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Asking prices seem to be slowing down nationwide, but is that the case here in Miami?
October was a very positive month for Miami’s asking prices, with the metro area posting strong yearly returns in Trulia’s latest Price Monitor.
According to Trulia’s analysis, asking prices in Miami rose 12.4 percent year-over-year in October, though prices were only up 0.1 percent from the second quarter; Also, rents in the city remain among the most competitive in the nation, rising 7.6 percent from last year; at $2,200 a month, the median rent on a two-bedroom apartment in Miami is now the fifth highest in the nation.
Evan Goldman, a Realtor with RE/MAX Advance Realty in Pinecrest, said that with inventory remaining low in his markets, he sees prices remaining competitive, unless there’s a dramatic change in the marketplace.
“I still see so little inventory and so many buyers that I think it’s going to take a really big jump for it to drastically change the market in the short term,” he said. “Now eventually, over the next couple of years, you should see somewhat of a slowdown; I think the question is how much of a slowdown.”
Trulia Price Monitor – Asking Prices Slowing Down?
Nationwide, asking prices were up a bit less impressive, though the gains were all still quite positive. Prices were up 11.7 percent year-over-year and 3.1 percent quarter-over-quarter.
Jed Kolko, Trulia’s chief economist, said that though prices were up just 0.6 percent from September, there are still pronounced market reactions to the quarterly and yearly price increases.
“Although October’s asking home prices rose at the second-slowest pace in seven months, prices are still rising unsustainably fast,” said Jed Kolko, Trulia’s Chief Economist. “Even though the market is far from bubble territory, we still see the effects of fast-rising prices, including investors flipping homes and would-be sellers waiting longer to put their homes on the market.”
Miami has gained a 12.4% increase in asking prices over the year. Blame it on the low inventory? Should the repercussions be higher rents? Report unfair practices and seek a realtor or legal guidance when searching for properties. - LLD
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