via realtor.com — This week’s data indicates that buyers and sellers are still largely in a stand-off in the housing market. In a sign that sellers could be relenting, the gap in new listings shrank this week. On the other hand, asking price growth ticked up and time on market narrowed compared to a year ago, both signs that buyers may be more active in the market.
Still, most indicators of activity remain significantly lower than they were a year ago. New listings continue to fall short, and compared to this same time period, inventories are up, time on market is longer, and asking price growth is also slower. Taken as a whole, this week’s data lines up with other indicators that are pointing to a potential bottom in housing market activity at a fairly low level. However, they don’t yet offer a strong indication of how long the market will bounce along the bottom.
The median listing price grew by 7.2% over last year. Growth in the typical asking price of for-sale homes ticked up slightly from last week’s pace which was the lowest since June 2020. While the mortgage rate has remained high and recently begun to climb again, some housing data have signaled a potential increase in buyer interest. In particular, pending home sales rose in January and new home sales also rose from December. An uptick in home price growth would be consistent with these trends and with the idea that price reductions, while still much higher than one year ago, improved more than would be expected from a typical January to February. Firming price trends could bring out some sellers, but as long as the Fed remains focused on taming inflation, mortgage rates are likely to remain higher, complicating the budget limbo for potential trade-up homebuyers who still require a mortgage. New listings–a … READ MORE
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The Current Miami Springs Market
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There are twenty-two (22) active listings in the MS/VG market this week. Inventory continues to decrease over the last couple of weeks, which is good for Sellers. It has averaged approximately 30 listings the last month or so. I do expect increases in the months ahead, but in this market, anything is possible. Values remain strong in Miami Springs and Virginia Gardens, but 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 (20) of the active listings are priced at $450,000 or above. Four (4) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Five (5) of the active listings have had price reductions; none 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 and days properties are staying on the market are increasing (Average DOM = 48). The demand remains high for properties under $500,000. There are two (2) listings just under $500,000. The low inventory at entry-level and higher interest rates make it difficult for most first-time Buyers. Two (2) properties are priced between $400,000-$500,000. Three (3) properties are priced between $500,000-$600,000; six (6) between $600,000-$700,000; four (4) between $700,000-$800,000; none (0) between $800,000-$900,000; two (2) between $900,000-$1,000,000; four (4) 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 February 24, 2023 through March 3, 2023, there were reported 1 new listing, 0 closed sales, 5 pending sales, 6 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 0 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 3, 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.
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