HOME PRICES END THEIR DOUBLE-DIGIT INCREASE
Home prices ended their double-digit increasing streak just 2 weeks shy of a full year at this pace. While this marks a key buyer-friendly milestone, home prices remain high and price growth is faster than we typically see. As favorable selling conditions attract homeowners to sell, market balance continues to shift in a buyer-friendly way. The housing market is still firmly in seller’s market territory, but buyers shopping for a home this fall are likely to find much better conditions than last fall.
Weekly Housing Trends Key Findings:
The median listing price grew at 8.9 percent over last year, marking the end of a 50-week streak of double-digit price growth. The good news for buyers is that the pace of price growth is now roughly half of April’s 17.2% year over year pace. The good news for home owners and potential sellers is that despite slowing, home prices continue to grow. The median home listing price hit a record-high in June at $385,000. We expect prices to ease as we head into fall, as they have historically, which means we may not see new all-time highs, but are likely to see the highest prices ever for the fall and winter season..…READ MORE
A GREAT TIME TO SELL!!
DISCOVER MIAMI SPRINGS!
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The Current Miami Springs Market
Keep an eye on increasing inventory. There are now 25 active listings in the MS/VG market. The inventory remains low, but has increased 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!
Nineteen (19) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Six (6) 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 are no listings under $400,000. This lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Six (6) properties are priced between $400,000-$500,000; eleven (11) 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 30, 2021 through August 6, 2021, there were reported 5 new listings, 1 closed sale, 1 pending sale, 4 active with contract, 1 expired listing, 0 cancelled listings, 3 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 6, 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.
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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