Buyer Competition Intensifies
as More Housing Markets Recover
In many markets, fierce competition, bidding wars and multiple offer scenarios may be the common theme in the weeks to come.
Real estate activity continued to grow above the pre-pandemic pace for the sixth week in a row. The realtor.com Housing Market Recovery Index reached 106.6 nationwide for the week ending August 22, posting a 1.8 point increase over last week and 6.6 points above the pre-COVID baseline.
While housing has found its footing, the number of options for buyers is quickly eroding. The current supply and demand imbalance has no precedent. The ‘housing demand’ component remained above recovery, with this week’s index reaching 124.1, the highest index value since March. However, the ‘housing supply’ component declined back down to 95.5, after having surpassed the recovery threshold two weeks ago. New listings remain on the right trajectory but growth is still variable on a week to week basis.
Current levels of inventory have been enough to power home sales growth, but more sellers will be key to see the trend hold through the fall. … 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 35 active listings this week– much lower inventory compared to last year BUT slowly ticking up the last two weeks. This is still good news for Sellers. The market is still hot. Please refer to the article posted on our website.
Nineteen (19) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Fourteen (14) active listings have had a price reduction (5 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. Sixteen (16) properties are priced between $400,000-$500,000. Twelve (12) 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 21, 2020 through August 28, 2020 there were reported 4 new listings, 2 closed sales, 0 pending sales, 1 active with contract, 0 expired listings, 2 cancelled listings, 1 Temp off market, 5 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 28, 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.
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