It finally has happened! Our inventory of single family homes in Coral Gables dropped to less than 300 properties (295)...the lowest it has been since the peak sales period of 2005-06 when prices were at their highest and we were down to less than 200 homes. Then inventory slowly expanded to over 650 homes in the sluggish years of 2007-08 and buyers were scarce. Today, of the 295 homes on the MLS, 123 properties are less than $1M, and 172 homes are at $1M or above. Now is the time to buy in the Gables while you still have a selection of affordable properties.
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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