Fierce Bidding Wars Drive Home Prices Upward
In May, U.S. median home prices continued a trend of double-digit appreciation, reaching a new an all-time high of $380,000 according to Realtor.com, up 15.2% year-over-year. But in a good sign for home shoppers contending with a competitive housing market, the rate of price growth moderated for the second time in 13 months.
Realtor.com’s Monthly Housing Trends Report found that sellers continued to come to the market in May, as new listings were up 5.4% year-over-year. However, with less than half the total number of homes for sale compared to last year, homes are selling….READ MORE
A GREAT TIME TO SELL!!
SELLERS, THIS IS THE MOMENT! SELL NOW!
The inventory continues to remain low. There are only 17 active listings. This is one of the lowest levels I can recall in my years of experience selling real estate in Miami Springs and Virginia Gardens. The market continues to be very dynamic with many buyers and that is great news for Sellers. The Buyers are out there! Please refer to the articles posted on our website.
Twelve (12) listings are priced over $500,000. Three (3) properties are listed over $1,000,000. One (1) active listing has had a price reduction (0 this week). We are still 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. A 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; five (5) 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 May 28, 2021 through June 4, 2021, there were reported 3 new listings, 2 closed sales, 3 pending sales, 1 active with contract, 0 expired listings, 1 cancelled listing, 0 Temp off market, 0 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, June 4, 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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