INVENTORY FINDS NEW LOW IN NOVEMBER

If you thought the housing supply hit rock bottom in February, you thought wrong. According to a new report from Redfin, the number of homes available for sale fell by another 38,000 units finding a new low by the end of November suggesting more hardships for burnt-out homebuyers.

As of November 28, the supply of available homes sat at 538,695 units, down from the previous low of 576,695 seen in February. Redfin says they traditionally see the lowest number of units available for sale in December, so the new low may still decrease in the final month of 2021.

“The number of homes for sale typically declines another 15% in December,” said Redfin Chief Economist Daryl Fairweather. “That means that by the end of the year, there will likely be 100,000 fewer homes for sale than there were in February when housing supply last hit rock bottom. I think more new listings will hit the market in the new year, but there will also be a long line of buyers who are queuing up right now.”

The lack of supply is also pushing up prices at a faster clip than last year to current all-time highs. By the end of …READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are 17 active listings in the MS/VG market. The inventory remains low. It has fluctuated the last several months between 18-22 listings, which makes the market very tight for Buyers, as reflected in the decrease of pending sales. Prices remain very 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.

Fourteen (14) listings are priced over $500,000. Four (4) properties are listed over $1,000,000. Nine (9) active listings have had a price reduction (1 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 continue to remain historically low, and there are serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $400,000. There are no listings under $400,000. The low inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Four (4) properties are priced between $400,000-$500,000; seven (7) properties are priced between $500,000-$600,000; zero (0) properties are priced between $600,000-$700,000; two (2) properties are priced between $700,000-$800,000; zero (0) properties are priced between $800,000-$900,000; and four (4) properties are priced over $1 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of November 26, 2021 through December 3, 2021, there were reported 2 new listings, 0 closed sales, 1 pending sale, 2 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 2 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, December 3, 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:  charlie@leonardrealestategroup.com

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