Pending Home Sales Decline in June
Contract signings declined in June, with a 1.9% monthly slide, reversing the strong advance from May. The monthly decline was driven by drops in the South and West regions. Pending home sales were 1.9% below year-ago levels. For many Americans, the end of pandemic restrictions at the beginning of summer led to a shift in focus toward vacations, travel, and family reunions, which took attention away from real estate markets.
In 2021, contract signings declined in four of the first six months. Historically, pending home sales are a good predictor of closed sales, with a 30-45 day lag. This year’s record-high prices and very tight inventory are taking a toll on sales transactions.
To silver lining is that as Americans embrace the return to a new normal, many are ready to move on to the next chapter of life, and are listing their homes for sale. With prices at record highs and mortgage rates still hovering near record lows, sellers are recognizing the favorable conditions. In June, the number of newly-listed homes was 5.5% higher than a year ago. Just as importantly, today’s Realtor.com Weekly Housing Report shows that the number of sellers bringing properties to market continues to grow in July, signaling a boost in available housing options. The influx of new supply is keeping price growth in check, and offering much-needed relief for buyers who have been frustrated by the very tight inventory and highly competitive market conditions of the past six months.…READ MORE
A GREAT TIME TO SELL!!
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The Current Miami Springs Market
Keep an eye on increasing inventory. There are now 29 active listings in the MS/VG market. The inventory remains low, but has been growing in recent weeks. However, prices remain strong in Miami Springs and Virginia Gardens. There are many qualified Buyers, but the market is still favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.
SELLERS, THIS IS THE MOMENT! SELL NOW!
Seventeen (17) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Eight (8) active listings have had a price reduction (2 this week). We remain in a strong Sellers' market with high demand. The market will change! Increased inventory is on the horizon, 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 two (2) listings under $400,000. This lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Ten (10) properties are priced between $400,000-$500,000; nine (9) properties are priced between $500,000-$700,000; two (2) properties are priced between $700,000-$800,000; and six (6) properties are priced between $800,000 and over $1 million.
A GREAT TIME TO BUY OR SELL!
During the period of July 23, 2021 through July 30, 2021, there were reported 5 new listings, 4 closed sales, 2 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 2 price reductions and 0 price increases.
Low Inventory + Low Interest Rates = Seller's Market.
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, July 30, 2021. 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.
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