Taking a look at the most recent statistics for Coral Gables real estate it seems that the market has stabilized. Currently inventory levels are down, the number of home sales is up and prices remain flat.
The attached chart shows inventory and sale levels for the past 3 years.
Inventory Levels
Coral Gables has 11% less homes for sale than it did back in 2007. The absorption rate (the amount of time it takes to sell all of our inventory) is down to 13 months (we saw figures as high as 45 months back in 2007). Experts say that a neutral market has an absorption rate of 4 to 6 months while anything less than 4 months is a seller's market and anything more than 6 months is a buyer's market.
Lower inventory is likely a result of 2 contributing factors. First, many people are under water on their homes and not in a position to sell. Second is the simple fact that home sales are up. Coral Gables had 150% more sales in April of 2010 compared to April of 2009.
What about price?
The average selling price per square foot in Coral Gables is currently $280.00, while the average sale price per foot in 2009 was $285.00. With almost 2 years of steady numbers, it is safe to say that prices have stabilized.
Coral Gables Remains A Buyer's Market
Coral Gables, along with the rest of Miami-Dade County continues to be a "buyer's market". Prices have stabilized but they remain at all-time low levels. Now is certainly the time to buy. In my opinion, the best deals are in the luxury home market. It is here that sellers are taking heavy discounts off of the list price. In fact, the sale to list price ratio of $1,000,000+ homes in Coral Gables ranges from 75% to 85% whereas the $1,000,000 and below homes have a 96% sale to list price ratio.
If you are interested in buying or selling houses in Coral Gables and are looking for an experienced realtor don't hesitate to contact me at 305.342.1623 or send me a message here.
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