New Listings Continue to Fall Behind the Year Ago Pace

After the upswing in new listings at the end of 2020, new listings have tread a different path in 2021. New listings are a smaller sample and thus the trends are noisier than for active inventory, but the persistent declines observed so far in 2021 indicate that potential sellers aren’t in a hurry to do so early this year. Fortunately for would-be homebuyers, we expect…READ MORE

Median Listing Prices Grew at 12.9 percent

Median listing prices grew at 12.9 percent over last year, notching the 26th consecutive week–half a year–of double-digit price growth. With home shoppers active and sellers still lacking, this trajectory seems unlikely to change in the near term. In 2020, lower mortgage rates helped offset the sting of higher prices, but with mortgage rates expected to rise in 2021, affordability is likely to become a bigger challenge in 2021. Additionally,…READ MORE

SELLERS, THIS IS THE MOMENT! SELL NOW!

The inventory declined this past week and remains tight. There are now 27 active listings this week. The market is still hot and that is great news for Sellers. Please refer to the articles posted on our website.

Seventeen (17) listings are priced over $500,000. One (1) property is listed over $1,000,000. Six (6) active listings have had a price reduction (2 this week). We are in a hot Sellers' market, but uncertainties lie ahead with the pandemic resurge, impact of the elections, economy, and likely increased inventory.

MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!

Mortgage interest rates continue to be historically low, and there are serious Buyers buying! Timing is everything. The demand is high for properties under $400,000. There are currently three (3) listings under $400,000. This makes it more difficult for Buyers looking in that range due to the lack of inventory. Competition from multiple offers have become more frequent. Only seven (7) properties are priced between $400,000-$500,000. Ten (10) properties are priced between $500,000-$700,000. Five (5) properties are priced between $800,000 and over $1 million.

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.

A GREAT TIME TO BUY OR SELL!

During the period of February 5, 2021 through February 12, 2021 there were reported 5 new listings, 3 closed sales, 1 pending sale, 3 active with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 2 price reductions and 0 price increases.

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, February 12, 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.

 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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