Coral Gables Market Update March-April 2009

By
Real Estate Agent with ReMax Advance Realty

Rates on 30-year mortgages inched up this week to 4.84 percent after matching an all-time record low last week, according to Freddie Mac's weekly nationwide survey. Rates have been below 5 percent for eight consecutive weeks.

All Coral Gables statistics are for South Coral Gables (east of US1).

There are currently 102 homes for sale on non-waterfront property in Coral Gables:

  • Highest priced: $4,200, 000 located at 8015 Los Pinos Blvd
    • ($465 per square foot & 545 days on market).
  • Lowest priced: $445,000 at 6900 Veronese St ($216 SF)
  • Pending Sales: 6
  • Closed Sales 03/09-05/09: 6
    • Highest Price: $1,550,000 at 4500 Ridgewood Road ($309 SF)
    • Lowest Price: $499,000 at 6611 San Vicente St ($245 SF)

13 homes are short sales (selling a home for less than its mortgage value), up from 10 in the last market update.

The average square foot list price is $385 while the average square foot sale price was $297.  Average days on market for sold property was 87.

The absorption rate of active homes for sale at this time is 37 months. That's up from 21 months at the last market update.

Currently there are 60 waterfront homes for sale in Coral Gables.

  • Highest priced: $49,500,000 located at 11 Casuarina Concourse
    • ($2372 per square foot on 3.6 acres & 21 days on market).
  • Lowest priced: $1,450,000 at 110 Sunrise Avenue ($502 SF)
  • Pending Sales: 2
  • Closed Sales 03/09-05/09: 3
    • Highest Price: $12,900,000 at 8585 Old Cutler Rd on 4 acres ($1534 SF)
    • Lowest Price: $3,300,000 at 6901 Sunrise Pl ($626 SF)

The average square foot list price is $820 while the average square foot sale price was $1,1172.  Average days on market for sold property was 298. If we take out the 4 acre sale (which is more of an anomaly than typical) the average square foot price is $620.

The absorption rate of active homes for sale at this time is 20 months.

Photos of the Waterfront homes recently sold.

Photos of the non-waterfront homes recently sold.

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Lynn Cromer is a real estate sales and marketing professional for Coldwell Banker in beautiful Pinecrest, Florida. For more information on Pinecrest, Florida or the communities of Coral Gables, Palmetto Bay and Coconut Grove, she can be reached at 305-962-4068, by email at Lynn@LynnCromer.com or online at www.LynnCromer.com

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Lynn Cromer & Robin Parker are real estate sales and marketing professionals for Coldwell Banker in beautiful Pinecrest, Florida. We have over 25 years of real estate experience!
For more information on Pinecrest, Florida or the communities of Coral Gables, Palmetto Bay and Coconut Grove, Lynn or Robin can be reached at 305-962-4068 for Lynn, at 305-546-0447 for Robin, or email us and visit us online at www.WeSellMiami.com.

Also, let's connect on these great social networks. It's fun!

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Lynn Cromer & Robin Parker
Coldwell Banker Pinecrest Office
305-962-4068 Lynn Cromer
305-546-0447 Robin Parker

We would be honored to help a friend, family member or colleague in their real estate needs.

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