Miami real estate news and information

Coral Gables Real Estate Drops 23.8%

 

Time To Sell

Inventory is dropping! The number of  homes for sale in Coral Gables (priced over $700,000)  dropped 23.8% over the past 6 months (February to August 2009).  If you are considering selling your house, this might be the right time.  Currently 311 homes in the Gables are listed for sale at $700,000  or above. (Six months ago there were 408  homes  for sale  in that price range).  Over the course of a single  month…July to August… the number of homes listed for sale for $700,000 (and above)  in Coral Gables dropped by 7.7%.

Buyers know what they want, but aren’t finding the right house to buy. I am looking for property to sell,  and I may already have a buyer for yours.  Wondering whether this might be the right time for you to sell ?  Please give me a call at (305) 793-1365 … or contact me here.   By doing a home valuation for you, we can see whether this might be a good time for you to sell…  or not. 

Based on the number of homes for sale in the Gables right now, from the 51 month supply of inventory we had just six months back, we now have half  that amount… and are down to a 25 month supply.  The average selling price now is currently $1,372,000 ($366 a square foot)  …  and homes are taking an average of  264 days to sell. 

  1 month 7 months
  July 09 Aug 09 % Change Feb 09 Aug 09 % Change
For Sale 337 311 -7.7% 408 311 -23.8%
Sold 13 12 -7.7% 8 12 50%
Pended 17 11 -35.3% 8 11 37.5%

 

Date 2/09 3/09 4/09 5/09 6/09 7/09 8/09
For Sale 408 409 397 382 364 337 311
New Listing 49 59 43 38 44 36 32
Sold 8 10 9 12 22 13 12
Pended 8 15 14 21 26 17 11
Months of Inventory based on Closed Sales 51.0 40.9 44.1 31.8 16.5 25.9 25.9
Months of Inventory based on Pended Sales 51.0 27.3 28.4 18.2 14.0 19.8 28.3
Absorption Rate based on Closed Sales 2.0 2.4 2.3 3.1 6.0 3.9 3.9
Absorption Rate based on Pended Sales 2.0 3.7 3.5 5.5 7.1 5.0 3.5
Avg. Active Price 2611 2627 2777 2796 2904 2918 2999
Avg. Sld Price 1116 1756 2761 2326 1383 2054 1372
Avg. Sq. Ft. Price 297 357 641 536 360 406 366
Sold/List Diff. % 86 82 82 77 84 82 87
Days on Market 227 150 113 177 184 115 264
Median Price 1050 1725 1100 1175 1138 1388 1182

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