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South Florida’s Real Estate Market Seeing Improvements

Demand is up, inventory is low and prices are rising. That is what a Miami Herald article is saying today. In South Florida communities stretching from Homestead up to Weston, bidding wars are exploding and real estate inventory is quickly diminishing. Read more.
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Four times a year, Jeannett publishes " Jeannett's Journal"  which is distributed directly to well over 18,000 residences in Coral Gables. The magazine encompasses Coral Gables news, Culture, and Business. We devote several pages to Real Estate and below you can find the most recent update  on what is going on in the Gables, when it comes to selling single-family homes.. Click here   to Jeannett's Journal.  
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Coral Gables Market Update

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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  As of the end of August 2022, in Coral Gables, the inventory of single-family homes has risen by 11% over the same time last year ( Aug 2021). However, the number of homes sold and the number of homes pended, have decreased by 26% and 24%, respectively. Why is this happening? For a long time now, we have been forecasting that the price/sqft has been on the rise, but prices have now overshadowed the norm and there is too much inventory that is simply overpriced.. In conclusion, prices need to come down in order to move that inventory. Since the Spring of 2022, when our Coral Gables inventory was at 48 homes, we have now more than tripled that number. However, our sales have been on the decline, month over month. More than about 63% of our present active inventory has been on the market for over four months. That is a very strong indication that these properties are overpriced and should be reduced at a faster rate. There are still many buyers out in the market looki...
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