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.
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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