Miami Springs Real Estate Market Report March 15, 2021

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Foreclosures 2021:
What to Expect in the Months Ahead

The million-dollar questions that everyone in the industry is asking right now are: “What are foreclosures going to look like once the foreclosure moratoria and forbearance programs come to end?  And will we see all those borrowers in forbearance end up in default?”

The short answer is “there probably won’t be a foreclosure tsunami.” But mortgage servicers and other default servicing professionals should prepare themselves nonetheless. Some industry analysts have predicted a huge wave of foreclosures once the forbearance program comes to an end…READ MORE


Housing Market Remains Resilient Almost 1 Year Since Declaration of COVID-19 Pandemic

Following the announcement of the pandemic in the spring of 2020, we saw housing activity slow to a crawl, as local measures to curb the pandemic limited home buying and selling activity. In early April, online home shopping activity pulled back, as the number of home shoppers searching online declined by 4% on a year-over-year basis. During this time, sellers paused plans to list their homes, and newly listed homes fell by as much as 47% on a year-over-year basis in April. With waning buyer demand, homes that happened to already be listed spent more time on … READ MORE


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The Current Miami Springs Market



The inventory remains tight. There are now 25 active listings. The market continues to be very dynamic with many Buyers and that is great news for Sellers. Please refer to the articles posted on our website. 

Sixteen (16) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Six (6) active listings have had a price reduction (0 this week). We are in a strong Sellers' market, but uncertainties still remain with the COVID-19 pandemic and new variants, economic policies, and likely increased inventory. Increased foreclosures coming later this year.


Mortgage interest rates continue to be historically low, and there are serious Buyers buying! Timing is everything. The demand is high for properties under $400,000. There are currently four (4) listings under $400,000. This is good for entry level buyers looking in that range. However, the lack of inventory makes it more difficult for most first-time Buyers. Competition from multiple offers have become quite common. Five (5) properties are priced between $400,000-$500,000. Seven (7) properties are priced between $500,000-$700,000, and six (6) 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. 



During the period of March 5, 2021 through March 12, 2021 there were reported 3 new listings, 4 closed sales, 4 pending sales, 3 actives with contract, 1 expired listing, 0 cancelled listings, 0 Temp off market, 0 price reductions and 2 price increases. 

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, March 12, 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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