No Immediate Relief From Skyrocketing Home Prices

Looking to buy a house, but think house prices are going crazy? You’re not wrong. Housing prices are rocketing upwards across the country, showing their biggest annual gain since 2005. Existing homeowners are adding to their housing wealth, while younger, less affluent, and nonwhite buyers are facing little supply and rising costs.

Housing price pressures are found across the country. According to the Case-Shiller index, single family home prices rose nationally by 13.2% in the year ending March 2021. That’s for the entire country, from Omaha to Miami, not just specific hot urban markets.

So what’s driving these prices? Harvard’s Joint Center for Housing Studies (JCHS) has a good checklist of what is, and isn’t, pushing prices up.

Unlike some previous housing price spikes, rising prices can’t be blamed …READ MORE

A GREAT TIME TO SELL!!

Last week, we had a 50% increase in inventory!! There are now 21 active listings in the MS/VG market. But 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 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. Two (2) properties are listed over $1,000,000. Four (4) 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! The lack of inventory makes it difficult for most first-time Buyers. Competition from multiple offers have become quite common. Seven (7) 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 18, 2021 through June 25, 2021, there were reported 7 new listings, 0 closed sales, 2 pending sales, 0 actives with contract, 0 expired listings, 0 cancelled listings, 0 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, June 25, 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:  [email protected]

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