Real Estate, Community News & More from My Desk to Yours

Monday, November 15, 2010

Notable $1 Million Market Trends

Stable in the Gables: In the past year, homes priced at $1 million+ in Coral Gables represent 50% of the total inventory. Sales have remained constant since August 2009. Specifically, the sector between the $1 million to $1.25 million range is very stable representing 6% of the inventory and 6% of the sales. In any case, sellers must continue to show the value of homes by using compelling pricing.  Across Florida: A survey conducted by the National Association of Realtors in July-August 2010 in Florida showed that international buyers purchased $1 million+ homes at at a rate of almost one out of 20 (or 3%).  Nationwide: CNBC.com surveyed 19 major markets in the U.S. to show what $1 million can buy. In the $1 million inventory, median home sizes are: 2,297 sq.ft. in San Francisco. 2,459 sq.ft. in New York City. 5,361 sq.ft. in Dallas. 5,692 sq.ft. in Charlotte. 5,947 sq.ft. in Las Vegas. 7,064 sq.ft. in St. Louis. (In our hometown of the Gables, the four most recent closed sales in the $1 million range averaged 3,418 adj.sq.ft.) Homes in this price range provide indicators for spending and the health of local economies.