ASTONISHING’ PRICE GROWTH CONTINUES, DEMAND SOFTENS
The median home price once again hit an all-time high in July, reports the research team at Redfin, reaching $385,600. That marks a 20% annual increase, which does not quite top the largest annual growth-rate peak of 26% in May but is still higher than any point on record prior to April of this year.
July makes 12 consecutive months of double-digit price gains, which is significant because a year ago the housing market was already in a strong growth phase, after pausing briefly at the onset of the pandemic. One year later. , team Redfin says it is still seeing extremely strong growth, but the market is gradually becoming less competitive for buyers.
"Home prices are still soaring at an astonishing rate," said Redfin Chief Economist Daryl Fairweather. "Now that we're a year out from the post-lockdown rebound, we can no longer explain away the enormous price growth by pointing to the pandemic's earliest impacts on the housing market. While this ongoing trend continues to fuel an already severe affordability crisis, the market is becoming somewhat less competitive for homebuyers. Demand has softened enough that homes aren't flying off the market quite as fast or for as much above list price as they were in the spring. Mortgage rates are remaining about as low as they've ever been, so buyers who lose out in a bidding war don't have to fear that they've missed their window to buy. As more homes are being listed, it may be worth waiting for the right home at the right price.".…READ MORE
A GREAT TIME TO SELL!!
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The Current Miami Springs Market
Keep an eye on inventory shifts. There are 24 active listings in the MS/VG market. The inventory remains low, though it has fluctuated in the last month. Prices, however, 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!
Eighteen (18) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Seven (7) active listings have had a price reduction (0 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 is one (1) listing under $400,000—an unapproved short sale. This lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Five (5) properties are priced between $400,000-$500,000; ten (10) 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 August 13, 2021 through August 20, 2021, there were reported 3 new listings, 1 closed sale, 3 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 1 Temp off market, 0 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, August 20, 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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