Real Estate Update in Miami Springs (COVID-19 Edition) by The Leonard Real Estate Group

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Hello Miami Springs. Here is your Market Report. If you are ready to buy or sell, The Leonard Real Estate Group is ready to earn your business. We’re here for all your real estate needs.

There are 29 active listings this week. Much lower inventory compared to last year. This is good news for sellers. The bad news is CORONAVIRUS that has slowed things down due to UNCERTAIN ECONOMIC CONDITIONS, precautions taken by Sellers and Buyers and the current social distancing recommendations. However, we are optimistic that things will improve once again by LATE summer.

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Fifteen listings are priced over $500,000. One property is listed over $1,000,000. Five active listings have had a price reduction (1 this week). This usually means that the property is overpriced. However, given the COVID-19 situation, some sellers may want to re-evaluate their pricing to motivate buyers. We are still in a seller’s market and there are less price reductions as the inventory decreases. Once we get over this virus situation Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong. Mortgage Interest rates remain low.

The demand is high for properties under $400,000. There are only 6 listings under $400,000. This will make it more difficult for buyers looking in that range because of the competition from other buyers. Multiple Offers expected for entry level buyers. Eight (8) are priced between $400-500,000.

 

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