HOME VALUES UP NEARLY 20% FROM LAST YEAR

According to Zillow's December Home Market Report, home values grew a record 1.6% month-over-month in December, and that appreciation accelerated throughout much of the U.S. The typical American home is worth $320,662, up 19.6% from a year ago—a new high according to Zillow.

People were not just fighting to get gifts this holiday season, they were also eager to get into homes entering the market in droves. But those that entered the market were not just fighting astonishingly low inventory levels, but record high prices as well.

According to a recent survey by Zillow, homeowners have been hesitant to list their houses due to them not wanting to wade into the market themselves, on top of employment uncertainties caused by the new Omicron COVID-19 variant.

"Home shoppers picked the shelves clean this December, leaving fewer active listings than ever before in the U.S. housing market," said Jeff Tucker, Senior Economist at Zillow. "Enough determined buyers kept up their house hunt to reignite monthly price appreciation.

Rising mortgage rates could be the next potential headwind, but demand has proven persistent; neither high prices nor slim inventories have deterred buyers so far." …READ MORE

The Current Miami Springs Market

A GREAT TIME TO SELL!

Listings dropped to 12 active listings in the MS/VG market this week— a small dip in inventory this week and historically low. It has averaged under 18 listings the last several months, which makes the market very tight for Buyers. The average sale price dipped below $600,000 this week! Should we worry? Prices remain very strong in Miami Springs and Virginia Gardens. Though the market is still favorable for Sellers, the Buyers are out there—sell now! Please refer to the articles posted on our website.

Eleven (11) listings are priced over $500,000. One (1) property is listed over $1,000,000. Six (6) active listings have had a price reduction (2 this week). We remain in a strong Sellers' market with high demand, and higher interest rates coming in 2022. Some increased inventory is on the horizon!

MULTIPLE OFFERS CONTINUE AND LISTINGS KEEP SELLING OVER LIST PRICE!!

Mortgage interest rates have started to increase but remain historically low. There are still serious Buyers looking for the right property. Timing is everything! The demand is high, especially for properties between $400,000-$450,000. The low inventory makes it difficult for most first-time Buyers, with competition from multiple offers expected. There are no properties listed under $400,000. One (1) property is priced between $400,000-$500,000; five (5) properties are priced between $500,000-$600,000; one (1) property is priced between $600,000-$700,000; two (2) properties are priced between $700,000-$800,000; one (1) property is priced between $800,000-$900,000; one (1) property is priced between $900,000-$1 million; and one (1) property is priced over $1 million.

SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!

During the period of January 21, 2022 through January 28, 2022, there were reported 0 new listings, 3 closed sales, 0 pending sales, 3 active with contract, 0 expired listings, 0 cancelled listings, 0 Temp off market, 2 price reductions, 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, January 28, 2022. 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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