SELLER’S MARKET CLOSES 2021 ON HIGH NOTE

As 2021 was a record-breaking year for U.S. home price growth, CoreLogic has released its Home Price Index (HPI) and HPI Forecast for November 2021.

For many prospective buyers, the housing market will continue to intensify ongoing affordability challenges into the new year. Although home price growth remains at historic highs, it is projected to slow over the next year. However, economic growth and inflation will most likely lead to increases in mortgage rates, which will further wear down affordability.

"Over the past year, we have seen one of the most robust seller's markets in a generation,” said Frank Martell, President and CEO of CoreLogic. “While increased interest rates may help cool down homebuying activity, we expect 2022 to be another strong year with continuing upward price growth."

Nationally, home prices increased 18.1% in November 2021, compared to November 2020. On a month-over-month basis, home prices increased by 1.3% compared to October 2021. In November, annual appreciation of detached properties (19.4%) was 5.8 percentage points higher than that of attached properties (13.6%). Home price gains are projected to slow to a 2.8% increase by November 2022…READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are only 13 active listings in the MS/VG market this week— another NEW LOW! The inventory has averaged under 20 listings the last several months, which makes the market very tight for Buyers, as reflected in the number of pending sales and decrease of closed 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.

Eleven (11) listings are priced over $500,000. One (1) property is listed over $1,000,000. Six (6) active listings have had a price reduction (0 this week). We remain in a strong Sellers' market with high demand, and higher interest rates coming in 2022. Increased inventory is on the horizon—the market will change!

MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!

Mortgage interest rates have remained historically low but that will change. Regardless, there are still serious Buyers looking for the right property. Timing is everything! The low inventory makes it difficult for most first-time Buyers, with competition from multiple offers expected. The demand is high, especially for properties under $400,000. There is one (1) property listed under $400,000. One (1) property is priced between $400,000-$500,000; three (3) properties are priced between $500,000-$600,000; two (2) properties are priced between $600,000-$700,000; two (2) properties are priced between $700,000-$800,000; one (1) property is priced between $800,000-$900,000; two (2) properties are priced between $900,000-$1 million; and one (1) property is priced over $1 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of January 2, 2022 through January 7, 2022, there were reported 2 new listings, 2 closed sales, 1 pending sale, 5 active with contract, 1 expired listing, 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, January 7, 2022. 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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