Existing-Home Sales Soar
at a Record Pace in July
The numbers: Sales of previously-owned homes in the U.S. rose 24.7% between June and July to a seasonally-adjusted annual rate of 5.86 million, the National Association of Realtors reported Friday.
It was the second consecutive month in which the monthly increase was the largest on record, according to the trade group. Compared with a year ago, sales were up 8.7% in July.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” Lawrence Yun, NAR’s chief economist, said in the report. “With the sizable shift in remote work, current homeowners are looking for larger homes and this will lead to a secondary level of demand even into 2021.”… READ MORE
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The Current Miami Springs Market
The market continues to be full of activity, especially in entry level homes. There are only 33 active listings this week– much lower inventory compared to last year. Great news for Sellers. The market is hot. Please refer to the article posted on our website. We do expect a gradual increase in inventory over time.
Eighteen (18) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Twelve (12) active listings have had a price reduction (1 this week). This usually means that the property is overpriced. Some Sellers may want to re-evaluate their pricing to motivate Buyers. We are still in a Seller’s market and there should be fewer price reductions as the inventory decreases.
Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!
Mortgage interest rates remain low, and there are serious Buyers buying! 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.
The demand is high for properties under $400,000. Competition and Multiple Offers are expected for entry-level Buyers. There are no listings under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Fourteen (14) properties are priced between $400,000-$500,000. Eleven (11) properties are priced between $500,000-$700,000.
Property price reductions? 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.
During the period of August 14, 2020 through August 21, 2020 there were reported 7 new listings, 4 closed sales, 3 pending sales, 0 active with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 1 price reductions and 0 price increases. Interest rates remain low. A GREAT TIME TO BUY OR SELL.
Attention Sellers! Low Inventory + Low Interest Rates = Seller's Market. Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, August 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.
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: email@example.com
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