As inventory has steadily dwindled over the past two years and prices are beginning to rise, developers are starting to enter the market again. When a new, well-priced listing appears on the MLX, buyers as well as investors jump immediately. As we were leaving an open house recently in Coral Gables, we heard a realtor say, “I have so many buyers that I am working with, but nothing to show them.” While this is music to our ears as realtors, it is a big change from the conditions we have seen in the past. If you are a homebuyer or an investor, don’t wait another minute. In the under $1 million price range in Coral Gables, we are moving from a buyer’s market to a fair or seller’s market.
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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