Key Findings
Weekly Housing Trends

Several trend indicators including home price growth, the new listings trend, and time on market changes didn’t move much if at all over the week. In contrast, after several weeks of very little movement in active listings, this week’s trend was up relative to last week’s by the biggest jump in the last 15 weeks. This increase in active listings likely reflects the degree to which home buyers are struggling to navigate the market in light of the increased costs and reduced purchasing power higher mortgage rates have imposed and likely signals fewer home sales transactions ahead.

Key Findings:

The median listing price grew by 13.2% over last year. The typical asking price of for-sale homes continues to exceed last year’s level by double-digits, hitting a 42nd week at double-digit pace. Home price growth is moderating in response to rising mortgage rates and cooling housing demand, but it’s hard to note for two reasons. First, the glacial pace is not easily visible in the weekly data. Looking at our monthly reports, however, we can see that not only was September’s median list price of $427,000 down from June’s all-time high of $450,000, the annual growth rate was also down to 13.9% from June’s 18.2%. This signals a true moderation in prices above and beyond the usual seasonal cooling. Second, our data tracks the price of homes that are listed for sale, but not the actual transaction price, and some sellers still appear to be aiming a bit too high. While many homeowners are aware of the shift in market conditions that has tilted the market back ever so slightly in buyers’ favor, data show that a greater share of sellers are still having to reduce their asking price to find a homebuyer.

New listings–a measure of sellers....READ MORE.

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are twenty-seven (27) active listings in the MS/VG market this week. The same inventory as last week. It had averaged approximately 15-20 listings the last several months. I expect continued increases in inventory 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! Today, it is still a Sellers' market. Please refer to the articles posted on our website.

Twenty-six (26) 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! Eleven (11) of the active listings have had a price reduction; three (3) 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 6.5% 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 is one (1) listing just under $500,000. The low inventory and interest hikes make it difficult for most first-time Buyers. One (1) property is priced between $400,000-$500,000. Two (2) properties are priced between $500,000-$600,000; six (6) between $600,000-$700,000; seven (7) between $700,000-$800,000; two (2) between $800,000-$900,000; two (2) 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.
SELL NOW!

During the period of October 14, 2022 through October 21, 2022, there were reported 2 new listings, 4 closed sales, 1 pending sale, 1 active with contract, 0 expired listings, 0 cancelled listings, 1 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, October 21, 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:  charlie@leonardrealestategroup.com

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