The Leonard Real Estate Group is reporting that Miami Springs real estate inventory has decreased this week while interest rates reach new record lows.  Here’s the report from The Leonard Real Estate Group:

Inventory decreased this week in Miami Springs and Virginia Gardens. There are only 24 active listings this week.

That represents a significant reduction compared to last year. This is good news for sellers.

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Sellers that haven’t been able to sell their property in this market should re-evaluate their strategy and adjust accordingly based on the current market circumstances. Timing is everything. If you re on the fence about selling, now is the time to get off and put your house on the market.

2 properties are listed over $1,000,000. During the period of February 21, 2020 through February 28, 2020 there were reported 2 new listings, 2 closed sales, 4 pending sales, 4 active with contract, 0 expired listings, 2 cancelled listings, 1 Temp off market, 1 price reduction and 1 price increase. Interest rates remain low.

Currently:

24 active listings this week

6 closed sales this week

7 listings under $400,000 *(Note:The inventory in this price range has improved during the last month. Good opportunities for entry level buyers)

8 listings between $400,000 and $500,000

9 active listings are priced over $500,000

The table shows the current status of the Miami Springs/VG real estate market as of Friday, February 28, 2020. All closed sales are within the last 90 days.

With inventory low and interest rates continuing to drop, it is an excellent time for sellers to test the market and for buyers to lock in good terms.

Contact The Leonard Real Estate Group for more information. If you are ready to buy or sell, we are ready to earn your business. We’re here for all your real estate needs.

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