U.S. Housing Supply Reaches All-Time Low
National housing inventory declined 13.6% in January – the steepest year-over-year decrease in more than 4 years – pushing the supply of for-sale homes in the U.S. to the lowest level ever since realtor.com began tracking the data in 2012. Based on realtor.com’s analysis, January’s steep year-over-year decline amounted to a national loss of 164,000 listings that tightens the housing shortage plaguing the U.S. Based on realtor.com’s data, a …READ MORE
1 in 3 First-Time Buyers Turn to Their Family for Help
One-third of first-time buyers (27%) turned to family and friends for financial help in purchasing a home last year, according to data from the National Association of Realtors® (NAR)…. family financial help allows them to skip a traditional intermediate step – renting. Many are choosing to live at home and transition directly into homeownership…READ MORE
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The Current Miami Springs Market
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. 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.
Inventory increased a bit but still remains tight this week in Miami Springs and Virginia Gardens. There are only 27 active listings this week. Last year I reported on January 7, 2019, there were 48 active listings. That represents an almost 50% decrease in inventory in one year. This is especially good for sellers.
25 active listings this week
0 closed sales this week
9 listings under $400,000 *(Note:The inventory in this price range has improved during the last month. Good opportunities for entry level buyers)
7 listings between $400,000 and $500,000
11 active listings are priced over $500,000
2 properties are listed over $1,000,000.
6 active listings have had a price reductions (1 this week). 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. 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.
During the period of February 1, 2020 through February 7, 2020 there were reported 3 new listings, 4 closed sales, 1 pending sale, 1 active with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 1 price reduction and 0 price increase. Interest rates remain low. A GREAT TIME TO BUY OR SELL
Low Inventory + Low Interest rates = Sellers Market.
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, February 7, 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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