Home Prices Increased Across
Most Metro Areas in Second Quarter

Year-over-year, 96 percent of the measured markets experienced increases in median single-family home prices—the same number of metro areas that saw price gains in the first quarter. On a national level, the median existing single-family home price in Q2 was $291,300—a 4.2 percent increase YoY. However, price appreciation is happening at a slower rate compared to pre-pandemic levels of 7.7 percent in the first quarter.

“Home prices have held up well, largely due to the combination of very strong demand for housing and a limited supply of homes for sale,” said Lawrence Yun, NAR chief economist. “Historically-low inventory continues to reinforce and even increase prices in some areas.”

Despite a lack of homes on the market, properties are moving at a fast pace as buyers are incentivized by low mortgage rates. In the second quarter, the 30-year fixed rate mortgage averaged 3.29 percent—down from 4.08 percent at the same time last year, and down from 3.57 percent in the first quarter of 2020. … READ MORE

The market continues to be full of activity, especially in entry level homes. There are only 27 active listings this week– much lower inventory compared to last year. Great news for Sellers. The market is hot. Please refer to the article posted on our website. We do expect a gradual increase in inventory over time.

Fifteen (15) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Eleven (11) active listings have had a price reduction (0 this week). This usually means that the property is overpriced. Some Sellers may want to re-evaluate their pricing to motivate Buyers. We are still in a Seller’s market and there should be fewer price reductions as the inventory decreases.

Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong.
MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!

Mortgage interest rates remain low, and there are serious Buyers buying! Timing is everything. If you're on the fence about selling, now is the time to get off and put your house on the market.

The demand is high for properties under $400,000. Competition and Multiple Offers expected for entry-level Buyers. There is only one (1) listing under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Ten (10) properties are priced between $400,000-$500,000.

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.

During the period of August 7, 2020 through August 14, 2020 there were reported 3 new listings, 2 closed sales, 4 pending sales, 1 active with contract, 0 expired listings, 2 cancelled listings, 1 Temp off market, 0 price reductions and 0 price increases. Interest rates remain low. A GREAT TIME TO BUY OR SELL.

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, August 14, 2020. 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

………………………………………………..……………………………………………………………………………