Existing-Home Sales Continue Downward Spiral in April
Existing-home sales continued their free fall in April, extending what is now a two-month slide in sales brought on by the coronavirus pandemic, according to the National Association of Realtors. All four major regions of the country experienced a decline in month-over-month and year-over-year sales, with the West seeing the greatest dip in both categories.
Total existing-home sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, dropped 17.8% from March to a seasonally-adjusted annual rate of 4.33 million in April. Overall, sales decreased year-over-year, down 17.2% from a year ago.
“The economic lockdowns – occurring from mid-March through April in most states – have temporarily disrupted home sales,” said Lawrence Yun, NAR’s chief economist. “But the listings that are on the market are still attracting buyers and boosting home prices.” READ MORE
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The Current Miami Springs Market
There are 32 active listings this week. Much lower inventory compared to last year. This is good news for sellers. The bad news is CORONAVIRUS that has slowed things down due to UNCERTAIN ECONOMIC CONDITIONS, precautions taken by Sellers and Buyers and the current social distancing recommendations. However, we are optimistic that things will improve once again by LATE summer.
Sixteen listings are priced over $500,000. One property is listed for over $1,000,000. Four active listings have had a price reduction (0 this week). This usually means that the property is overpriced. However, given the COVID-19 situation, some sellers may want to reevaluate their pricing to motivate buyers. We are still in a seller’s market and there are less price reductions as the inventory decreases. Once we get over this virus situation, Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong. Mortgage Interest rates remain low.
The demand is high for properties under $400,000. There are only 6 listings under $400,000. This will make it more difficult for Buyers looking in that range because of the competition from other buyers. Multiple Offers expected for entry level buyers. Ten (10) listings are priced between $400,000-$500,000.
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.
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 May 15, 2020 through May 22, 2020 there were reported 3 new listings, 0 closed sales, 0 newly pending sales, 0 active with contract, 0 expired listings, 0 cancelled listings, 0 temp off market, 0 price reductions and 0 price increases. Interest rates remain low. A GREAT TIME TO BUY OR SELL.
Low Inventory + Low Interest rates = Sellers Market.
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, May 22, 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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