What’s Ahead for Homebuyers, Sellers, and the Market

Recent weekly housing data suggests that we may start to see a turn-around in availability, with the most recent 2 weeks of data showing year over year increases in the number of fresh-listings, a bit of good news for buyers as we are in what is typically the best time of year to list a home for sale.

Combined with moderation in home sales, this should mean a greater number of options for remaining home searchers to choose from, and in fact, our recent data suggests that we could see more homes for sale compared to the prior year by mid-summer. Ongoing builder efforts to add new homes and make up for a decade of underbuilding, will also help add much needed supply and bring more balance back to the housing market, but a more balanced market doesn’t necessarily mean an easier market. The biggest competitor for this year’s homebuyer may be their budget, instead of another homebuyer.…READ MORE

Existing-Home Sales Fall for Second Consecutive Month

"The housing market is starting to feel the impact of sharply rising mortgage rates, and higher inflation taking a hit on purchasing power," said NAR Chief Economist Lawrence Yun. "Still, homes are selling rapidly, and home price gains remain in the double-digits."

“The number of home sellers continues to trail what the market has seen in prior years meaning that relatively low numbers of homes for sale remain an obstacle for buyers, even as we move past the seasonal low-point in the number of options for homebuyers,” said Realtor.com Chief Economist Danielle Hale.

The median existing-home price for all housing types in March…READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are eleven (11) active listings in the MS/VG market this week. Inventory has averaged under 15 listings the last several months, which makes for a very tight market for Buyers. Values remain very, very strong in Miami Springs and Virginia Gardens. There are still many qualified Buyers out there! It is still a Sellers' market. Please refer to the articles posted on our website.

Ten (10) 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 remain in a very strong Sellers' market due to high demand. Interest rate increases are here with more to come in 2022. We anticipate that inventory will start to increase later this year.

MULTIPLE OFFERS ARE BACK AND LISTINGS KEEP SELLING OVER LIST PRICE!!

Mortgage interest rates have started to increase. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $500,000. There is one listing under $500,000. This low inventory makes it difficult for most first-time Buyers. Competition from multiple offers is the norm in today's market. One property is priced between $400,000-$500,000. Three (3) properties are priced between $500,000-$600,000; two (2) between $600,000-$700,000; three (3) between $700,000-$800,000; none (0) between $800,000-$900,000; none (0) between $900,000-$1,000,000; and two (2) are priced over $1 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of April 15, 2022 through April 22, 2022, there were reported 3 new listings, 5 closed sales, 2 pending sales, 0 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 0 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, April 22, 2022. All closed sales are within the last 90 days.

*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.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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