Weekly Housing Trends
Data Week Ending May 28, 2022
The median listing price maintained a surprising amount of momentum this week even as recent monthly data show signs of a growing gap between buyer and seller expectations in today’s housing market. The reasons are explored in more depth in today’s May Housing Trends Report, but in short, the median asking price may not be the earliest signal of shifting momentum. Our monthly measure of the share of sellers having to reduce their asking price to find a buyer, for example, rose from one year ago in March, April, and May. Even this measure remains lower than what is historically normal, a reminder that sellers remain more in control of the real estate transaction than has generally been the case, but it is a reminder, like the still low but growing number of homes for sale, that the tide is turning.
The median listing price grew by 18.2 percent over last year. The typical asking price of for-sale homes was higher than one year ago by double-digits for a 24th week. Mortgage rates have eased in recent weeks creating opportunities for shoppers to lock in a lower rate just as shoppers start to find more homes available for sale. Still, the monthly cost for a mortgage on the typical for-sale home today is substantially higher than one year ago as higher home prices and mortgage rates up the ante for buyers. We expect to see home price growth slow, but we may not…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are fourteen (14) active listings in the MS/VG market this week. The inventory remains low. It has averaged under 15 listings the last several months, which makes for a very tight market for Buyers. 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! It is still a Sellers' market. Please refer to the articles posted on our website.
All 14 active listings are priced over $500,000. Almost half of the inventory, six (6) properties, are priced over $1 million! One of the active listings has had a price reduction this week. We still remain in a very strong Sellers' market due to high demand, 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%, with more increases expected. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $500,000. There are no listings under $500,000. This low inventory makes it difficult for most first-time Buyers. Competition from multiple offers is the norm in today's market. No properties are priced between $400,000-$500,000. Two (2) properties are priced between $500,000-$600,000; four (4) between $600,000-$700,000; one (1) between $700,000-$800,000; none (0) between $800,000-$900,000; one (1) between $900,000-$1,000,000; and six (6) are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of May 27, 2022 through June 3, 2022, there were reported 1 new listing, 1 closed sale, 3 pending sales, 0 actives with contract, 0 expired listings, 2 cancelled listings, 0 temp off market, 1 price reduction, 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 3, 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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