Homebuying Frenzy Shows Signs of Slowing
While competition remains fierce and prices are still soaring, some indicators measured in a new Redfin study suggest the sizzling sellers' market is cooling.
"Many measures of the housing market, such as pending home sales, mortgage applications, and touring activity, showed some improvement this past week following the Memorial Day slump, but don't call it a comeback," said Redfin Lead Economist Taylor Marr. "Seasonally adjusted homebuyer demand is unlikely to rebound to the levels we saw earlier in the spring."
Now that things are opening up again and the summer is almost here, people have other priorities, like going on vacation. Plus, many homebuyers are frustrated and tired of competing, so they've stepped back—for now at least."
A shortage of homes for sale remains problematic. Active listings (the number of homes listed for sale at any point during the period of the survey) fell 35% from 2020 and have been relatively flat since late February, Redfin reports. …READ MORE
A GREAT TIME TO SELL!!
SELLERS, THIS IS THE MOMENT! SELL NOW!
There are only 14 active listings in the MS/VG market. The inventory continues to remain low and that is why prices remain high and strong in Miami Springs and Virginia Gardens. There are many qualified Buyers but a very low inventory makes the market great for Sellers.The Buyers are out there—sell now! Please refer to the articles posted on our website.
Nine (9) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Four (4) active listing have had a price reduction (3 this week). We remain in a strong Sellers' market with low inventory and high demand.
The market will change!
Likely increased inventory, 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 2 bedroom/1 bathroom for $449,900! A lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Three (3) properties are priced between $400,000-$500,000; two (2) properties are priced between $500,000-$700,000; two (2) properties are priced between $700,000-$800,000; and four (4) properties are priced between $800,000 and over $1 million.
A GREAT TIME TO BUY OR SELL!
During the period of June 11, 2021 through June 18, 2021, there were reported 2 new listings, 1 closed sale, 2 pending sales, 1 active with contract, 0 expired listings, 2 cancelled listings, 0 Temp off market, 3 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, June 18, 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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