Summer Busy Season? Not So Fast
In May, the HouseCanary Market Pulse reported the first signs of a potential softening in the housing market as a litany of external influences exerted pressure on the housing market.
“In May, we saw the first sign of a potential softening in the housing market as mortgage rates are climbing higher than pre-pandemic levels,” said Jeremy Sicklick, Co-Founder and CEO of HouseCanary. “It continues to be a challenging environment for buyers, as increased rates, already bloated prices, and short supply leading to competitive bidding has made homeownership more expensive.”
“At the same time, price growth has slowed compared to February through April of this year and listings under contract experienced a double-digit decrease year-over-year, indicating slowing market activity may be cooling as we head into the summer months.
Even so, pent up demand still exists in the market currently. Over the next few months, we expect to continue to experience short supply and low single digit price growth.” Concurrently, price growth has slowed compared to February 2022 through April 2022, and listing under contract experienced a double-digit decrease year-over-year, an indicator that market activity may be slowing as we head into the summer busy season. HouseCanary predicts that over the next few months…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are nineteen (19) active listings in the MS/VG market this week. The inventory remains low. It has averaged under 15 listings the last several months, but it is slowly changing. I expect continued increases in inventory in the months ahead. 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! Today it is still a Sellers' market. Please refer to the articles posted on our website.
Eighteen (18) of the active listings are priced over $500,000. Almost half, seven (7) properties, are priced over $1 million! Two 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. Interest rate increases are here with more to come 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%, with more increases expected. There are still serious qualified Buyers looking for the right property. Timing is everything! The demand is especially high for properties under $500,000. There is one listing just under $500,000. This low inventory makes it difficult for most first-time Buyers. Competition from multiple offers continues in today's market. One property is priced between $400,000-$500,000. Three (3) properties are priced between $500,000-$600,000; five (5) between $600,000-$700,000; one (1) between $700,000-$800,000; none (0) between $800,000-$900,000; two (2) 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 10, 2022 through June 17, 2022, there were reported 3 new listings, 3 closed sales, 1 pending sale, 1 active with contract, 0 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, June 17, 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.
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