2020 Home Prices Up 13 Percent Annually in U.S.

"The economy faces new challenges in the next few weeks, which are likely to see continued political instability and rising coronavirus cases," said Redfin chief economist Daryl Fairweather. "Still, it's unlikely that either will have a meaningful or long-term impact on home buying demand, which, already extremely strong, is now bolstered by even lower mortgage rates READ MORE

Weekly Housing Trends View Week January 16, 2021

After an extraordinarily strong finish to 2020, the housing market lost some momentum in early 2021. However, we continue to see home buyers in the market and their activity level relative to sellers means that the market continues to favor sellers with a shrinking number of homes for sale, rising prices, and fast selling homes. As was the case even before the pandemic, supply is what’s needed to ensure that home sales continue to grow. READ MORE

SELLERS, THIS IS THE MOMENT! SELL NOW!

The inventory increased this past week, but remains tight. There are 25 listings this week. The market is still hot and that is great news for Sellers. Please refer to the articles posted on our website.

Seventeen (17) listings are priced over $500,000. One (1) property is listed over $1,000,000. Eight (8) active listings have had a price reduction (3 this week). We are still in a Seller’s market, but many uncertainties lie ahead with the pandemic resurge, impact of the elections, economy, and likely increased inventory.

MULTIPLE OFFERS ARE BACK AND LISTINGS ARE SELLING OVER LIST PRICE!!

Mortgage interest rates remain historically low, and there are serious Buyers buying! Timing is everything. The demand is high for properties under $400,000. There are zero listings under $400,000. This makes it more difficult for Buyers looking in that range due to competition from other Buyers. Competition from multiple offers have become more frequent. Eight (8) properties are priced between $400,000-$500,000. Eleven (11) properties are priced between $500,000-$700,000. 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 January 15, 2021 through January 22, 2021 there were reported 2 new listings, 2 closed sales, 4 pending sales, 2 active with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 3 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, January 22, 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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