Generational Trends:

Boomerang Kids, and Millennials on the Move

Adult children are moving in with their parents, and affecting their home-buying preferences—but baby boomers, who have conventionally driven the trend, are not the only generation to be impacted by it, according to new research.

In fact, to accommodate boomerang kids, one in six Generation X homebuyers (born between 1961-1981) went the multigenerational route, and 52 percent did so because their adult children live with them, according to 2019 Home Buyer and Seller Generational Trendsby the National Association of REALTORS®, a newly released report.…READ MORE

Listings Are at a New Price Record

In April, the listing median was $310,000, according to the latest market report from realtor.com®, besting the March record of $300,000. The price is projected to rise into summer, realtor.com researchers say, driven by gains in higher-end inventory. Compared to April 2018, there were 11 percent more listings in the $750,000-plus range this year, but 8 percent less listings at the under-$200,000 mark—an issue, because demand is highest in lower tiers.

“The U.S. median listing price set another record this month, which we expect it to continue to do through summer when prices typically hit their seasonal peak,” .…READMORE

There are 37 active listings this week, with 4 new ones.

Closed sales were 2 this week.

18 of the active listings, are priced over $500,000.

There are now 3 properties listed over $1,000,000.

Of all the active listings, twelve (12) have had a price reduction. What does this mean? Usually, the property was overpriced from the beginning. Thesellers are recognizing the market is changing. Prices are not increasing as fast as the last several years. Sellers should not miss potential buyers and deal with increased competition.

The Miami Springs & VG markets continue to be very strong. The demand is high for properties under $400,000. There are 6 listings under $400,000. How long will this sellers’ market last? Experts say a shift is on its way. Sellers that haven’t been able to sell their property should really evaluate their position in the market and adjust accordingly based on their circumstance. Prices remain strong. Interest rates are low. Timing is everything.

During the period of May 10, 2019, through May 17, 2019 there were reported 4 new listings,2 closed sales, 4 pending sales, 2 active with contract,1 expired listing, 0 cancelled listings. There are still very good buying opportunities for buyers because interest rates remain very good. IT ACTUALLY IS A GOOD TIME TO BUY OR SELL.

Attention Sellers!

Low Inventory + Low Interest rates + Increasing prices = Sellers Market.

The Market will change. Act Now!

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, May 17, 2019. 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: charlie@leonardrealestategroup.com

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