Listing Prices Continue to Accelerate

Realtor.com®’s July housing data release reveals that an improving but continued lack of newly listed homes on the market, coupled with pent-up buyer demand, is driving inventory to all-time lows and is also steadily pushing prices up higher. Regionally, Northeastern metros have seen the most improvement, with properties now selling more quickly than last year, an improving rate of newly listed properties, and strong price growth.

The median national home listing price grew by 8.5 percent year-over-year, to a new high of $349,000 in July. This is an acceleration from the 5.1 percent year-over-year growth seen in June. The nation’s median listing price per square foot also grew by 9.5 percent year-over-year, an acceleration from the 7.7 percent growth seen last month. Regionally, prices are increasing most in the Northeast, where they are now growing at an average rate of 11.4 percent year-over-year, compared to a growth rate of 9.1 percent for the West, 9.1 percent for the Midwest and 5.0 percent for the South… READ MORE

The market continues to be full of activity, especially in entry level homes. There are only 31 active listings this week– much lower inventory compared to last year. Great news for Sellers. The market is hot. Please refer to the article posted on our website. We are optimistic that things will continue to improve. We do expect a gradual increase in inventory over time.

Fifteen (15) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Thirteen (13) active listings have had a price reduction (3 this week). This usually means that the property is overpriced. Some Sellers may want to re-evaluate their pricing to motivate Buyers. We are still in a Seller’s market and there should be fewer price reductions as the inventory decreases.

Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!

Mortgage interest rates remain low, and there are serious Buyers buying! 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.

The demand is high for properties under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Multiple Offers expected for entry-level Buyers. There are two (2) listings under $400,000. Thirteen (13) properties are priced between $400,000-$500,000.

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 July 24, 2020 through July 31, 2020 there were reported 4 new listings, 1 closed sale, 2 pending sales, 1 active with contract, 0 expired listings, 1 cancelled listing, 0 Temp off market, 3 price reductions and 0 price increases. Interest rates remain low. A GREAT TIME TO BUY OR SELL.

Attention Sellers! Low Inventory + Low Interest Rates = Seller's Market. Act Now!

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, July 31, 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.

 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

………………………………………………..……………………………………………………………………………