2021 Housing Market Forecast and Predictions
To say 2020 was a year of surprises is an extreme understatement. What started off as a bright year for the housing market and the economy was soon derailed by a global pandemic and severe economic recession. As detailed by George Ratiu, the economic rebound has been sharp, but is by no means complete and created distinct winners and losers among sectors in the economy.
- HOME SALES
- HOME PRICES
- 2021 FOR SELLERS
- 2021 FOR BUYERS
One of the big winners has been the housing market, which saw home sales and prices hit decade-plus highs following decade lows in the span of just a few months. We expect housing’s winning streak to continue in 2021 as seasonal trends normalize and some of the frenzied momentum fades thanks to fresh affordability challenges. Below you’ll find our forecast and housing market predictions on key trends that will shape the year ahead…READ MORE
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The Current Miami Springs Market
THINKING ABOUT SELLING? DO IT NOW!
The inventory got tighter this week. There are now only 18 listings this week–the lowest this year! The market is still hot and that is great news for Sellers. Please refer to the articles posted on our website.
Eleven (11) listings are priced over $500,000. One (1) property is listed over $1,000,000. Eight (8) active listings have had a price reduction (1 this week). We are still in a Seller’s market, but many uncertainties lie ahead with the pandemic resurge, impact of the elections, economy, and likely increased inventory.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!
Mortgage interest rates remain historically low, and there are serious Buyers buying! Timing is everything. The demand is high for properties under $400,000. There is only ONE (1) listing under $400,000. The lowest priced active listing is $380,000. This makes it more difficult for Buyers looking in that range due to competition from other Buyers. Competition from multiple offers have become more frequent. Six (6) properties are priced between $400,000-$500,000. Five (5) properties are priced between $500,000-$700,000. Three (3) properties are priced between $900,000 and over $1 million.
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.
A GREAT TIME TO BUY OR SELL!
During the period of December 4, 2020 through December 11, 2020 there were reported 3 new listings, 2 closed sales, 5 pending sales, 0 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 1 price reduction and 0 price increases.
Low Inventory + Low Interest Rates = Seller's Market.
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, December 11, 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: firstname.lastname@example.org
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