MIAMI-DADE’S HOUSING MARKET SETS PRICE RECORD, BUCKS NATIONAL TREND OF DEFLATING PRICES

via miamiherald.com — For the second consecutive month, home prices soared to a record in Miami-Dade County, despite more than a year of double-digit monthly sales decreases. Miami-Dade’s median sales price for single-family homes reached $620,000 in May, up from $575,000 a year ago and $600,000 in April, according to the housing market update released Thursday by the Miami Association of Realtors.

There was quite a contrast last month in neighboring Broward County, where the midpoint sales price for single-family houses was $585,000, down slightly from $586,000 in May 2022. The skyrocketing home prices in the Miami area represent a long trend that accelerated during the pandemic. It can be blamed mainly on low housing inventory and continued strong buyer demand, real estate experts said. This scenario has left the county with an imbalanced housing market, favoring sellers and making it difficult for middle-class buyers to afford home.

A balanced market consists of six to nine months of homes on the market. However, Miami-Dade’s housing sector remains out of balance with only a 3.3-month supply of houses and 5.1 months of condo inventory. Home availability was even tighter in Broward. Although higher interest rates on mortgages have caused housing prices to fall overall in most of Florida and across the United States, Miami-Dade keeps bucking that trend. In short, people continue to relocate to the county from New York, Chicago and San Francisco, among other cities. Many of these…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are fourteen (14) active listings in the MS/VG market this week. Still very low inventory this week. I continue to expect that inventory will slowly increase, but that has not happened so far this year. We are truly in a unique market, anything can happen! Pending sales have experienced a slight increase this week. Values do remain strong in Miami Springs and Virginia Gardens. Multiple properties listed for over a million dollars are now pending sales. Despite interest rate increases, there are still many qualified Buyers out there. With tight inventory and high demand, the market is starting to transition back to a Sellers' market. Please refer to the articles posted on our website.

All fourteen (14) active listings are priced above $630,000 or above. Four of the active listings are over one million dollars. One is listed at $2,300,000!! Three (3) of the active listings have had a price reduction; none 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. Expected interest rates increases in the future can mean fewer buyers. We still anticipate inventory increases at some point.

DEMAND IS STILL THERE!

Mortgage interest rates have remained between 6% and 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! We are beginning to see multiple offers in some cases. The number of days properties are staying on the market is averaging 67 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; three (3) are priced between $600,000-$700,000; three (3) are between $700,000-$800,000; two (2) are between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; three (3) 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 June 16, 2023 through June 23, 2023, there were reported 0 new listings, 2 closed sales, 2 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 0 price reductions, and 1 price increase.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, June 23, 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

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