Pending Home Sales Drop
Contract signings for existing homes declined for the sixth consecutive month in April, with a 3.9% drop, as real estate markets feel the pressures of record-high prices and rising mortgage rates in April.
The median listing price reached $425,000 during a month when mortgage rates rose over 200 basis points higher than the prior year, from about 3.0% to 5.1%. Many would-be buyers found that the opportunity to afford the required mortgage payments on a home had slipped out of their grasp. The monthly decline was propelled by drops in all regions except the Northeast.
Pending home sales were 9.1% below year-ago levels. The decline points to a noticeably slower sales season ahead.,…READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are sixteen (16) active listings in the MS/VG market this week. This was a noticeable increase of approximately 50%. The inventory remains low, however. It has averaged under 15 listings the last several months, which makes for a very tight market for Buyers. I expect continued increases in inventory in the months ahead. Values are still strong in Miami Springs and Virginia Gardens. Despite interest rate increases, there are still many qualified Buyers out there! It is still a Sellers' market. Please refer to the articles posted on our website.
All 16 active listings are priced over $500,000. Almost half of the inventory, seven (7) properties, are priced over $1 million! None of the active listings have had a price reduction. We still remain in a very strong Sellers' market due to high demand, but that will start to change. Interest rate increases are here with more to come in 2022. We anticipate that inventory will continue to increase.
MULTIPLE OFFERS AND LISTINGS SELLING OVER LIST PRICE ARE THE NEW NORMAL!
Mortgage interest rates have already increased to over 5%, with more increases expected. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $500,000. There are no listings under $500,000. This low inventory makes it difficult for most first-time Buyers. Competition from multiple offers is the norm in today's market. No properties are priced between $400,000-$500,000. Two (2) properties are priced between $500,000-$600,000; five (5) between $600,000-$700,000; two (2) between $700,000-$800,000; none (0) between $800,000-$900,000; none (0) between $900,000-$1,000,000; and seven (7) are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of May 20, 2022 through May 27, 2022, there were reported 6 new listings, 1 closed sale, 0 pending sales, 0 actives 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, May 27, 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: firstname.lastname@example.org
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