U.S. Housing Market Enjoy 8th Straight Week of Rising Demand
According to Redfin's latest weekly report, the first week of June 2020 marked the eighth straight week of rising demand in the U.S. Adjusted homebuying demand for early June is now 25 percent higher than it was pre-pandemic in January and February 2020.
Lack of inventory continues to constrain home sales, however, sellers are beginning to come back to the market. After falling to 21% below last year's level the week of May 25-31, new listings last week continued their recovery; last week's new listings were 15% below last year's level.
With demand surging and supply recovering, Redfin expects sales to strengthen; mortgage purchase applications were up 7% year-over-year in the last week of May and up even more, 13%, in the first week of June.… READ MORE
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The Current Miami Springs Market
There are 30 active listings this week. Much lower inventory compared to last year. Good news for Sellers. The market is bouncing back to almost pre-coronavirus conditions. Please refer to the article posted on our website. We are optimistic that things will continue to improve. We expect a gradual increase in inventory as we resume to somewhat normal activities.
Eighteen (18) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Eight (8) active listings have had a price reduction (1 this week). This usually means that the property is overpriced. However, given the COVID-19 situation, 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, 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. There are only two (2) listings 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. Ten (10) 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 June 12, 2020 through June 19, 2020 there were reported 3 new listings, 0 closed sales, 2 pending sales, 2 active with contract, 0 expired listings, 1 cancelled listing, 0 Temp off market, 1 price reduction and 0 price increases. 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, June 19th, 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.
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