RE Rebound Report: ‘Housing Market Has Recovered
While the COVID-19 pandemic sparked a U.S. recession, that economic drop isn’t reflected in the U.S. Housing Market, according to an index created by realtor.com to gauge how quickly the industry returned to levels equivalent to early 2020.
The Housing Recovery Index finds a full recovery and return to January 2020 growth levels for the week ending July 18. Some U.S. cities are even doing better than expected, though four Florida cities listed in the index are just shy of a full return.
“Housing remains a must-have during COVID times, and home sales have proven to flourish even under record low levels of supply,” says Javier Vivas, director of economic research for realtor.com. “The spring season disruptions have given an artificial boost to the summer homebuying season. The real question will be whether the market will be able to sustain that pace through the rest of the summer and going into the fall.””… READ MORE
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The Current Miami Springs Market
The market continues to be full of activity, especially in entry level homes. There are only 30 active listings this week– much lower inventory compared to last year. Great news for Sellers. The market is hot. Please refer to the article posted on our website. We are optimistic that things will continue to improve. We do expect a gradual increase in inventory over time.
Fifteen (15) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Ten (10) active listings have had a price reduction (4 this week). This usually means that the property is overpriced. Some Sellers may want to re-evaluate their pricing to motivate Buyers. We are still in a Seller’s market and there should be fewer price reductions as the inventory decreases.
Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!
Mortgage interest rates remain low, and there are serious Buyers buying! Timing is everything. If you're on the fence about selling, now is the time to get off and put your house on the market.
The demand is high for properties under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Multiple Offers expected for entry-level Buyers. There are two (2) listings under $400,000. Twelve (12) properties are priced between $400,000-$500,000.
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.
During the period of July 17, 2020 through July 24, 2020 there were reported 3 new listings, 1 closed sale, 4 pending sales, 1 active with contract, 1 expired listing, 1 cancelled listing, 0 Temp off market, 4 price reductions and 1 price increase. Interest rates remain low. A GREAT TIME TO BUY OR SELL.
Attention Sellers! Low Inventory + Low Interest Rates = Seller's Market. Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, July 24, 2020. 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: email@example.com
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