Weekly Housing Trends View
Households who put “find a new home” on their list of resolutions for 2022 will find plenty of company, but not yet more options in the housing market. Realtor.com’s weekly housing data points to even more challenging conditions in the early weeks of the year. The pace of home price growth ticked higher and homes are selling even faster than this time last year. Data trends point to the possibility of more sellers this spring, and there are reasons to believe this momentum shift, with more homeowners planning to sell and single-family home construction continuing at a 1 million+ pace. Additional housing supply is what’s needed to help first-time homebuyers and add momentum to the homeownership rate. Key Findings:
- The median listing price grew by 11.8 percent over last year.
Rising rates have driven a rush on new home sales as buyers try to sign contracts to lock-in rates and beat further cost increases. Our 2022 Housing Forecast expects a slowdown in home price growth to low-single digits for the year as higher rates reduce homebuyer purchasing power, but the median list price hasn’t yet moved in that direction.
- New listings–a measure of sellers putting homes up for sale–were down 7 percent from last year.
In a housing market short on inventory, new home listings are a key indicator for future home sales. They indicate the number…READ MORE
The Current Miami Springs Market
A GREAT TIME TO SELL!
Listings increased to 14 active listings in the MS/VG market this week. A small increase in inventory this week, but still historically low. Inventory has averaged under 18 listings the last several months, which makes the market very tight for Buyers. The average sale price dipped below $600,000 last week! Should we worry? Prices remain very strong in Miami Springs and Virginia Gardens. Though the market is still favorable for Sellers, the Buyers are out there—sell now! Please refer to the articles posted on our website.
Twelve (12) listings are priced over $500,000. One (1) property is listed over $1,000,000. Five (5) 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. Some increased inventory is on the horizon!
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates have started to increase but remain historically low. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties between $400,000-$450,000. And the low inventory of properties in this range makes it difficult for most first-time Buyers, with competition from multiple offers expected. There are no properties listed under $400,000. Two (2) properties are priced between $400,000-$500,000; six (6) properties are priced between $500,000-$600,000; one (1) property is priced between $600,000-$700,000; two (2) properties are priced between $700,000-$800,000; there are no properties 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 28, 2022 through February 4, 2022, there were reported 3 new listings, 1 closed sale, 0 pending sales, 2 active with contract, 1 expired listing, 0 cancelled listings, 1 Temp off market, 0 price reductions, 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, February 4, 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
………………………………………………..……………………………………………………………………………
We are the Miami Springs Experts
however, we service all of South Florida
Let Us Show You How We Can Get Your Property Sold
at the Highest Possible Price
