Foreclosure Rates Continue Upward Climb

ATTOM, along with its subsidiary RealtyTrac, has released its latest Foreclosure Market Report for February which has found that there was a total of 25,833 properties with foreclosure filings against them, up 11% from January (which saw 23,204 filings) and up 129% from a year ago. Foreclosure activity has now surpassed numbers seen before the pandemic took hold of the nation two years ago.

According to Rick Sharga, the EVP of RealtyTrac, while there was a lull in foreclosures during the holiday season last year, he expects these numbers to continue to rise over the next few months.

"February foreclosure activity looks a lot like what we can expect to see for at least the next six months—double digit month-over-month growth, and triple digit year-over-year increases," said Sharga. "This isn't an indication of economic turmoil, or of weakness in the housing market; it's simply the gradual return to normal levels of foreclosure activity after two years of artificially low numbers due to government and industry efforts to protect financially-impacted homeowners from defaulting."

Lenders started the foreclosure process…READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

There are 15 active listings in the MS/VG market this week. Inventory has averaged under 18 listings the last several months, which makes for a very tight market for Buyers. Values remain very, very strong in Miami Springs and Virginia Gardens. There are still many qualified Buyers out there! It is still a Sellers' market. Please refer to the articles posted on our website.

All fifteen (15) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Five (5) active listings have had a price reduction (2 this week). We remain in a very strong Sellers' market with high demand and higher interest rates coming in 2022. We anticipate that inventory will increase later this year.

MULTIPLE OFFERS ARE BACK 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 under $500,000. There are no listings under $500,000. This low inventory makes it difficult for most first-time Buyers, with competition from multiple offers expected. No properties (0) are priced between $400,000-$500,000; four (4) properties are priced between $500,000-$600,000; one (1) property is priced between $600,000-$700,000; five (5) properties are priced between $700,000-$800,000; zero (0) properties are priced between $800,000-$900,000; two (2) are priced between $900,000-$1,000,000; and three (3) are priced over $1 million.

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

During the period of March 11, 2022 through March 18, 2022, there were reported 4 new listing, 3 closed sales, 4 pending sales, 5 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 2 price reductions, and 1 price increase.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of Friday, March 18, 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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