Today is First Buyers Friday, and especially my clients interested in buying houses without association ask me about some neighborhoods, today I come to talk about the city of Miami Gardens.
According to real metrics from the Association of Realtors and public registry, for the month of June 2024, the number of properties listed was lower than in June 2023, which shows a drop of 40%, that is, the market supply for this type of property has decreased.
During the month of June 2024, 62 transactions were closed in this neighborhood, this shows a drop in the market of 5% (in the month of June 2024 64 houses were sold), this behavior is a consequence of the decrease in the supply of active listings in the month.
Regarding the values reported as listed prices in the Florida MLS, it could be seen that the average value of houses without association increased by 12%, compared to the statistics reported for the month of June 2023 ($547K vs $480).
In terms of closing prices, it could be seen that the average value increased by 10%, compared to the statistics of transactions closed for the month of June 2023 ($510K vs $460). Variables such as inflation and the fall in inventory have an impact on this behavior. Also, I remind you that the product House without HOA is one of the most demanded by the first buyers and companies dedicated to flip and/or home improvements.
The days of inventory (DOM) during the month of June 2024 show an increase of 30% (18 days vs 13 days). The increase in these variables is due to several factors, among which we can mention the inflationary effect and interest rates, these factors negatively affect some bank approvals for first buyers loans.
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If you need an expert agent in this area of Gardens, don't hesitate to contact me.
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