HOUSING SUPPLY TICKS UP AFTER EIGHT-MONTH LAG

via themortgagepoint.com—According to a new Redfin study, for the four weeks ending March 3, the number of new listings increased 13% countrywide from a year earlier—representing the largest increase in almost three years.

The increase in new listings contributed to a 1.7% increase in the overall number of houses for sale. February is the first time that the number of homes for sale has climbed annually after eight months of losses.

According to Redfin, the price data for this week offers prospective homeowners some small comforts as well. In addition, 5.5% of house sellers reduced their asking price on average, the largest percentage in any February since at least 2015. The asking prices of new listings experienced their least increase in almost two months. This week’s typical monthly housing payment was $2,694, just $23 less than the record high due to high mortgage rates. However, as price growth for new listings slows down, final selling prices—which increased 5.3% year-over-year, marking one of the largest rises in a year and a half—should soon begin to decline.

As spring approaches, those looking for a place to call home are also applying for mortgages. In comparison to the same period last year, there has been a 23% increase in touring activity, and week-over-week, mortgage-purchase applications have increased by 11%. As of right now, pending sales are down 6% year-over-year, suggesting that the early-stage buying activity hasn’t translated into higher sales.

“There have been two major obstacles for homebuyers over the last year: Low inventory and high housing costs,” said Chen Zhao, Economic Research Lead at Redfin. “Now, the first barrier is starting to come down as more supply comes on the market.”…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-five (35) active listings in the MS/VG market this week. Inventory has hovered around 30+/- listings this last month. Increased inventory is better for Buyers, and we expect these increases to continue in the months ahead. We are truly in a unique market with continued demand despite high interest rates and high prices. Though the market appears to be slowing down a bit, prices remain strong in Miami Springs and Virginia Gardens. Please refer to the articles posted on our website.

There are fourteen (14) active listings over one million dollars. One of the listings is a spec house that hasn’t been built yet but the list price is a whopping $3.2 million!!! Eleven (11) of the active listings have had a price reduction; one (1) this week. There are no new pending sales this week. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for Buyers. The high interest rates, however, also create a difficult situation for Sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Any additional interest rate increases in the future can mean fewer Buyers.Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates have remained around 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are more common again. The number of days properties are staying on the market is averaging 59 days. There are no properties listed under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. There is one (1) listing priced between $500,000-$600,000; eight (8) listings are priced between $600,000-$700,000; seven (7) are priced between $700,000-$800,000; four (4) are priced between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; thirteen (13) between $1-2 million; and one (1) is listed for over $3 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of March 1, 2024 through March 8, 2024, there were reported 3 new listings, 1 closed sale, 0 pending sales, 1 active with contract, 0 expired listings, 1 cancelled listing, 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, March 8, 2024. 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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