Weekly Housing Trends
Homebuyer demand has started strong in 2021. While shoppers may be optimistic that the new year brings new opportunities, they will likely face some familiar challenges, too. The number of sellers listing homes for sale shrank and prices continue to rise sharply as homes sell fast. Looking further ahead, home sales are expected to rise this year while home prices grow, but at a slower pace. In order for this projection to pan out, we’ll need to see inventory recover, which is why we’re watching the trend in new listings closely.
- Median listing prices grew at 13.6 percent over last year in the last 4 weeks, notching 22 consecutive weeks of double-digit price growth.
- Total active inventory continues to decline, dropping 41 percent on average. … 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 28 listings this week. The market is still hot and that is great news for Sellers. Please refer to the articles posted on our website.
Seventeen (17) listings are priced over $500,000. One (1) property is listed over $1,000,000. Nine (9) active listings have had a price reduction (1 this week). We are still in a Seller’s market, but many 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 remain historically low, and there are serious Buyers buying! Timing is everything. The demand is high for properties under $400,000. There are two (2) listings under $400,000. The lowest priced active listing is $350,000. This makes it more difficult for Buyers looking in that range due to competition from other Buyers. Competition from multiple offers have become more frequent. Nine (9) properties are priced between $400,000-$500,000. Ten (10) 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 8, 2021 through January 15, 2021 there were reported 5 new listings, 2 closed sales, 1 pending sale, 0 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 1 price reduction 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 15, 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.
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: firstname.lastname@example.org
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