Good Morning! Welcome to this week’s Miami Real Estate Break On Saturday Morning.
This week we prepared a market update for the year to date data for Pinecrest, Coral Gables, and Coconut Grove. We also did two feature neighborhoods and price points for more details.
93.9% Of Homes in The US Have Positive Equity
CoreLogic’s latest Equity Report revealed that ninety-one thousand residential properties regained equity in Q1 2017. The outlook for 2017 remains positive as well, as an additional 600 thousand properties will regain equity if home prices rise another 5% this year.
The study also revealed that:
- Roughly 63% of all homeowners have seen their equity increase since Q1 2016
- The average homeowner gained about $14,000 in equity between Q1 2016 and Q1 2017
- Only 1.6% of residential properties are near-negative equity
Below is a map showing the percentage of homes with a mortgage, in each state, that have positive equity. (The states in gray have insufficient data to report.)
Significant Equity Is On The Rise
Frank Martell, President & CEO of CoreLogic, believes this is great news for the “long-term health of the U.S. economy.” He went on to say:
“Homeowner equity increased by $766 billion over the last year, the largest increase since Q2 2014. The rising cushion of home equity is one of the main drivers of improved mortgage performance. Since home equity is the largest source of homeowner wealth, the increase in home equity also supports consumer balance sheets, spending, and the broader economy.”
Of the 93.9% of homeowners with positive equity in the US, 78.8% have significant equity (defined as more than 20%). This means that nearly three out of four homeowners with a mortgage could use the equity in their current home to purchase a new home, now.
The map below shows the percentage of homes with a mortgage, in each state, that have significant equity. (The states in gray have insufficient data to report.)
If you are one of the many homeowners who are unsure of how much equity they have in their homes and are curious about their ability to move, let’s meet up to evaluate your situation.
Ok, let’s get right into all the latest listings, price reductions, and solds from some of the popular neighborhoods of Miami and Miami Beach.
Miami Real Estate Update Listing Updates
Biscayne Park Real Estate
- Click here for all the newest Biscayne Park Homes for Sale
Biscayne Park Price Reductions
Just Sold Biscayne Park Homes (no closed sales posted last 7 days)
Coconut Grove Real Estate
- Click here for all the newest Coconut Grove Homes For Sale
Coconut Grove Price Reductions
Just Sold Coconut Grove Homes (no closed sales posted last 7 days)
Coral Gables Real Estate
- Click here for all the newest Coral Gables Homes For Sale
Coral Gables Price Reductions
Just Sold Coral Gables Homes
Miami Beach Real Estate
- Click here for all the newest Miami Beach Homes For Sale
Miami Beach Price Reductions Homes
Just Sold Miami Beach Homes
- Click here for all the newest Miami Beach Condos For Sale
Miami Beach Price Reductions Condos
Just Sold Miami Beach Condos
Miami Shores Real Estate
- Click here for all the newest Miami Shores Homes For Sale
Miami Shores Price Reductions
Just Sold Miami Shores Homes
North Bay Village Real Estate
- Click here for all the newest North Bay Village Homes For Sale
North Bay Village Price Reductions
Just Sold North Bay Village Homes (no closed sales posted last 7 days)
Pinecrest Real Estate
- Click here for all the newest Pinecrest Homes For Sale
Pinecrest Price Reductions
Just Sold Pinecrest Homes
(↑↑↑ Some MLS listings may not come up if the city is tagged differently than the “neighborhood.” If you don’t see a data point or property that you are interested in, please let me know. ↑↑↑)
If you own a home or condo in Miami or Miami Beach and you’re considering selling, GIVE US A CALL. Our market is very competitive and to sell in today’s market, you need an experienced agent to help you sell faster and get top dollar. We would love to show you our savvy marketing and digital plan that helps move properties faster.
If you’re a buyer, let us know EXACTLY what you’re looking for, and I can set you up in our VIP MLS registry. This data is way more accurate than what you will find online on your on own, and you will be notified of properties as soon as they hit the market.
Miami real estate is like every other in regards to today’s market condition it’s all about market supply/demand, condition, location, and price. If you have any questions about buying or selling in today’s market, give us a ring, and one of us can go over what you can expect today: 305-793-8965
image from unsplash @canva