HOME PRICES MODERATING BUT
GROWTH REMAINS ABOVE HISTORIC NORMS

With prices for all kinds of goods and services continuing to rise, housing is no exception. The S&P Case-Shiller Home Price Index shows that home prices rose in a range of 17.1-19.1% across the national, 20- and 10-city indices in the 3 months ending in October 2021. The national index was up 19.1% in the year ending in October, while the 10-City Composite rose 17.1% and the 20-City Composite was up 18.4%. On the bright side for potential buyers, the pace of price growth slowed from September, marking the 2nd month of deceleration nationally and the 3rd for the 20- and 10-city indices. However, home price growth remains notably above historic norms. In fact, in the cities with the biggest gains, Phoenix (32.3%), Tampa (28.1%), and Miami (25.7%), prices were up by 25% or more from one year ago.

Coupled with gradually rising mortgage rates–which are expected despite last week’s dip–this pace of home price growth means the challenge of rising home costs for most buyers, but especially for first-time home buyers who don’t have equity from a previous home to help get their foot in the door. In the face of competitive market dynamics, our recent survey shows that first-time home buyers are adjusting with 9 in 10 planning to employ some kind of tactic to navigate the competition, compared to just 8 in 10 in our previous survey last spring.…READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are only 14 active listings in the MS/VG market this week— a NEW LOW! The inventory has averaged under 20 listings the last several months, which makes the market very tight for Buyers, as reflected in the number of pending sales and decrease of closed sales. Prices remain very strong in Miami Springs and Virginia Gardens. There are many qualified Buyers, but the market is still favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.

Eleven (11) listings are priced over $500,000. One (1) property is listed over $1,000,000. Eight (8) active listings have had a price reduction (1 this week). We remain in a strong Sellers' market with high demand, and higher interest rates coming in 2022. Increased inventory is on the horizon—the market will change!

MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!

Mortgage interest rates have remained historically low but that will change in 2022. Regardless, there are serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $400,000. There is one listing under $400,000. The low inventory makes it difficult for most first-time Buyers. Competition from multiple offers is expected. Two (2) properties are priced between $400,000-$500,000; three (3) properties are priced between $500,000-$600,000; three (3) properties are priced between $600,000-$700,000; two (2) properties are priced between $700,000-$800,000; zero (0) properties are priced between $800,000-$900,000; two (2) properties are priced between $900,000-$1 million; and one (1) property is priced over $1 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of December 24, 2021 through January 2, 2022, there were reported 2 new listings, 2 closed sales, 1 pending sale, 5 active with contract, 1 expired listing, 0 cancelled listings, 0 Temp off market, 1 price reduction, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Sunday, January 2, 2022. All closed sales are within the last 90 days.

*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:  charlie@leonardrealestategroup.com

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