During the period of June 26, 2020 through July 3, 2020 there were reported 6 new listings, 0 closed sale, 1 pending sale, 1 active with contract, 0 expired listings, 1 cancelled listing, 1 Temp off market, 2 price reductions and 0 price increases. Interest rates remain low.
WHAT A WEEK!!! Tremendous amount of activity. There are 28 active listings this week– much lower inventory compared to last year. Great news for Sellers. The market is hot. Please refer to the article posted on our website. We are optimistic that things will continue to improve. We expect a gradual increase in inventory as we resume to somewhat normal activities.
Seventeen (17) listings are priced over $500,000. Two (2) properties are listed over $1,000,000. Eight (8) active listings have had a price reduction (2 this week). This usually means that the property is overpriced. Some Sellers may want to re-evaluate their pricing to motivate Buyers. We are still in a Seller’s market and there should be fewer price reductions as the inventory decreases.
Sellers thinking about selling should act quickly and get their property on the market. Prices remain strong. MULTIPLE OFFERS ARE BACK! Mortgage interest rates remain low, and there are serious Buyers buying! 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.
The demand is high for properties under $400,000. There are only three (3) listings under $400,000. This will make it more difficult for Buyers looking in that range due to competition from other Buyers. Multiple Offers expected for entry-level Buyers. Nine (9) properties are priced between $400,000-$500,000.
*Miami Springs/VG real estate market as of Friday, July 3, 2020. All closed sales are within the last 90 days and all data per MLS. Data prepared by The Leonard Real Estate Group.