Coral Gables Active Listings - 601 (same as last month)
    238 are "luxury listings" (ie over $1,500,000) (same as last month)
    48 are short sales (same as last month)
    15 are foreclosures (same as last month)
    Median List Price - $996,000 (same as last month)
 
Coral Gables Pending Sales - 47 (same as last month)
    6 are "luxury listings"; one is a short sale (same as last month)
    15 are short sales (same as last month)
    8 are foreclosures (down from 1/4 from last month)

Coral Gables Closed Sales - 28 (up almost 50% from last month)
    5 were "luxury listings" (up nearly 50% from last month, 1 short sale)
    4 were short sale (up from 1 last month)
    9 were foreclsoures (up from 6 last month)
    Average List Price - $887,000 (up $100,000 from last month)
    Average Sold Price - $750,000 (up $75,000 from last month)
    List price to Sold Price Ratio - 90% (same as last month)
    Higest Closed Listing - $2,500,000, a short sale (up from $1,900,000 last month)
    Lowest Closed Listing - $123,900 (a foreclosure) (down from $189,000)

What does this mean to you?  

If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coral Gables in the top 10% of Miami-Dades' pricing ("luxury listings").  Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months).  In order to be a viable listing, the price must be correct and the marketing top notch.  Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly.  Most foreclosures sell quickly and close to, or above list price.  In order to have the best chance of snatching one of these deals up, work with an experienced Coral Gables Broker who is comfortable with foreclosures (like me, hint hint ;-).  They will advise you as soon as a new property comes on the market or drops in price to be within your price range.  They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coral Gables March month in review!

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