Over the past months we have noticed the “Shadow inventory” of distressed properties discussed on news reports just doesn’t seem to exist. Today in Coral Gables there are no single family homes that are REO’s (Real Estate Owned by lending institutions) on the MLS and only 8 condos out of 143. That number is less than 2% of the total inventory. In Miami Dade County, less than 5% of the inventory is designated as REO’s. These numbers are rather insignificant so if you are waiting to get a good deal, you may be missing the opportunity to buy a well-priced home. We have actually begun to see some list prices adjusted UP… If you are a Buyer in this market, take advantage of the record low interest rates. Listen to us: We are not in a buyer’s or seller’s market, but a fair one, so purchase your new home in the Gables today.
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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