability and desirability amid a slowly shifting housing landscape.
Mortgage rates have fallen more than a percentage point from their recent peak, encouraging some buyers to re-enter the market. As a result, existing home sales picked up slightly month-over-month in November after five months of decline, and pending home sales stabilized. After falling sharply, mortgage rates leveled out in the mid-6% range over the last couple of weeks as employment and inflation data came in relatively strong, suggesting that the Fed will likely opt to hold the policy rate steady in their upcoming meeting. The target 2% inflation is not in sight quite yet, but progress towards this goal will continue to usher in a more favorable housing market. Key Findings: …READ MORE
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The Current Miami Springs Market
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This week there are twenty-nine (29) active listings in the MS/VG market this week. Inventory has continued to increase over the last several weeks! Will this trend continue? Nobody knows as we are in a truly unique market. One thing is for sure—despite the high interest rates and high prices, there are still many qualified Buyers out there! Values remain strong in Miami Springs and Virginia Gardens. Please refer to the articles posted on our website.
There are nine (9) active listings over one million dollars. One listing is priced for over $2,000,000! Nine (9) of the active listings have had a price reduction; none this week. There is one (1) pending sale this week. We have been transitioning to a more neutral market. However, the continued tight inventory and demand, despite higher mortgage interest rates, gives Sellers an advantage and makes it difficult for Buyers. The high interest rates also create a difficult situation for Sellers because the Sellers likely have a mortgage with a much lower interest rate. Where do they go if they decide to sell? Interest rates aside, we continue to anticipate more inventory increases.
DEMAND IS STILL THERE!
Mortgage interest rates decreased recently and are now 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 17 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 costs make it difficult for many first-time Buyers. There is one (1) property priced between $500,000-$600,000; five (5) are priced between $600,000-$700,000; seven (7) are priced between $700,000-$800,000; five (5) are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; eight (8) between $1-2 million; and one (1) is 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 January 12, 2024 through January 19, 2024, there were reported 1 new listing, 0 closed sales, 1 pending sale, 0 active with contract, 0 expired listing, 1 cancelled listing, 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, January 19, 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: email@example.com
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