Homes Are Selling Lightning Fast
Amid a Continuing Inventory Crunch
The national inventory of active listings declined by 53.0% over last year, while the total inventory of unsold homes, including pending listings, declined by 21.9%.
- Newly listed homes on the market are up 32.6% nationally compared to the onset of the COVID-19 pandemic a year ago and by 43.0% for large metros over the past year. Sellers are still listing at rates lower than previous years, however.
- The April national median listing price for active listings was $375,000, up 17.2% compared to last year. Large metros saw an average price gain of 11.6% compared to last year.
- Nationally, the typical home spent 43 days on the market in April, 20 days less than the same time last year...…READ MORE
A GREAT TIME TO SELL!!
DISCOVER MIAMI SPRINGS!
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The Current Miami Springs Market
SELLERS, THIS IS THE MOMENT! SELL NOW!
The inventory INCREASED AGAIN this week. There are now only 19 active listings. That is still one of the lowest levels I can recall in my years of experience selling real estate in Miami Springs and Virginia Gardens. The market continues to be very dynamic with many buyers and that is great news for Sellers. The Buyers are out there! Please refer to the articles posted on our website.
Fourteen (14) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Three (3) active listings have had a price reduction (2 this week). We are still in a strong Sellers' market with low inventory and high demand.
The market is going to change!
Likely increased inventory, with increased foreclosures coming later this year.
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates remain historically low, and there are serious Buyers buying. Timing is everything! The demand is high, especially for properties under $400,000. There is currently one (1) listing under $400,000. A lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Four (4) properties are priced between $400,000-$500,000; five (5) properties are priced between $500,000-$700,000; four (4) properties are priced between $700,000-$800,000; and five (5) properties are priced between $800,000 and over $1 million.
A GREAT TIME TO BUY OR SELL!
During the period of April 23, 2021 through April 30, 2021 there were reported 4 new listings, 3 closed sales, 2 pending sales, 1 active with contract, 0 expired listings, 1 cancelled listing, 0 Temp off market, 2 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, April 30, 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.
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