Active Inventory Continued to Grow
Highlighting the roller coaster ride that the housing market and its participants have been on in the last few years, one’s take on the current number of homes for sale depends very much on the comparison point. After a period of unusually hot activity, financial conditions are cooling demand in the housing market and there are substantially more homes for-sale compared to one year ago. However, the market still falls short of pre-pandemic inventory levels by an even greater amount. The Realtor.com September Housing Trends Report showed that the active listings count still trails its 2019, pre-pandemic level by more than 40%. One bright note for buyers is that the improvements have been steady in recent weeks, meaning more homes for sale on the horizon as the market rebalances.
Homes spent six extra days on the market compared to this time last year. For the tenth week in a row, homes are sitting on the market for a longer time than last year. This means that buyers will have more time than last year or earlier this year to think through their options before....READ MORE
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The Current Miami Springs Market
A GREAT TIME TO SELL!
There are thirty-three (33) active listings in the MS/VG market this week. The highest number of active listings in a long time! Inventory had averaged approximately 15-20 listings the last several months. I expect continued increases in inventory in the months ahead. Pending sales have slowed. There are only three (3) pending sales. 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! Today, it is still a Sellers' market. Please refer to the articles posted on our website.
Thirty-one (31) of the active listings are priced over $500,000. Six (6) properties are listed between 1-2 million dollars. One (1) is listed for OVER 2 million dollars! Ten (10) of the active listings have had a price reduction; one (1) this week. We remain in a Sellers' market due to high demand but that has started to change. More interest rate increases are coming in 2022. We anticipate inventory will increase.
MULTIPLE OFFERS HAVE DROPPED AND DEMAND IS SLOWING!
Mortgage interest rates topped 6% 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 longer. The demand remains high for properties under $500,000. There are two (2) listings just under $500,000. The low inventory and interest hikes make it difficult for most first-time Buyers. Two (2) properties are priced between $400,000-$500,000. Four (4) properties are priced between $500,000-$600,000; seven (7) between $600,000-$700,000; six (6) between $700,000-$800,000; four (4) between $800,000-$900,000; three (3) between $900,000-$1,000,000; six (6) 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 September 30, 2022 through October 7, 2022, there were reported 4 new listings, 1 closed sale, 0 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 1 price reduction, and 1 price increase.
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, October 7, 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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