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  As of the end of August 2022, in Coral Gables, the inventory of single-family homes has risen by 11% over the same time last year ( Aug 2021). However, the number of homes sold and the number of homes pended, have decreased by 26% and 24%, respectively. Why is this happening? For a long time now, we have been forecasting that the price/sqft has been on the rise, but prices have now overshadowed the norm and there is too much inventory that is simply overpriced.. In conclusion, prices need to come down in order to move that inventory. Since the Spring of 2022, when our Coral Gables inventory was at 48 homes, we have now more than tripled that number. However, our sales have been on the decline, month over month. More than about 63% of our present active inventory has been on the market for over four months. That is a very strong indication that these properties are overpriced and should be reduced at a faster rate. There are still many buyers out in the market looki...
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Four times a year, Jeannett publishes " Jeannett's Journal"  which is distributed directly to well over 18,000 residences in Coral Gables. The magazine encompasses Coral Gables news, Culture, and Business. We devote several pages to Real Estate and below you can find the most recent update  on what is going on in the Gables, when it comes to selling single-family homes.. Click here   to Jeannett's Journal.  
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Coral Gables Market Update

The Market in Coral Gables on the move...  +As of August 2019 there were 383 single family homes on the market for sale.  The average LIST price was $3,173,000  The average SOLD price was $1,208,000  The MEDIAN sold price was $901,000  +There are 122 homes out of 383 homes that are priced under $1,000,000, or 32% of the total +There are 261 homes priced over $1,000,000 in the Gables which is 68% of the Total. + Over the past year there were 446 homes sold in the Gables ( 241 were under $1.0M or 54%) and ( 205 were priced over $1,000,000 or 46%) +The average time a listing is on the market is 63 days. + The average price per square foot is up this year about 3.6%, May-July 2018 to May-July 2019. I think this is due to the sale of many homes that are updated and ready to go. They have been setting records.
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Current Market Conditions in the Gables

Over  the past several months, the number of homes on the market for sale, in the Gables, has been decreasing, ever so slightly.   Since May of 2019, the number of homes for sale has decreased by 8%. Even though, for that same period, the number of homes sold is down by 13%, the number of homes going under contract is beginning to rise by 2%. This could be a positive thing. For all those homes in the Gables, priced under $1M, there is a slight bit of positive information, as well. The total number of homes on the market has been decreasing by about 10% over the past three months. Comparing the July 2019 numbers with July 2018, the number of homes sold is up by 15% and the number of homes going under contract is up by 38%. The same thing holds true for all those homes priced over $1.0M. Inventory has been coming down slightly, over the past three months. The number of homes sold is down by 12%, but the number of homes going under contract is up by 14% In conclu...
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Hot Open Houses: 513 Navarre Ave. and 1418 Mantua Ave.

513 Navarre Ave. 2/1.5 $550,000   Some weekends you  have no room left in your sign-in sheet, and that was the case on both of these homes. These new listings had a total of nearly 100 people come through to see them. Our opinion is that this is what happens when you price houses to sell. These two houses are both in great locations in Coral Gables, they have a lot of potential and in the case of Navarre it is move-in ready! 1418 Mantua Ave. 3/3 $750,000  Mantua has a big lot with over 10,000 sq ft and is in a great location near the University of Miami and downtown South Miami. A real oasis of a home! The open houses were so busy that we've also had a good number of calls for both homes for second showings, so wish us luck! To learn more about the properties visit, www.slesnick.net and follow us on instagram for more pictures, @slesnickjochemrealty
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840 Coral Way : A One of a Kind Property

840 Coral Way has to be one of the most unique homes in all of Coral Gables. Built in 1926 and designed by noted architects John and Coulton Skinner for R.D. Maxwell. This house is a testament of the artistry and craftsmanship of the designers who worked in Coral Gables during its boom. The structure is an excellent example of the larger homes that were constructed along this prominent street. Designed in the "Italianate" style the house has an elaborate central portal, which comes to a pediment at the roof line to focus the entrance. The Skinner brothers also used round oculus windows at the mezzanine floor level to articulate the walls that allow for such high ceilings. The ground floor was originally composed of a formal living room, library and dinning room and designed around an open loggia. Above on the second floor there are five bedrooms for the family that were connected two by two with a central bathroom. Covered porches were also integrated into the design of...
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Mortgage Rates Update

 Average U.S. mortgage rates started the year by dipping to new lows, with the benchmark 30-year rate marking its lowest level since May 2013. The ongoing decline in mortgage rates would appear to be a boon for prospective home buyers. But it hasn't yet significantly enticed more buyers into the market. At the same time, there are fewer distressed properties and bargains coming onto the market that attract real estate investors. This week the nationwide average rate on the 30-year loan fell to 3.73 percent from 3.87 percent last week, mortgage giant Freddie Mac reported. The average for a 15-year mortgage, a popular choice for people who are refinancing, slid to 3.05 percent from 3.15 percent last week. A year ago, the 30-year mortgage stood at 4.51 percent and the 15-year mortgage at 3.56 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates. The housing market has st...
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