Home Prices Retreat in Nearly All Major Markets
According to the new Knock Sellers-Buyers Market Index, of the top-100 largest metropolitan markets, 98 of them reported home price declines in September, while 15 markets reported home prices falling by more than 10% from their highs set earlier this year.
So what does this mean? According to Knock, a confluence of events that led to the report’s findings have pushed the market into buyer-friendly territory, good news for those who haven’t been sidelined by affordability costs.
According to Knock, in 15 markets, prices dropped by 10% and prices in 42 markets are projected to fall further from their 2022 records by September 2023. The total number of buyers' markets increased to 16, more than double from August. This is expected to grow to 27 by September 2023.
Inventory numbers, which seem to have bottomed out in 2021, have only increased in 2022 as the median days on the market is up to 20 in September, up by seven days from a year ago.
The average sale-to-list ratio fell to an even 99% in September, the lowest level since 2021 and down from 100.3% at market peak in May 2022.
"Based on our findings, the shift to a more balanced market is still in its early stages. We expect that this much-needed reset will persist through much of 2023, and although prices… will again begin to rebound they likely won't return to their peaks for the foreseeable future," said Sean Black, Knock Co-Founder and CEO. "While many drivers of the housing market like demographics and record low unemployment have not changed, the combination of higher rates and home prices have put affordability at the worst levels in 30 years with entry-level monthly payments set to be 34% higher in 2022 vs 2021.” ....READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are twenty-nine (29) active listings in the MS/VG market this week, a small decrease since last week. The inventory had averaged approximately 15-20 listings the last several months. I expect continued increases in the months ahead. But who knows in this market! Pending sales have slowed. A definite sign that sales have slowed down. Values remain strong in Miami Springs and Virginia Gardens, for now. 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-seven (27) of the active listings are priced over $500,000. Seven (7) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Nine (9) of the active listings have had a price reduction; none this week. We are transitioning to a Buyers' market due to decrease in demand and higher mortgage interest rates. More interest rate increases are coming in the next month, which means fewer Buyers and likely increases in inventory.
MULTIPLE OFFERS HAVE DROPPED AND DEMAND IS SLOWING!
Mortgage interest rates topped 7.0% last week, with more increased expected. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are less common and properties are staying on the market for more days. 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. Five (5) properties are priced between $500,000-$600,000; seven (7) between $600,000-$700,000; five (5) between $700,000-$800,000; one (1) between $800,000-$900,000; one (1) between $900,000-$1,000,000; seven (7) between $1-2 million; and one (1) is listed for over $2 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
During the period of October 28, 2022 through November 4, 2022, there were reported 3 new listings, 2 closed sales, 0 pending sales, 3 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, November 4, 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.
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