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Showing posts from August, 2010

Coral Gables Market Trends Update

Homes that are priced fairly under $1M in Coral Gables seems to be selling, and selling at a much faster rate than they have for over three years. Of course, the inventory over $1M takes a lot longer to sell as there are fewer buyers with still a large inventory of homes in that price range. What use to take us five to six months to sell is now taking less than three weeks. Three years ago, we also had twice as much inventory with a lot fewer sales. Our market in Coral Gables has been very stable for some time now and with the low interest rates, we predict that the August figures will be even better than the July ones. This photo is of one of our listings that sold at asking price just three days after the first open house.

Points of Interest about the Current Residential Real Estate Market

In the time period from May 2009 to July 2010, the inventory of homes and condos in Miami-Dade County has gone down by approximately 22%.
For the same period, the number of month’s supply of homes decreased by approximately 27%, from a 24.4 month supply to a 17.8 month supply of homes, as compared to closed sales.The number of homes that have sold during this period increased nearly 8%.The number of homes that have gone under contract (pended) for this same period is up by approximately 22%.The landscape of residential inventory in Miami-Dade County is decreasing, while prices are stabilizing. Have we hit bottom, and are we about to see a rise in prices? Post your comment here and forward to your friends.