Coral Gables Active Listings - 468 (same as last month)
195 are "luxury listings" (ie over $1,500,000) (same as last month)
34 are short sales (same as last month)
2 are foreclosures (fewer than last month)
Median List Price - $1,199,000 (same as last month)
Coral Gables Pending Sales - 95 (same as last month)
11 are "luxury listings" (same as last month)
30 are short sales (same as last month)
19 are foreclosures (same as last month)
Coral Gables Closed Sales - 25 (same as last month)
6 were "luxury listings" (same as last month)
3 were short sales (same as last month)
3 were foreclsoures (same as last month)
Average List Price - $1,005,000
Average Sold Price - $892,000
List price to Sold Price Ratio - 90%
Higest Closed Listing - $2,550,000
Lowest Closed Listing - $215,000 (a short sale)
What does this mean to you?
If you have a listing in the luxury market, there is stiff competition with over 1/3 (almost 1/2!) 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 3 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. The GOOD sign is that properties are really moving, the inventory is down and the sales are up, so seller, things are looking up!
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. Properties are going faster than before, especially the well priced ones, now is the time to look before the market completely turns. Look at the market reports from earlier this year and you will see the trend in sales....
Check back next month for the Coral Gables September month in review!
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