Buyers Returning Faster Than Sellers in the New Year
Despite a slower than anticipated return of buyers and sellers this January, the U.S. housing market continues to remain tight and in position for further growth this spring. The realtor.com Housing Market Recovery Index reached 103.7 nationwide, up 0.3 points over the prior week. The overall index still remains above the pre-COVID baseline, with all measures growing faster than this time last year, with the exception of new listings.
The pace of sales and price gains remained stable but well above pre-pandemic pace and with no clear signs of deceleration. At the same time new listing activity remained restrained despite a slight improvement this week, with the… READ MORE
Pending Home Sales Fall on the Month
The numbers: The index of pending home sales dropped 0.3% in December, marking the fourth consecutive month of declines, the National Association of Realtors said Friday. The index measures real-estate transactions in which a contract is signed, but the sale had not yet closed.
Compared to 2019, pending sales were still up 21%, a sign of how strong the market is right now despite the recent weakness… READ MORE
DISCOVER MIAMI SPRINGS!
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The Current Miami Springs Market
SELLERS, THIS IS THE MOMENT! SELL NOW!
The inventory increased this past week, but remains tight. There are 26 listings this week. The market is still hot and that is great news for Sellers. Please refer to the articles posted on our website.
Nineteen (19) listings are priced over $500,000. One (1) property is listed over $1,000,000. Seven (7) active listings have had a price reduction (0 this week). We are still in a Seller’s market, but 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 continue to be historically low, and there are serious Buyers buying! Timing is everything. The demand is high for properties under $400,000. There is one listing under $400,000. This makes it more difficult for Buyers looking in that range due to the lack of inventory. Competition from multiple offers have become more frequent. Only five (5) properties are priced between $400,000-$500,000. Twelve (12) properties are priced between $500,000-$700,000. Five (5) properties are priced between $800,000 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 January 22, 2021 through January 29, 2021 there were reported 4 new listings, 5 closed sales, 2 pending sales, 3 active with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 0 price reductions 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, January 29, 2021. 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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