This week, there are twenty-nine (29) active listings in the MS/VG market, marking a consistent increase in inventory over the past several weeks. The question remains—will this trend persist? In our current market, characterized by its uniqueness, predictions are uncertain. What we do know for certain is that, despite elevated interest rates and prices, there’s a substantial pool of qualified Buyers.
Values in Miami Springs and Virginia Gardens continue to hold strong. For further insights, please consult the articles available on our website.
Among the active listings:
- Nine (9) are priced over one million dollars, with one listing exceeding $2,000,000.
- Nine (9) of these listings have experienced a price reduction, though none occurred this week.
- Additionally, there is one (1) pending sale in the current week.
We find ourselves in the midst of a transition towards a more neutral market. However, the combination of tight inventory and sustained demand, despite higher mortgage interest rates, provides Sellers with an advantageous position, posing challenges for potential Buyers. The elevated interest rates also present a dilemma for Sellers, considering they likely have a mortgage with a significantly lower interest rate. The question arises: where do they go if they decide to sell?
Setting interest rates aside, we anticipate further increases in inventory as we move forward.