HOME SALES SHOW STRONG INCREASE
via themreport.com — Despite being down 24.4% year-over-year, February home sales increased 16.8% from January, according to the RE/MAX National Housing Report for February 2023. That was the largest month-over-month increase in 11 months and ended a five-month streak of sales declines that began in September.
The median sales price of $385,000 increased 0.6% over January, ending a seven-month streak of price declines since the peak of $426,000 in June 2022. Although home prices increased slightly month-over-month, February marked the first year-over-year drop in prices since January 2012 – as the median was 1.3% lower than a year ago ($390,000).
Inventory increased year over year for the 10th consecutive month, and the number of homes for sale in the report's 50 metro areas was 55.0% higher than a year ago.
"Prices have steadied and demand is strong, but the lack of available, affordable homes remains a challenge," said Nick Bailey, RE/MAX President and CEO. "Mortgage rates are top of mind for many buyers, and as they move up or down, sales activity should generally follow suit. That's a big factor to watch as we move into the spring."… READ MORE
DISCOVER MIAMI SPRINGS!
We are committed to providing a premier level of
service.
All aspects of your real estate experience will be accompanied by Results through exceptional Service and Honesty. From the onset of our marketing meeting, we are dedicated to achieve your goals.
The Current Miami Springs Market
TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION
There are twenty-five (25) active listings in the MS/VG market this week. Inventory decreased slightly since last week. It has averaged approximately 25 listings the last month or so. I expect inventory to continue to slowly increase in the months ahead, but in this market, anything is possible. Pending sales are stable. Though values remain strong in Miami Springs and Virginia Gardens, we have seen many list-price decreases. Despite interest rate increases, there are still many qualified Buyers out there, BUT as rates increase, there WILL be fewer Buyers! The market is starting to transition, and Sellers are no longer in the driver's seat. Please refer to the articles posted on our website.
Twenty-four (24) of the active listings are priced at $525,000 or above. Three (3) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Seven (7) of the active listings have had price reductions; two this week. We have been transitioning to a more neutral, perhaps, Buyer's market due to decreased demand, higher inventory, and higher mortgage interest rates. More interest rate increases are coming in the next month, which means fewer Buyers and likely increases in inventory.
DEMAND IS SLOWING!
Mortgage interest rates are between 6.5% and 7% this week. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are much less common. Days properties are staying on the market has increased (Average DOM = 55).
The demand remains high for properties under $500,000. There is just one (1) listing just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Five (5) properties are priced between $500,000-$600,000; ten (10) between $600,000-$700,000; three (3) between $700,000-$800,000; one (1) between $800,000-$900,000; one (1) 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 March 17, 2023 through March 24, 2023, there were reported 2 new listings, 2 closed sales, 4 pending sales, 0 active with contract, 0 expired listings, 1 cancelled listing, 1 temp off market, 2 price reductions, and 2 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 24, 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
………………………………………………..……………………………………………………………………………
We are the Miami Springs Experts
however, we service all of South Florida
Let Us Show You How We Can Get Your Property Sold
at the Highest Possible Price
Attention Sellers!
What are You Waiting For?
We can provide you with a market analysis so you can see how much your property is worth.
Honesty | Service | Results
Drop by to see us
190 Westward Drive
or call us 305-726-8416
Appointments available upon request
Beautiful Miami Springs. Tree City USA.
Our secret paradise in Miami Dade County!
STAY INFORMED!
Thank You
Charlie 305-726-8416