Pending Home Sales Drop for Fourth Consecutive Month

Contract signings for existing homes declined for the fourth consecutive month in February, with a 4.1% monthly slide, due to a combination of rising mortgage rates, real estate prices and consumer inflation. The monthly decline was propelled by drops in all regions except the Northeast. Pending home sales were 5.4% below year-ago levels.

Historically, pending home sales are a good predictor of closed sales, with a 30-45 day lag. This year’s record-high prices and very tight inventory are taking a toll on transactions, as we saw with the declines in the sales of both new and existing homes in February.

What Does This Mean for the Housing Market:

In February, homebuyers were greeted by record-high listing prices, along with a surge in the cost of gasoline due to Russia’s invasion of Ukraine. Real estate markets started 2022 on a high note, with many buyers stymied by last year’s overheated pace looking forward to a better year. However, housing dynamics have shifted quickly, creating a challenging environment. The number of homes for sale remains very low and continues to shrink from last year, keeping the pace of sales elevated. In turn, list prices re-accelerated after the reprieve experienced during fall 2021, reaching a new high of…READ MORE.

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are 15 active listings in the MS/VG market this week. Inventory has averaged under 18 listings the last several months, which makes for a very tight market for Buyers. Values remain very, very strong in Miami Springs and Virginia Gardens. There are still many qualified Buyers out there! It is still a Sellers' market. Please refer to the articles posted on our website.

Fourteen (14) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Four (4) active listings have had a price reduction (1 this week). We remain in a very strong Sellers' market with high demand and higher interest rates coming in 2022. We anticipate that inventory will increase later this year.

MULTIPLE OFFERS ARE BACK AND LISTINGS KEEP SELLING OVER LIST PRICE!!

Mortgage interest rates have started to increase but remain historically low. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $500,000. There is one listing under $500,000. This low inventory makes it difficult for most first-time Buyers, with competition from multiple offers expected. One (1) property is priced between $400,000-$500,000; four (4) properties are priced between $500,000-$600,000; one (1) property is priced between $600,000-$700,000; four (4) properties are priced between $700,000-$800,000; zero (0) properties are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; and three (3) are priced over $1 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of March 18, 2022 through March 25, 2022, there were reported 3 new listings, 6 closed sales, 1 pending sale, 2 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 25, 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.

 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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