Housing Recovery Trends Point to
More Balanced Conditions Ahead

Housing activity continued to surface signals of more balanced conditions this week as the pace of demand eased and the pace of new listings improved. Despite the shift, the realtor.com Housing Market Recovery Index still reached a new high of 112.4 nationwide for the week ending October 24th. The index remains 12.4 points above the pre-COVID baseline and 1.5 points above last week.

Notably, the ‘housing demand’ component dropped, in one of the biggest declines since June, suggesting the normal seasonal slowdown in shopping activity may finally be taking place. In parallel, the ‘new supply’ component posted the greatest improvement since March, growing by 3.8 points to 106.1, proving that seller confidence continues to improve.

Demand for homes remains well above the seasonal norm, but… READ MORE

The market remains active with low inventory. There are only 27 active listings this week–much lower inventory compared to last year. This is great news for Sellers. The market is still hot. Please refer to the articles posted on our website.

Thirteen (13) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Seventeen (17) active listings have had a price reduction (2 this week). This usually means that the property is overpriced. Some Sellers wanted to take advantage in the demand spike during COVID, but now is their time to re-evaluate their pricing to motivate buyers. We are still in a Seller’s market, but many uncertainties lie ahead with a possible pandemic resurge, elections, economy, and likely increased inventory.

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. There are only two (2) listings under $400,000. The lowest priced active listing is $350,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Competition and multiple offers are becoming more frequent. Eleven (11) properties are priced between $400,000-$500,000. Seven (7) properties are priced between $500,000-$700,000.

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 October 23, 2020 through October 30, 2020 there were reported 1 new listing, 1 closed sale, 0 pending sales, 1 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 1 price reduction 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, October 30, 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

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