Existing-Home Sales Expand in June
Existing-home sales increased in June, snapping four consecutive months of declines, according to the National Association of Realtors®. Three of the four major U.S. regions registered small month-over-month gains, while the fourth remained flat. However, all four areas notched double-digit year-over-year gains.
Total existing-home sales,1 completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 1.4% from May to a seasonally adjusted annual rate of 5.86 million in June. Sales climbed year-over-year, up 22.9% from a year ago (4.77 million in June 2020).
"Supply has modestly improved in recent months due to more housing starts and existing homeowners listing their homes, all of which has resulted in an uptick in sales," said Lawrence Yun, NAR's chief economist. "Home sales continue to run at a pace above the rate seen before the pandemic."
Total housing inventory2 at the end of June amounted to 1.25 million units, up 3.3% from May's inventory and down 18.8% from one year ago (1.54 million). Unsold inventory sits at a 2.6-month supply at the current sales pace, modestly up from May's 2.5-month supply but down from 3.9 months in June 2020.
"At a broad level, home prices are in no danger of a decline due to tight inventory conditions, but I do expect prices to appreciate at a slower pace by the end of the year," Yun said. "Ideally, the costs for a home would rise roughly in line with income growth, which is likely to happen in 2022 as more listings and new construction become available."…READ MORE
A GREAT TIME TO SELL!!
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The Current Miami Springs Market
Keep an eye on increasing inventory. There are now 22 active listings in the MS/VG market. However, the inventory remains low and that is why prices remain strong in Miami Springs and Virginia Gardens. There are many qualified Buyers, but the low inventory makes the market favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.
SELLERS, THIS IS THE MOMENT! SELL NOW!
Sixteen (16) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Seven (7) active listings have had a price reduction (3 this week). We remain in a strong Sellers' market with low inventory and high demand. The market will change! Increased inventory is on the horizon, with increased foreclosures coming later this year.
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates remain historically low, and there are serious Buyers buying. Timing is everything! The demand is high, especially for properties under $400,000. There are currently two (2) listings under $400,000. This lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Four (4) properties are priced between $400,000-$500,000; nine (9) properties are priced between $500,000-$700,000; two (2) properties are priced between $700,000-$800,000; and five (5) properties are priced between $800,000 and over $1 million.
A GREAT TIME TO BUY OR SELL!
During the period of July 16, 2021 through July 23, 2021, there were reported 3 new listings, 2 closed sales, 3 pending sales, 3 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 4 price reductions and 0 price increases.
Low Inventory + Low Interest Rates = Seller's Market.
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, July 23, 2021. 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.
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