What’s happening in our upper east/miaimi shores & el portal single family real estate marketHi I’m Ines Gomez-Acebo broker owner at IGA realty group.
Let’s begin with an overview of the upper east area:
Inventory is stable in morning side and baypoint, I small rise in belle meade from 18 to 21 listings on the market. For the number of closings, weve had 3 compared to the 6 closing in April. 9 new listings have hit the market and there’s been 8 homes that have entered intoContract (4 in morning side, 2 baywood and 2 baypoint), April it was only 2.
For the Miami shores Area:
There’s 146 active homes compared to 142 in April. There’s been 9 closings, in April it was 13. We have 13 new listings and 22 houses have entered into contract compared with the 8 on april
And finally, in El portal:
There’re 20 active homes, same in April. 2 sales in April and 2 new listings. 2 houses have entered contract.
So, as you can see activity is ramping up as the number of homes that went into pending during may was much higher than April and average prices have not gone down.
Mortgage applications have risen 54% since April, this is a clear indication that buyers are taking advantage of these historical low rates.
We also foresee a higher influx of people moving to Miami looking for a more covid friendly environment and to take advantage of our low taxes. Single family homes are in high demand as customers are looking to adapt to more space for home working and a private outdoor with no use restrictions due to covid.
So, if you’re thinking of buying, you should get your pre approval ready in order to begin your search & take advantage of these very low interest rates and if you’re thinking you should sell, get your house ready as buyers are coming back to the market very strongly! Now more than ever proper exposure and properly using online digital marketing are essential. Please feel free to reach out to us anytime here at IGA realty your local Digital Community Market Leaders to ask questions or if you just need some advice about what to do in regards to buying or selling your home . And as we are always here to help.