U.S. Housing Supply Reaches All-Time Low
National housing inventory declined 13.6% in January – the steepest year-over-year decrease in more than 4 years – pushing the supply of for-sale homes in the U.S. to the lowest level ever since realtor.com began tracking the data in 2012. Based on realtor.com’s analysis, January’s steep year-over-year decline amounted to a national loss of 164,000 listings that tightens the housing shortage plaguing the U.S. And based on realtor.com’s data, a dearth of for-sale homes shows no signs of easing in the near future as the volume of newly listed properties also…READ MORE
Home Sales Dip, But First-Timers Return to Market
Existing-home sales have been fluctuating in recent months, but one clear trend is emerging: First-time home buyers are making a move into the housing market as low mortgage rates prove to be an enticing incentive. Lawrence Yun, chief economist for the National Association of REALTORS®, says he’s encouraged by the upturn in first-time home buyers in NAR’s latest existing-home sales report. First-timers comprised 32% of sales last month, up from 29% a year ago, according to NAR. “It’s good to see first-time buyers slowly stepping into the market,” Yun says. “The rise in the homeownership rate among , …READ MORE
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All aspects of your real estate experience will be accompanied by Results through exceptional Service and Honesty. From the onset of our marketing meeting, we are dedicated to achieve your goals.
The Current Miami Springs Market
Sellers that haven’t been able to sell their property in this market should re-evaluate their strategy and adjust accordingly based on the current market circumstances. Timing is everything. If you re on the fence about selling, now is the time to get off and put your house on the market.
Inventory increased this week in Miami Springs and Virginia Gardens. There are 29 active listings this week. Last year I reported on January 7, 2019, there were 48 active listings. However that still represents an approximately 40% decrease in inventory in one year. This is especially good for sellers.
24 active listings this week
6 closed sales this week
11 listings under $400,000 *(Note:The inventory in this price range has improved during the last month. Good opportunities for entry level buyers)
8 listings between $400,000 and $500,000
10 active listings are priced over $500,000
2 properties are listed over $1,000,000.
7 active listings have had a price reductions (2 this week). What does this mean? Usually, the property was overpriced from the beginning. However, sellers are recognizing the market change. There are less price reductions as the inventory decreases. Sellers that haven’t been able to sell their property in this market should re-evaluate their strategy and adjust accordingly based on the current market circumstances. Timing is everything. If you re on the fence about selling, now is the time to get off and put your house on the market.
During the period of February 14, 2020 through February 21, 2020 there were reported 6 new listings, 6 closed sales, 2 pending sales, 4 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 2 price reductions and 1 price increase. Interest rates remain low. A GREAT TIME TO BUY OR SELL
Low Inventory + Low Interest rates = Sellers Market.
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, February 21, 2020. All closed sales are within the last 90 days.
HOW DOES YOUR HOUSE COMPARE?
*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.
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