SOLD THIS WEEK!
6615 NW 39th St
3 bedrooms, 1 bath
6645 NW 38th Ter
3 bedrooms, 1 bath
6347 NW 39th Ter
4 bedrooms, 4 ½ baths
Weekly Housing Trends Key Findings
The housing market continues to be competitive for buyers resulting in higher home prices and quick-selling homes. One bright spot for buyers is that we saw a smaller decline in sellers this week and could start to see an increase in the weeks ahead. More listings should give buyers more options, but this good news is somewhat tempered by higher mortgage rates, which will increase the monthly cost of those homes even if price gains slow.…READ MORE
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The Current Miami Springs Market
SELLERS, THIS IS THE MOMENT! SELL NOW!
This was a very busy week! The inventory dropped by 23% since last week and remains very low. There are now only 20 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.
Eleven (11) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Four (4) 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.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!
Mortgage interest rates continue to be 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 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. Seven (7) properties are priced between $400,000-$500,000; six (6) properties are priced between $500,000-$700,000; one (1) property is priced between $700,000-$800,000; and four (4) 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.
A GREAT TIME TO BUY OR SELL!
During the period of March 19, 2021 through March 26, 2021 there were reported 5 new listings, 4 closed sales, 8 pending sales, 2 actives with contract, 1 expired listing, 1 cancelled listing, 2 Temp off market, 0 price reductions and 0 price increases.
Low Inventory + Low Interest Rates = Seller's Market.
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, March 26, 2021. 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: firstname.lastname@example.org
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