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Coral Gables Real Estate Market Update for April 2009

By Janie Coffey

Real Estate Agent with First Coast Sotheby’s International Realty

May 03, 2009 01:48 AM

Coral Gables Active Listings - 561 (similar to last month)
    236 are "luxury listings" (ie over $1,500,000) (same as last month)
    52 are short sales (same as last month)
    Coral Gables Real Estate 10 are foreclosures (less than last month)
    Median List Price - $1,175,000 (up from last month)

Coral Gables Pending Sales - 80 (Way Up from 40 last month)
    6 are "luxury listings" (same as last month)
    19 are short sales (up from 15 last month)
    14 are foreclosures (up from 8 last month)

Coral Gables Closed Sales - 10 (down almost 66% from last month)
    3 were "luxury listings"
    1 was a short sale (down from 4 last month)
    0 were foreclsoures
    Average List Price - $2,388,000 (three times as high as last month)
    Average Sold Price - $2,082,000 (three times as high as last month)
    List price to Sold Price Ratio - 89% (same as last month)
    Higest Closed Listing - $12,900,000, a short sale (up from $2,500,000 last month)
    Lowest Closed Listing - $440,900 (up from $123,000 last month)

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 May month in review!