Pending Home Sales Fall in September
The National Association of Realtors (NAR) has reported that pending home sales declined in September, retreating slightly following a previous month of growth. Each of the four major U.S. regions saw contract activity decline both month-over-month and year-over-year, with the Northeast experiencing the largest annual declines.
The Pending Home Sales Index (PHSI), NAR’s forward-looking indicator of home sales based on contract signings, decreased 2.3% to 116.7 in September, while year-over-year signings decreased 8%. A PHSI reading of 100 is equal to the level of contract activity in 2001.
“Contract transactions slowed a bit in September, and are showing signs of a calmer home price trend, as the market..…READ MORE
The Current Miami Springs Market
A GREAT TIME TO SELL!
There are 19 active listings in the MS/VG market. The inventory remains low. It has fluctuated in the last month between 18-22 listings, making for a very tight market for Buyers. This is reflected in the decrease of pending sales. Prices remain very strong in Miami Springs and Virginia Gardens. There are many qualified Buyers, but the market is still favorable for Sellers. The Buyers are out there—sell now! Please refer to the articles posted on our website.
Sixteen (16) listings are priced over $500,000. Four (4) properties are listed over $1,000,000. Five (5) active listings have had a price reduction (2 this week). We remain in a strong Sellers' market with 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 continue to remain historically low, and there are serious Buyers. Timing is everything! The demand is high, especially for properties under $400,000. There are no listings under $400,000. This low 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; five (5) properties are priced between $500,000-$600,000; three (3) properties are priced between $600,000-$700,000; one (1) property is priced between $700,000-$800,000; three (3) properties are priced between $800,000-$900,000; and four (4) properties are priced over $1 million.
SELLERS, THIS IS YOUR MOMENT!
Low Inventory + Low Interest Rates = Seller's Market.
SELL NOW!
During the period of October 22, 2021 through October 29, 2021, there were reported 2 new listings, 3 closed sales, 2 pending sales, 1 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, October 29, 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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