U.S. Existing-Home Sales Drop 2.7% in April
Existing-home sales waned in April, marking three straight months of declines, according to the National Association of Realtors® (NAR). All but one of the four major U.S. regions tracked by NAR saw month-over-month drops in home sales, but each also registered double-digit year-over-year gains for April, in part due to the rise of the pandemic one year ago.
Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and co-ops – slipped 2.7% from March to a seasonally-adjusted annual rate of 5.85 million in April. “Home sales were down again in April from the prior month, as housing supply continues to fall short of demand,” says Lawrence Yun, NAR’s chief economist. “We’ll see more inventory come to the market later this year as further COVID-19 vaccinations are administered and potential home sellers become more comfortable listing and showing their homes. The falling number of homeowners in mortgage forbearance will also bring about more inventory.….READ MORE
A GREAT TIME TO SELL!!
DISCOVER MIAMI SPRINGS!
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The Current Miami Springs Market
SELLERS, THIS IS THE MOMENT! SELL NOW!
The inventory remains low. There are only 15 active listings. This again is one of the lowest levels I can recall in my years of experience selling real estate in Miami Springs and Virginia Gardens. The market continues to be very dynamic with many buyers and that is great news for Sellers. The Buyers are out there! Please refer to the articles posted on our website.
Twelve (12) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. One (1) active listing has had a price reduction (0 this week). We are still in a strong Sellers' market with low inventory and high demand.
The market is going to change!
Likely increased inventory, with increased foreclosures coming later this year.
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates remain historically low, and there are serious Buyers buying. Timing is everything! The demand is high, especially for properties under $400,000. There are currently no listings under $400,000. A lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Three (3) properties are priced between $400,000-$500,000; five (5) properties are priced between $500,000-$700,000; three (3) properties are priced between $700,000-$800,000; and four (4) properties are priced between $800,000 and over $1 million.
A GREAT TIME TO BUY OR SELL!
During the period of May 14, 2021 through May 21, 2021, there were reported 4 new listings, 3 closed sales, 2 pending sales, 4 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 0 price reductions and 0 price increases.
Low Inventory + Low Interest Rates = Seller's Market.
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, May 21, 2021. 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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