The #'s are in for the 3rd Quarter and today we are looking at what is happening in the Coral Gables Real Estate Market?
Here is a snapshot of where the market stands for the 3rd Quarter. 168 Active Listings, since we have waterfront homes in Coral Gables we highlight them in light blue, so you see 25 are Waterfront, 143 Not, 81 Closed Sales, 6 and 11 Months of Supply, #'s look good. Now look at where most of the market activity is taking place... the market is strong all the way up to $10 Million then it drops off a bit but at these levels especially for homes it is expected.
But great sales activity overall. The highest priced closed sale was for $40-Million Dollars or over $3,600/sqft for a newly remodeled 10,000 sqft waterfront home on over 1 acre in the guard-gated community of Old Cutler Bay. Now we compare the 3rd Quarter to the previous 2 Quarters to see if we can spot any trends... We see mixed signals on the good = Active Listings are down, while Days on Market are at the lowest levels for the year, bad side = Closed Sales are lower and Months of Supply is stagnant. Lastly, note that the Median Price Per Sqft and Median Price Sold for non-waterfront homes has been declining since the 1st Quarter. Overall though good #'s. If you are a Seller in Coral Gables the #'s look good and homes are selling fast.
Please take note that non waterfront prices have been declining since the 1st Quarter, while waterfront seems to be holding steady. We also want you to know that this market will reward you if your home is in turnkey condition, but punish you if it is not so please consider this before listing.
For Buyers - the data here points to a Sellers market especially since homes are selling fast, but as you saw prices have been coming down for non-waterfront homes while interest rates just moved to under 6.5 % which is good for you so hang in there.
Overall, the #'s for the 3rd Quarter in the Coral Gables Real Estate Market look good and you have strong market activity in almost all price ranges and really low Days on Market. We will keep our eyes out on prices for non-waterfront homes though as prices have been steadily declining. As we start the 4th Quarter and Interest rates have just come down to below 6.5% this should be a positive catalyst for the market.
As I start my 20th year in the Miami real estate market I can proudly say that our goal in making these these videos is to help as many people as we can by sharing with you real market data to give you a better insight into the local market.
We thank you for watching, and we'll see you soon.