SOLD THIS WEEK!

3810 NW 63^rdCt

3 bedrooms, 3 baths
1,240 Sq Ft
$430,000
$2,500.00 credit
$338.58 per sq ft

Spring Season? Listings Down 70%

If buyers are struggling to find a home for sale, at least they’re not alone. For every 10 homes listed for sale last year, there are fewer than five today. Nationwide, home shoppers this spring have 52% fewer homes to choose from than last year’s home shoppers did – and they’re facing record-breaking prices, according to realtor.com’s latest Monthly Housing Trends Report.

Because of high demand and low inventory, “home prices have skyrocketed, shattering previous records,” says Danielle Hale, realtor.com’s chief economist. “We expect to see more sellers emerge in the weeks ahead, which should give buyers more options. Homes will likely continue to sell fast, but increasing interest rates and monthly costs could slow the pace of price gains unless we see a boost in demand from equity-rich repeat buyers.”

Home buyers appear to be in a hurry, trying to buy before any further increases in home prices and.…READ MORE

SELLERS, THIS IS THE MOMENT! SELL NOW!

This was a very busy week! The inventory dropped by another 25% last week and remains very low. There are now only 15 active listings. That is the lowest I can recall in my years of selling real estate in Miami Springs and Virgin Gardens.

The market continues to be very dynamic with many Buyers and that is great news for Sellers. Please refer to the articles posted on our website.

Eleven (11) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Three (3) active listings have had a price reduction (0 this week). We are in a strong Sellers' market, but uncertainties still remain with the COVID-19 pandemic and new variants, economic policies, and likely increased inventory. Things are going to change! Increased foreclosures coming later this year.

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, especially for properties under $400,000. There is currently only one (1) listing under $400,000. This is not good for entry level buyers looking in that range. However, the lack of inventory makes it more difficult for most first-time Buyers. Competition from multiple offers have become quite common. Three (3) properties are priced between $400,000-$500,000; five (5) properties are priced between $500,000-$700,000; two (2) properties are priced between $700,000-$800,000; and four (4) 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 March 26, 2021 through April 2, 2021 there were reported 2 new listings, 1 closed sale, 3 pending sales, 4 actives with contract, 1 expired listing, 0 cancelled listings, 2 Temp off market, 0 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, April 2, 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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