THE FASTEST & SLOWEST-SELLING HOUSING MARKETS IN Q1 2024

via creditnews.com—2023 was America’s worst year for home sales in nearly three decades, and the start of 2024 isn’t faring much better.

Faced with chronically low housing stock, elevated mortgage rates, and rising home prices, many buyers still sit on the sidelines, waiting for the market to break in their favor.

Unfortunately, with mortgage rates creeping higher again, the odds of that happening in the near term remain bleak.

As we head into the busier spring homebuying season, Creditnews Research ranked the fastest-selling housing markets in America within the top 100 most populous metropolitan areas.

This is the second issue of our best-selling metro rankings, with the first being an in-depth comparison between pre- and post-Covid housing market trends.

While there wasn’t much of a reshuffling in the top 10 rankings compared to Q4 2023, the housing market has cooled off across the board at the start of 2024.

In all 100 metros examined, listings have stayed on the market for the same number of days or longer compared to a quarter before.

Top 10 slowest selling metros

Except for Poughkeepsie, NY, and Colorado Springs, CO, the top 10 slowest-selling metros are clustered mainly in the Southern states—with three located in Texas and four in Florida.…READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty (30) active listings in the MS/VG market this week. One of the listings is a spec house that hasn’t been built. The list price is a whopping $3.2 million! We do not use this listing in calculating market values for this report. Inventory has hovered around 30+/- listings these last months. Increased inventory is better for Buyers, but prices remain strong for Sellers. We are truly in a unique market! Though the market appears to be slowing down a bit, prices remain strong in Miami Springs and Virginia Gardens and demand continues despite high interest rates and high prices. Please refer to the articles posted on our website.

There are twelve (12) active listings over one million dollars. Twelve (12) of the active listings have had a price reduction; one (1) this week. There are three (3) pending sales this week. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes makes it difficult for Buyers. The high interest rates, however, also create a difficult situation for Sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates are now over 7%. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers are more common again. The number of days properties are staying on the market is averaging 74 days. There are no properties listed under $500,000. The low inventory at entry-level, higher interest rates, and homeowner insurance costs make it difficult for many first-time Buyers. There are two (2) listing priced between $500,000-$600,000; six (6) listings are priced between $600,000-$700,000; seven (7) are priced between $700,000-$800,000; two (2) are priced between $800,000-$900,000; one (1) is priced between $900,000-$1,000,000; eleven (11) between $1-2 million; and one (1) spec house listed for over $3 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of April 26, 2024 through May 3, 2024, there were reported 3 new listings, 2 closed sales, 3 pending sales, 0 active with contract, 1 expired listing, 1 cancelled listing, 0 temp off market, 1 price reduction, 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 May 3, 2024. 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

………………………………………………..……………………………………………………………………………