DECEMBER DECLINES ACCENTUATE YEAR OF TRANSITION
The housing market decelerated significantly throughout 2022, creating more opportunities for homebuyers, in stark reversal of the frenzied seller's market of the previous year. According to a new report from RE/MAX, the year's most telling stats were accentuated in December, where home sales were down 38% from a year ago, while the number of homes for sale was up 69% in the report's 53 metro areas.
Sales in every month of 2022 fell short of the previous year, with the percentage of decline starting out in single digits during Q1 before topping 30% in Q4. The median sales price of $385,000 was 1.3% higher year over year in December, compared to 13.9% higher year-over-year last January.
"The past three years have each had a unique context – and 2022's included quickly rising interest rates and the difficult year-over-year comparisons to the extremes of 2021. Ultimately, though, it was a fairly good year for home sales by historical standards," said Nick Bailey, RE/MAX President and CEO. "Looking forward into 2023, the higher-interest rate environment clearly poses some challenges – but as buyers, sellers and agents recalibrate their expectations, sales will continue to occur. Demand.…READ MORE
Miami Springs Property Owners
HELP LOWER YOUR PROPERTY TAXES !!!
Having lower property taxes is what our beautiful city is missing. The annexation option is the best and quickest way that Miami Springs can acheive many economic benefits including lower property taxes.
It is important to communicate with all the County Commissioners to let them know that you, as a property owner in Miami Springs, fully support annexation. You can do this by emailing all commissioners.
First of all Congratulate our new District 6 Commissioner, Kevin Cabrera. Commissioner Cabrera, would love to hear about you support of annexation for Miami Springs.
Please send all commissioners a simple email:
We are in favor of the Miami Springs Annexation and would like your support in this effort.
Please include your name and address so they know you are a real person. .....CLICK HERE FOR ALL COMMISSIONER EMAILS
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The Current Miami Springs Market
TIME TO BUY OR SELL?
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There are thirty-three (33) active listings in the MS/VG market again this week; a bump from the last two weeks. Inventory has averaged approximately 30 listings the last month. I expect continued increases in the months ahead. Pending sales have slowed— only 3 in the last 4 weeks. A definite sign that sales have slowed down. Values remain strong in Miami Springs and Virginia Gardens, but we have seen many list-price decreases. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! The market is starting to transition, and Sellers are no longer in the driver's seat. Please refer to the articles posted on our website.
Thirty-two (32) of the active listings are priced at $500,000 or above. Two (2) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Almost 50% of the active listings have had a price reduction! Fifteen (15) total price reductions, three (3) this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to higher inventory, decreased demand, and higher mortgage interest rates. More interest rate increases are coming in the next month, which means fewer Buyers and likely increases in inventory.
DEMAND IS SLOWING!
Mortgage interest rates are between 6% and 7% this week. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are less common and days properties are staying on the market are increasing (Average DOM = 40). The demand remains high for properties under $500,000. There is one (1) listing just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Seven (7) properties are priced between $500,000-$600,000; ten (10) between $600,000-$700,000; seven (7) between $700,000-$800,000; one (1) between $800,000-$900,000; four (4) between $900,000-$1,000,000; two (2) 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 13, 2023 through January 20, 2023, there were reported 1 new listing, 0 closed sales, 0 pending sales, 0 active with contract, 0 expired listings, 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 Friday, January 20, 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: firstname.lastname@example.org
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