Miami real estate news and information

Coral Gables Condo Market 2008-2010: PERCEIVED VALUE is WHAT SELLS!

January  2010  through   August  2010:  The number of Coral Gables condos/townhomes (listed for sale) is declining. Inventory is down.  Sales are up.  Buyers are looking for value … and price per square foot SOLD is just ONE indication of value .

In January 2010 there were 350 condos/townhomes actively listed for sale in the Gables. 18 of those 350 listing sold. By August 2010 there were 310 condos/townhomes for sale.  27  of  those 310 listings sold.    

As a seller, those figures speak loud and clear.  With roughly 325  units for sale in Coral Gables in any given month this year,  and with only 22  of them selling,  it  means that about 300 of them will  go unsold.   Only  about 14% of what’s available for purchase is selling.

Regardless of pricepoint, in order to sell your condo or townhouse, you need the X-factor!   What’s the X-Factor?  Whether your condo towers above the rest, or just stands out (enough to catch the eye of  the  meager 22 buyers who are buying) …  X-FACTOR is price, view, amenities, location …  and perceived value

If you’re priced at/ or below the “median” sales price in your area,  you will have a larger pool of potential buyers ‘looking’.  The median price is where the market flurry is.    Buyers will sift through the available listings,  and the handful  that are priced compellingly and that offer value, are the ones they will buy.  I keep coming back to “value”.  No matter what a buyer says they are looking for, they want ‘value’.

When average sales price is below average list price, which is where we are now….we are in a  buyers’ market… with  inventory to spare.   But the graph is inching closer … and the average list  price and sales price are moving toward one another.

1 month 8 months
  Jul 10 Aug 10 % Change Jan 10 Aug 10 % Change
For Sale 324 307 -5.2% 351 307 -12.5%
Sold 12 13 8.3% 11 13 18.2%
Pended 24 27 12.5% 18 27 50%
Date 1/10 2/10 3/10 4/10 5/10 6/10 7/10 8/10
For Sale 351 342 350 343 347 343 324 307
New Listing 46 37 57 54 71 43 51 45
Sold 11 12 21 14 34 15 12 13
Pended 18 18 19 23 30 20 24 27
Months of Inventory (Closed Sales) 31.9 28.5 16.7 24.5 10.2 22.9 27 23.6
Months of Inventory (Pended Sales) 19.5 19 18.4 14.9 11.6 17.2 13.5 11.4
Absorption Rate (Closed Sales) % 3.1 3.5 6 4.1 9.8 4.4 3.7 4.2
Absorption Rate (Pended Sales) % 5.1 5.3 5.4 6.7 8.6 5.8 7.4 8.8
Avg. Active Price 732 721 695 688 679 668 586 641
Avg. Sold Price 277 256 482 373 333 354 981 625
Avg. Sq. Ft. Price 214 219 265 246 239 249 494 410
Sold/List Diff. % 92 90 83 87 92 89 85 85
Days on Market 176 112 167 176 108 149 147 170
Median 207 248 250 268 288 239 240 235

In 2010 a buyer still holds the advantage.  The SOLD price on Coral Gables condos from January 2010 until August 2010 averaged $292 per square foot….  

In just the past two months (July/August 2010)  the selling price per square foot jumped: $494 in July 2010    …  and  $410 in August 2010. 

Back in 2007-2008 there were over 400 condos for sale in Coral Gables –  within any given month… On average, 10 of them would sell… and the average price per square foot  they SOLD for was $363.  It was a buyer’s market then… It is a buyer’s market now.

 

                                     INVENTORY & MARKET STATISTICS:  (Coral Gables Condos)

                                    Garage space is not included in the square feet calculations

Date 10/07 11/07 12/07 1/08 2/08 3/08 4/08 5/08 6/08 7/08 8/08 9/08 10/08
For Sale  410 425 359 414 431 443 478 479 458 418 401 423 424
Sold  5 10 5 4 8 7 9 2 17 16 12 8 12
Pended  6 7 5 3 17 6 13 13 20 17 10 15 9
Months of Inventory based on Closed Sales  82.0 42.5 71.8 103.5 53.9 63.3 53.1 239.5 26.9 26.1 33.4 52.9 35.3
Months of Inventory based on Pended Sales  68.3 60.7 71.8 138.0 25.4 73.8 36.8 36.8 22.9 24.6 40.1 28.2 47.1
Avg. Active Price  689 691 634 656 637 601 665 668 695 704 715 704 707
Avg. Sld Price  443 487 1154 610 1065 1177 503 787 610 409 289 517 381
Avg. Sq. Ft. Price  296 342 413 376 478 468 348 354 402 339 280 341 282
Sold/List Diff. %  86 96 91 94 90 92 93 96 94 90 89 81 86
Days on Market  256 177 199 127 94 103 153 91 124 162 182 174 100
Median Price 380 312 1005 537 612 900 375 788 335 264 232 242 292

If you are looking to buy or sell property in South Florida, please don’t hesitate to contact us here or on our cellulars 305 793-1365 or 305 632-0164  …  Restivo Team.

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