Buying a house is more affordable now than it has been in the past 40 years! This is according to the Beacon Economics’ new Home Affordability Index. Based on their August 2010 report, “prices are down approximately 25% from their peak, and mortgage financing rates are at all-time lows.” This could become a driver for increased demand, thereby reducing excess inventory, increasing prices, and generating new construction. The index argues that we are at or near the bottom nationally, and the market will begin to stabilize in the coming months.
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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