TIME ON MARKET WAS DOWN
Homes continue to move faster than previous years. In fact, the speed has improved so much that every week since mid-March has had a lower time on market than the fastest-selling week in any year before this one. This past week the time on market difference compared to last year grew again, as homes sold even more quickly compared to last year. And other research suggests that gaps are likely even larger in the competitive suburban housing markets that have remained popular this year. This means buyers in today’s housing market…READ MORE
MEDIAN LIST PRICE GREW BY 8.6% OVER LAST YEAR
After an early-September uptick, home price growth has shifted back into high single-digit territory and displayed consistency. Home prices have risen by 8.5% to 8.9% relative to one year ago in 14 of the last 16 weeks. Home prices continue to rise due to a mismatch between supply and demand, stemming from a decade-long shortage of homebuilding. This means that housing affordability will be an increasingly important consideration for buyers, but…READ MORE
The Current Miami Springs Market
A GREAT TIME TO SELL!
There are 18 active listings in the MS/VG market. The inventory remains low. It has fluctuated the last several months between 18-22 listings, which makes the market very tight for Buyers, as reflected in the decrease of pending sales. Prices remain very strong in Miami Springs and Virginia Gardens. There are many qualified Buyers, but the market is still favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.
Fourteen (14) listings are priced over $500,000. Four (4) properties are listed over $1,000,000. Nine (9) active listings have had a price reduction (1 this week). We remain in a strong Sellers' market with high demand. The market will change! Increased inventory is on the horizon, with increased foreclosures coming later this year.
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates continue to remain historically low, and there are serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $400,000. There is one (1) listing under $400,000. The low inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Three (3) properties are priced between $400,000-$500,000; seven (7) properties are priced between $500,000-$600,000; two (2) properties are priced between $600,000-$700,000; one (1) property is priced between $700,000-$800,000; zero (0) properties are priced between $800,000-$900,000; and four (4) properties are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!
During the period of November 19, 2021 through November 26, 2021, there were reported 1 new listing, 2 closed sales, 3 pending sales, 3 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 1 price reduction, and 0 price increases.
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, November 26, 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.
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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