Are Inventories Really High?

Mortgage rates are on the rise, reaching the highest point in 23 years. But no, this does not mean that home values are about to plummet. Let us explain why.

In Coral Gables, there are currently 226 listings available, providing a healthy 6 months of inventory. Coconut Grove has 31 available listings, also with a 6 months inventory. Moving on to Pinecrest/Palmetto, a much larger area, there are 377 listings and a 5 months inventory. In South Miami, there are 41 listings, equivalent to a 6 months inventory. Key Biscayne tops the list with 149 available listings, offering a 10 months inventory, still only half of the inventory levels we saw in 2019.

What does this mean for you? Well, it means that sellers are still in a reasonably strong position. So, if you’re ready to make a move in the real estate market, now might be the opportune time.

Don’t let the climbing mortgage rates scare you away. There are plenty of options out there, and we’re here to help you navigate them.

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#Housing_Market #MiamiHousingMarket #MiamiMarket #SchenleyParkarea #MiamiRealEstate #305realestate #sellingyourhouse #buyingahouse #selling_your_house_and_buying_a_new_one #housing_market_2023_forecast #selling_your_house_with_a_mortgage #housing_market_2023

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