Despite the sluggishness of national numbers, a few markets are downright hot again. You may recognize some as boom markets from years past. Bidding wars are erupting over some homes for sale in cities like Seattle; Sacramento, Calif.; Reno, Nev.; San Francisco; Washington, D.C.; and Miami, according to the The Wall Street Journal. The limited number of homes for sale is causing the increased competition at some price points in some cities. Massive purchases of foreclosures by investors have helped gobble up much of the excess. But while sales volumes are increasing, prices aren't yet showing much of an increase, if any, says the Journal.
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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