HOUSING ACTIVITY TO INCREASE THROUGHOUT YEAR

via themortgagepoint.com—According to the latest Fannie Mae Economic and Strategic Research Group (ESR) blog post, existing home sales and new single-family housing starts are expected to grow modestly in 2024, amid lower mortgage rates and increasing homebuyer sentiments.

The February commentary from the ESR found that while housing affordability is still seriously constrained following the home price run-up of the past few years, the supply of existing homes available for sale is ultimately showing recent signs of loosening.

Additionally, more households have recently signaled that they expect mortgage rates to decline, as evidenced by Fannie Mae’s most recent Home Purchase Sentiment Index indicating newfound optimism that my signal an increased openness to moving to a new home.

“Market dynamics continue to reflect significant uncertainty regarding the sustainability of stronger-than-expected recent GDP growth, the continuity of the decline of inflation, and the path of monetary policy change, not to mention the many ways in which historical relationships in housing and the larger economy remain out of balance post-pandemic,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist. “Right now, our base case scenario foresees economic growth decelerating, rates gradually declining, and new single-family home sales slowly recovering as construction adds supply. However, if economic growth continues to surprise to the upside, then we believe the …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty-three (33) active listings in the MS/VG market this week. Inventory over the last month has maintained around 30 listings. 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 twelve (12) active listings over one million dollars. Eleven (11) of the active listings have had a price reduction; two (2) this week. There is one (1) new pending sale 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 are hovering 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 60 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; seven (7) listings are priced between $600,000-$700,000; seven (7) are priced between $700,000-$800,000; three (3) are priced between $800,000-$900,000; three (3) are priced between $900,000-$1,000,000; twelve (12) between $1-2 million; and none (0) are 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 February 23, 2024 through March 1, 2024, there were reported 3 new listings, 3 closed sales, 1 pending sale, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 2 price reductions, 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 1, 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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