2022 HOUSING MARKET FORECAST AND PREDICTIONS
Americans will have a better chance to find a home in 2022, but will face a competitive seller’s market as first-time buyer demand outmatches the inventory recovery.
Additionally, with listing prices, rents and mortgage rates all expected to climb while incomes rise, 2022 will present a mixed bag of housing affordability challenges and opportunities. Whether the pandemic delayed plans or created new opportunities to make a move, Americans are poised for a whirlwind year of home buying in 2022.
With more sellers expected to enter the market as buyer competition remains fierce, we anticipate strong home sales growth.Home sales prices are set to continue to increase which will mean notching a decade-long streak of year over year increases early in 2022.
First-time homebuyers will need to be successful in the 2022 housing market if we are going to see the homeownership rate begin to climb again. In many respects it will be an uphill journey given the slightly better but still-limited for-sale inventory environment, high and rising prices, and rising mortgage rates all pushing monthly costs higher …READ MORE
The Current Miami Springs Market
A GREAT TIME TO SELL!
There are 16 active listings in the MS/VG market during the last two weeks. This the LOWEST we have seen! The inventory has fluctuated the last several months between 18-22 listings, 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.
Twelve (12) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Nine (9) active listings have had a price reduction (1 this week). We remain in a strong Sellers' market with high demand. The market will change! Increased inventory is on the horizon, with increased foreclosures coming later this year.
MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!
Mortgage interest rates continue to remain historically low, and there are serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties under $400,000. There are no listings under $400,000. The low inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Four (4) 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; three (3) properties are priced between $700,000-$800,000; zero (0) properties are priced between $800,000-$900,000; and two (2) properties are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!
During the period of December 10, 2021 through December 17, 2021, there were reported 2 new listings, 3 closed sales, 3 pending sales, 1 active with contract, 0 expired listings, 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, December 17, 2021. 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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