Pending Home Sales Down in December
WASHINGTON (January 29, 2020) – Pending home sales fell in December, taking a step back after increasing slightly in November, according to the National Association of Realtors®. Each of the four major regions reported a drop in month-over-month contract activity, with the South experiencing the steepest fall. However,.…READ MORE
Mortgage Rates Near 3-Year Low
Mortgage rates on 30-year, fixed loans dropped 0.7 points this week, hitting 3.51% on average, according to Freddie Mac. It’s the lowest rate seen since September last year—when rates hit 3.49%—and the second-lowest rate since mid-2016.… READ MORE
Inventory increased a bit but still remains tight this week in Miami Springs and Virginia Gardens. There are only 25 active listings this week. Last year I reported on January 7, 2019, there were 48 active listings. That represents an almost 50% decrease in inventory in one year. This is especially good for sellers.
25 active listings this week
0 closed sales this week
10 listings under $400,000 *(Note:The inventory in this price range has improved during the last month. Good opportunities for entry level buyers)
6 listings between $400,000 and $500,000
9 active listings are priced over $500,000
1 properties are listed over $1,000,000.
7 active listings have had a price reductions (1 this week). 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 thinking about selling, NOW is a very good time while the inventory is low. This means you are competing with a smaller inventory.
During the period of January, 24, 2020 through January 31, 2020 there were reported 3 new listings, 4 closed sales, 1 pending sales, 1 active with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 1 price reductions and 0 price increase. Interest rates remain low. A GREAT TIME TO BUY OR SELL.
Attention Sellers!
Low Inventory + Low Interest rates = Sellers Market.
Act Now!
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, January 31, 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
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