What is my 3 bedroom home in Coral Gables worth?

By
Real Estate Agent with EWM Realtors, Inc.

The month of June has been a very busy month for the Josh Garcia Group. MIA Prime has been busy with a handful of closings, managing about 30 properties with over 10 active listings and about the same amount of properties under contract.  Our upcoming listings stretch from a beautiful high-end condo in Sunny Isles Beach to few single family homes in the desirable city of Coral Gables. 

The City Beautiful of Coral Gables has always been a very desirable part of Miami for growing families and international companies.  This month I'd like to provide some of the numbers and values trending in Coral Gables, specifically for three bedroom single family homes sold in 2014 and 2015. This information is exclusively provided by MIA Prime and EWM Realtors.

I wanted to provide research for my clients to show how prices/values/indicators have been trending during this time period and how to compare them. The research is broken down to non-waterfront, Single family homes with three bedrooms within the City of Coral Gables from January 1st, 2014 to the end of May 2014 vs the same time period in 2015. 

From January 1st, 2014 to the end of May 31st, 2014, 84 properties closed in Coral Gables with a price range from $100,000 to $815,000.  The average selling price for this date range was $371,000 with a median price of $340,000. These Coral Gables properties sold for 97.5% of listed price and on average took 74 days to close.

During this same time period in 2015 there were about the same amount of closing, 85 homes with a range from $165,000 to $817,000. Average selling price of $389,000 and a median price of $375,000.  Compared to 2014, in 2015 this group of properties sold for about 98% of listed price but took about ten days longer to sell with 84 days to closing.

Between the aforementioned time range of values have increased norminally with about same amount of properties sold yet they're taking longer to sell in 2015. This is ideal for both buyers and sellers since the numbers indicate the market is in a neutral zone, a status quo for the City of Coral Gables.  Furthermore, the most widely used indicator as a true barometer of a market's health is how many months of inventory and this indicator shares the same sentiment.  For non-waterfront single family homes with 3 bedrooms in Coral Gables Real Estate, that figure has been 3.5 months of inventory for 3/15, 6.2 months of inventory for 4/15 and lastly 4.3 months of inventory for May 2015.  A neutral market is defined as 3 to 6 months of inventory, which means Coral Gables has been and is trending to continue to remain in a neutral market zone where there are as many available homes for SALE as willing buyers to purchase them. Basically, you're in a fair situation as buyers buy while sellers sell.

To learn more about new home listings in Coral Gables and other Miami Florida Real Estate, contact Josh Garcia at (305) 496-6693 or info@miaprime.com.

Also this month was very special as it was my daughter (Gyvonne’s grand daughter) Isla Marie’s very 1st Birthday! We are so excited and happy to celebrate this occasion. Next week we’ll be heading out to Sanibel Island for Isla’s first summer vacation!

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