New Listings Stage a Comeback in June
Nationally, the inventory of homes actively for sale in June decreased by 43.1% over the past year, a lower rate of decline compared to the 50.9% drop in May. A deceleration in the decline of inventory means the market is heading in an encouraging direction, but active inventory still remains historically low. This decline amounted to 415,000 fewer homes actively for sale on a typical day in June compared to the previous year. The total number of unsold homes nationwide–a metric that includes active listings and listings in various stages of the selling process that are not yet sold– is down 20.3% percent from June 2020.
In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May. This year, growth in new listings is continuing later into the summer season, a welcome sign for a tight housing market.
The inventory of homes actively for sale in the 50 largest U.S. metros overall decreased by 40.5% over last year in June, a slowdown in the rate of …READ MORE
A GREAT TIME TO SELL!!
Keep an eye on increasing inventory. There are now 19 active listings in the MS/VG market. But the inventory continues to remain low and that is why prices remain strong in Miami Springs and Virginia Gardens. There are many qualified Buyers but the low inventory makes the market favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.
SELLERS, THIS IS THE MOMENT! SELL NOW!
Fourteen (14) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. Three (3) active listing have had a price reduction (0 this week). We remain in a strong Sellers' market with low inventory and 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 remain historically low, and there are serious Buyers buying. Timing is everything! The demand is high, especially for properties under $400,000. There are currently no listings under $400,000. The lowest priced listing is a 3 bedroom/1 bathroom "fixer-upper" for $415,000! This lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Five (5) properties are priced between $400,000-$500,000; seven (7) properties are priced between $500,000-$700,000; two (2) properties are priced between $700,000-$800,000; and five (5) properties are priced between $800,000 and over $1 million.
A GREAT TIME TO BUY OR SELL!
During the period of June 25, 2021 through July 2, 2021, there were reported 2 new listings, 2 closed sales, 1 pending sale, 3 active with contract, 1 expired listing, 0 cancelled listings, 2 Temp off market, 0 price reductions and 0 price increases.
Sellers!
Low Inventory + Low Interest Rates = Seller's Market.
Act Now!
HOW DOES YOUR HOUSE COMPARE?
The table below shows the current status of the Miami Springs/VG real estate market as of Friday, July 2, 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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