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State of the Market Presentations • February 3, 2023

2023 Market Stats and Projections

by Maria Maji Ramos

Click here to watch the full presentation

 

I’ve been a Miami Realtor since 1993, I’m a second-generation Realtor and a Miami native. I have been studying the market pretty much my whole life. I love it, I’m obsessed with it. It’s just something weird about me.

In my presentation last June, I discussed Miami MLS stats and Market Snapshots. I thought it would be interesting to compare the statistics from June to today. If you want to see the original presentation, please visit my blog https://bit.ly/majismarketminute-blog or you can scan the QR code.

Back then, the headlines were frightening. I don’t know if you guys remember but it was very confusing, the news was all over the place, and nobody really knew who to follow or what to do. It was even confusing to me! But I always look at the numbers because the numbers don’t lie. You really have to be careful who you listen to because everything is skewed to whatever they are trying to promote.

What a change seven months can make. Look at the headlines now.

  • Miami is expanding beyond Latin America, we have a huge huge demand and it’s only growing. It’s just crazy what’s going on here.
    Real estate and inflation. Real estate is a great way to hedge against inflation. It is great for landlords, it is great for everybody if you want to control your costs.
  • Equity is the shining star of this market. That’s why it is different from any of the other markets that we’ve been in. Everybody has a ton of equity. They are not going into foreclosure or short sale if they needed to they would simply sell.

All of these articles are in my blog, Maji’s Market Minute @MiamiHomeTrends.com

Lets jump into the Market Statistics:

  • MARKET SNAPSHOT:

In the Market Snapshot from 2022, we had 1.95 months supply of inventory, which is really dismal and low. The sales price to list price ratio is 0% which is flat. Basically, this means that properties were selling at the list price.

In the Market Snapshot I did two weeks ago, from June 22, 2022 – January 31, 2023, the average sales price went up 5%, months supply of inventory went up 82%! That’s a big number. And the sales price to list price ratio is still at 0%.

In the monthly report for the month of January, months supply of inventory went up to 68%! Properties are still selling at the list price.

  • MLS STATS:

These are the property searches through MLS using the same criteria I used in June 2022 compared to January 2023, searching ACTIVES, PENDING and SOLDS in Miami-Dade County. This will be up on my blog because it’s just too much information to go through in this presentation. I will have a separate video analyzing all these searches

  • SUMMARY:

Why is Q4 the bottom of the recent cycle? We are seeing an uptick ( 25% increase) in mortgage applications. Mortgage rates are going down. In the last quarter, 42% of sellers were giving concessions. I am seeing this in the deals that I am doing now. We weren’t seeing that last year. The rest of the country is looking at depreciation except for Miami and one other city. We are going to see appreciation.

So if you’re thinking of buying, you want to get in this game NOW before things get really crazy because this Spring selling season is gearing up to be a very very busy market.

If you’re a seller, you definitely want to get in the game especially if you need to buy. This is the perfect market for that, It couldn’t even be better.

What am I looking for? I want to meet people who are living in older properties because I can help them.They will be facing challenges.

Who you hire matters especially in this exceedingly complicated market.

 

Maji Ramos Real Estate Advisor, P.A
CRS, e-PRO, Certified Residential Specialist, Senior Real Estate Specialist, Master Brokers Forum, NAR Green Certified

305-519-7940 | maji@majisold.com

• Miami Realtor since 1993
• 2nd Generation Realtor
• Negotiation Specialist
• Market Trends Expert
• Miami native
• About me: https://linktr.ee/majisold

For breaking news in the real estate market subscribe to: Maji’s Market Minute Blog:
http://bit.ly/majismarketminute-blog

 

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