CONTINUED RATE HIKES CAUSING HOUSING MARKET UNCERTAINTY
via dsnews.com — HouseCanary has released its latest Market Pulse Report for April 2023, which covers over 20 listing-derived metrics and compares and compares them year-over-year. The Market Pulse is an ongoing review of proprietary data and insights from HouseCanary’s nationwide platform.
According to HouseCanary, during the first month of the second quarter of 2023, the housing market began to react to the Federal Reserve’s 0.25% nominal interest rate hike, which resulted in reduced market activity. Though the most recent rate hikes have only been a quarter percent, the housing market still exhibited year-over-year decreases in contract and net new listings volume. Further, the net new listing volume remains below contract volume, giving no quarter to the inventory shortage.
Meanwhile, listed and closed prices have rapidly reversed course from declining throughout the second half of 2022 and into early 2023 with prices now increasing rapidly month-over-month since the end of February 2023.
Jeremy Sicklick, Co-Founder and CEO of HouseCanary, commented:
"As we enter May 2023, the real estate market continues to experience uncertainty, with the purchasing market slowdown being one of the key trends observed for over a year now, as April 2023 marked the 12th consecutive month of year-over-year declines in net new listings and contract volume. This trend has led to an increase in rental demand, as prospective buyers remain cautious about the market conditions. However, buyers and sellers alike are looking towards the upcoming Federal Reserve meeting with hope, as some experts anticipate the reversal of rate hikes, which could potentially lead to a resurgence in activity.”.…READ MORE
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The Current Miami Springs Market
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There are sixteen (16) active listings in the MS/VG market this week. Still very low inventory this week. I continue to expect that inventory will slowly increase, but that has not happened so far this year. We are truly in a unique market, anything can happen! Pending sales have increased bit. Values do remain strong in Miami Springs and Virginia Gardens, but we have seen some list-price decreases. Despite interest rate increases, there are still many qualified Buyers out there. With light inventory and high demand, the market is starting to transition back to a Sellers' market. Please refer to the articles posted on our website.
All of the active listings are priced at $525,000 or above. Four (4) properties are listed between 1-2 million dollars. One (1) is listed for over $2 million. Seven (7) of the active listings have had a price reduction; one this week. We had been transitioning to a more neutral market. However, the continued light inventory and continued demand, despite higher mortgage rates, makes it difficult for first-time buyers. Expected interest rates increases in the future means fewer buyers. We still anticipate inventory increases.
DEMAND IS STILL THERE!
Mortgage interest rates have been between 6% and 7% this past month. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are much less common and the number of days properties are staying on the market is averaging 59 days. The demand remains high for properties under $500,000. There are no listings under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance premiums make it difficult for many first-time Buyers. No properties are priced between $400,000-$500,000. Five (5) properties are priced between $500,000-$600,000; three (3) are priced between $600,000-$700,000; none (0) are between $700,000-$800,000; two (2) between $800,000-$900,000; one (1) 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 May 12, 2023 through May 19, 2023, there were reported 3 new listings, 2 closed sales, 2 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 3 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, May 19, 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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