Fewer Options for Buyers as Prices Rise
Nationally, the inventory of homes for sale in January decreased by 42.6% over the past year, a higher rate of decline compared to the 39.6% drop in December. This amounted to 443,000 fewer homes for sale compared to January of last year. Despite a slightly more active December, sellers once again entered the market more hesitantly in January, which saw 23.2% fewer new listings enter the market compared to last year.
Housing inventory in the 50 largest U.S. metros overall declined by 41.8% over last year in January, greater than last month’s 38.6% decline. While in December, all regions except for the South saw a year-over-year increase in new listings, in January, all regions saw renewed declines as…READ MORE
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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 now 29 active 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. Six (6) active listings have had a price reduction (0 this week). We are still in a hot 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 nine (9) 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 29, 2021 through February 5, 2021 there were reported 5 new listings, 3 closed sales, 2 pending sales, 1 active with contract, 0 expired listings, 2 cancelled listings, 1 Temp off market, 0 price reductions and 1 price increase.
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 5, 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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