According to the Realtor Association of Greater Miami and the Beaches, the Miami real estate market is showing signs of recovery. Sales of single family homes in Miami were up 47% in January 2009 compared to a year ago.
Coral Gables Real Estate Report
The Coral Gables Real Estate Report that I will be supplying monthly, will contain home statistics for the area of Coral Gables East of US1. This will then in turn be divided into homes that are on the water and homes that are not on the water.
There are currently 107 homes on the market in this Coral Gables area.
* Highest priced listing: $4,200, 000 (located at 8015 Los Pinos Blvd.)
* Lowest priced listing: $450,000 (short sale located at 5620 Alhambra Circle)
* Pending Sales: 5
* Closed Sales 01/09-03/09: 6
10 homes are short sales (selling a home for less than its mortgage value), while presently no bank-owned properties are currently on the market in this part of Coral Gables. Coral Gables median home price has dropped 30.9% from the same time last year, making this perhaps a very good time to purchase. This drop in price has also reflected a small surge of buyers entering into the marketplace.
The average list square foot price is $380 while the average sold square foot price was $324. The average days on the market were 262. The current rate of absorption for Coral Gables, meaning the current supply of inventory is 21 months. The formula for the supply of inventory is:
Number of homes sold ÷12 months = monthly sales
Number of homes on the market ÷number of monthly sales = supply of inventory
There are currently 57 waterfront homes on the market:
* Highest priced listing: $22,000,000 (located at 181 Leucadendra Dr)
* Lowest priced listing: $1,275,000 (located at 832 Alfonso Ave)
* Pending Sales: 2
* Closed Sales 01/09-03/09: 1 (a short sale at 5711 Granada Blvd for $1,900,000)
The average square foot list price is $842 and the average square foot sale price is $622. The current supply of inventory for waterfront homes in Coral Gables is 42 months.
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