Housing Inventory: One Step Forward, Two Steps Back
June numbers show that for-sale homes available to buyers climbed 18.7%—the fastest yearly pace of all time—according to Realtor.com’s Monthly Housing Trends Report.
A key demographic driving June’s jump in active listings were new sellers, who entered the market at a faster pace than seen since 2017, well before the pandemic.
"Our June data shows the inventory recovery accelerated, posting the second straight month of active listings growth in nearly three years. We expect these improvements to continue, as predicted in our newly-updated 2022 forecast," said Danielle Hale, Chief Economist for Realtor.com. "While we anticipate that more inventory will eventually cool the feverish pace of competition, the…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are twenty-one (21) active listings in the MS/VG market this week. The inventory remains low, but has started to increase the last 3-4 weeks. It has averaged under 15 listings the last several months. I expect continued increases in inventory in the months ahead. Pending sales have started to drop 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! It is still a Sellers' market, for now. Please refer to the articles posted on our website.
Twenty (20) of the active listings are priced over $500,000. Seven (7) properties are listed over 1 million dollars! Two (2) of the active listings have had a price reduction 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 AND LISTINGS SELLING OVER LIST PRICE ARE THE NEW NORMAL!
Mortgage interest rates have already increased to over 5.5%; expect more increases. There are still serious qualified Buyers looking for the right property. Timing is everything! The demand remains high for properties under $500,000. There is one listing just under $500,000. This low inventory and interest hikes make it difficult for most first-time Buyers. Multiple offers are becoming less common in today's market. One property is priced between $400,000-$500,000. Six (6) properties are priced between $500,000-$600,000; four (4) between $600,000-$700,000; one (1) between $700,000-$800,000; two (2) between $800,000-$900,000; none (0) between $900,000-$1,000,000; and seven (7) are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of June 24, 2022 through July 1, 2022, there were reported 4 new listings, 3 closed sales, 0 pending sales, 1 active with contract, 3 expired listings, 0 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, July 1, 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.
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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