MORE AND MORE FLOCKING TO THE SUNSHINE STATE
Miami, Sacramento, Phoenix, Las Vegas and Tampa were the most popular migration destinations among major U.S. metros in July, meaning they had the biggest net inflows. A net inflow is a measure of how many more Redfin.com home searchers looked to move into a metro than leave.
The latest migration analysis is based on a sample of about 2 million Redfin.com users who searched for homes across 112 metro areas in July, excluding searches unlikely to precede an actual relocation or home purchase. To be included in this dataset, a Redfin.com user must have viewed at least 10 homes in a particular metro area, and homes in that area must have made up at least 80% of the user’s searches.
Miami has consistently made the top 10 list since Redfin began regularly tracking quarterly migration in 2017, but has never taken the number-one spot until now. It had a net inflow of 7,610 Redfin.com users in July, more than triple the 2,216 net inflow of a year earlier. Two other Florida metros—Tampa and Cape Coral—were also in the top 10 last month and experienced year-over-year increases in net inflow.
“Miami has always been a melting pot, but the pandemic has brought even more out-of-towners to the area because so many people can now work from wherever they want. Homebuyers are moving here from all over the map—Atlanta, Cincinnati, New York, Columbia, Mexico City, Pittsburgh and Philly, to name a few,” said Miami Redfin real estate agent Milagros Alvarez. “The beaches, warm weather and low taxes are the major draws...…READ MORE
A GREAT TIME TO SELL!!
DISCOVER MIAMI SPRINGS!
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The Current Miami Springs Market
There are 21 active listings in the MS/VG market. The inventory remains low, though it has fluctuated in the last months. Prices, however, 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.
SELLERS, THIS IS THE MOMENT! SELL NOW!
Seventeen (17) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Six (6) active listings have had a price reduction (3 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 remain historically low, and there are serious Buyers buying. Timing is everything! The demand is high, especially for properties under $400,000. There is one (1) listing under $400,000–an unapproved short sale. This lack of 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; ten (10) properties are priced between $500,000-$700,000; one (1) properties are priced between $700,000-$800,000; and six (6) properties are priced between $800,000 and over $1 million.
A GREAT TIME TO BUY OR SELL!
During the period of August 27, 2021 through September 3, 2021, there were reported 0 new listings, 6 closed sales, 2 pending sales, 2 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 3 price reductions and 0 price increases.
Low Inventory + Low Interest Rates = Seller's Market.
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, September 3, 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.
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