GROWING SUPPLY OF RENTAL UNITS
PUSHES RENT PRICES DOWNWARD

via themortgagepoint.com—Nationwide, the average rent price fell by -0.8% to $1,720 in October, marking their 15th consecutive month of year-over-year declines and falling the most for smaller-sized units, according to Realtor.com’s October Rental Report. Realtor.com notes that new rental properties coming onto the market are expected to put continued downward pressure on rents next year.

“New multifamily construction projects started in the last two years have hit the market in 2024, with a greater supply of units helping to soften rents and bring renters some relief,” said Danielle Hale, Chief Economist at Realtor.com. “While we expect fewer multifamily homes to be finished in 2025, we still anticipate enough to increase supply, which will keep downward pressure on rents.”

For the analysis, Realtor.com examined rental data as of October 2024 for studio, one-bedroom, or two-bedroom units advertised as for-rent on Realtor.com. Rental units include apartments, as well as private rentals (condos, townhomes, single-family homes). We use rental sources that reliably report data each month within the top 50 largest metropolitan areas. Realtor.com began publishing regular monthly rental trends reports in October 2020 with data stretching back to March 2019.

More completed multi-family homes made their way to the market in 2024, as projects started in 2022 and 2023 were completed. Between January and September 2024, the average seasonally adjusted annual rate of multi-family completions reached …READ MORE

The Current Miami Springs Market

TIME TO BUY OR SELL?
CALL US FOR AN EVALUATION

There are thirty (30) active listings this week. About 30% of the active listings are over a $1,000,000.00! Inventory in the MS/VG market hovered at around 32+/- listings last month. Prices remain strong for Sellers. Interest rates have decreased slightly but we still have high prices? We are seeing a significant number of price decreases on active listings, but sold prices remain strong. We are truly in a unique market! It is slowing down but there are still many qualified buyers out there, despite high interest rates and high prices. Please refer to the articles posted on our website for more insight.

There are nine (9) active listings over one million dollars. Fourteen (14) of the active listings (less than half!) have had a price reduction; two (2) this week. There are no new pending sales this week. We have been transitioning to a more neutral market. However, the tight inventory and high demand for entry-level homes still makes it difficult for Buyers. The high interest rates also create a difficult situation for Sellers that have a mortgage with a low interest rate. Where do they go if they decide to sell? Sales activity has slowed down a bit. Properties are staying on the market for longer but some houses still quickly sell. Any additional interest rate increases in the future can mean fewer Buyers. Interest rates aside, we continue to anticipate more inventory increases.

DEMAND IS STILL THERE!

Mortgage interest rates are just under 7% with lower rates expected. There are still serious qualified Buyers looking for the right property. Timing is everything! Multiple offers still happen in some cases. The number of days properties are staying on the market is averaging 61 days. There are no properties listed under $500,000. The limited options for entry-level homes, higher interest rates, and homeowner insurance costs make it difficult for first-time Buyers. There are three (3) listings priced between $500,000-$600,000; seven (7) listings are priced between $600,000-$700,000; two (2) are priced between $700,000-$800,000; four (4) are priced between $800,000-$900,000; five (5) are priced between $900,000-$1,000,000; eight (8) between $1-2 million; and one (1) priced for over $2 million.

SELLERS, THIS IS THE MOMENT TO PRICE IT RIGHT!
Increasing Inventory + Increasing Interest Rates = Less Demand.

During the period of November 29, 2024 through December 6, 2024, there were reported 1 new listing, 2 closed sales, 2 pending sales, 0 active with contract, 0 expired listings, 1 cancelled listing, 1 temp off market, 2 price reductions, and 0 price increases.

HOW DOES YOUR HOUSE COMPARE?

The table below shows the current status of the Miami Springs/VG real estate market as of December 6, 2024. All closed sales are within the last 90 days.

*Disclaimer: The data relating to real estate displayed on this website and the chart above comes from the Miami Board of Realtors MLS. All listing information is deemed reliable but not guaranteed and can be independently verified.

 A complete list of all the properties for sale in Miami Springs or any other area of 

Miami-Dade County can be sent to you on regular basis. 

Request it at:  charlie@leonardrealestategroup.com

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