Existing Home Sales, and Prices, Rise Again in January
Sales of previously occupied U.S. homes rose again last month, a sign that the housing market’s strong momentum from 2020 may be carrying over into this year The red-hot housing market has left the number of available properties for sale at record lows. The dearth of homes for sale has been the main driver of home prices.
“Sales easily could have been even 20% higher if there had been more inventory and more choices," said Lawrence Yun, NAR’s chief economist.
At the end of January, there were an all-time low …READ MORE
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The Current Miami Springs Market
SELLERS, THIS IS THE MOMENT! SELL NOW!
The inventory continues to remain tight. There are now 28 active listings this week. The market is still very active with many Buyers and that is great news for Sellers. Please refer to the articles posted on our website.
Seventeen (17) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Ten (10) active listings have had a price reduction (6 this week). We are in a hot Sellers' 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 are currently two (2) listings under $400,000. This makes it more difficult for Buyers looking in that range due to the lack of inventory in that range. Competition from multiple offers have become more frequent. Only seven (7) properties are priced between $400,000-$500,000. Nine (9) properties are priced between $500,000-$700,000. Six (6) 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 February 12, 2021 through February 19, 2021 there were reported 3 new listings, 1 closed sale, 2 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 1 Temp off market, 6 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, February 19, 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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