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.
We have been
touting the same information for the past 12 months: Inventory is down to
the lowest levels we’ve seen in 6 years. And...in Coral Gables, prices are
creeping up for homes listed under $1M. The total number of homes for sale
under $1M has dropped to about 39% of the C.G. inventory. Lately, the average
list price has equaled the average sales price. In fact, the last 5 homes
that Slesnick & Jochem sold between $475,000 and $775,000 went under
contract within a week and sold for asking price or up to 7% over asking. None
of these were short sales or foreclosures. We typically get multiple offers
because our properties are fairly priced.
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