What is going on with the Coral Gables Real Estate Market?
Today we are looking at the 1st Quarter of 2025 for single family homes in Coral Gables which is one of the most desired neighborhoods in all of Miami. We divided the single family homes into Waterfront and Non-Waterfront as there is a big disparity and we wanted to highlight that for you. You will see the Waterfront #'s are in light blue.
Lets go across the board... Active Listings = 178. 147 - Non-Waterfront, 31 - Waterfront. Huge increase from February mainly for Non-Water which was 106. Not good. Closed Sales = 28. 27 - Non-Water and 1 - Waterfront. This had a large increase from February but about about the same as January. Months of Supply = 6 and 12. Similar to previous two months except for waterfront homes which increased. Days on Market = 19 and 294 for Waterfront. Non-Water decreased dramatically to only 19 Days, while Waterfront increased a lot to 294. Median Price/Sqft = $975 - Non-Water and $1,691 - Water. Also, an increase to Non-Waterfront but Decrease to Waterfront. Median Price Sold = $2,250,000 for Non-Water and $17 Million for Waterfront.
Non_waterfront has stayed about the same since January. And even thought the Waterfront increased it was only 1 sale so we feel it doesn't reflect the whole market too much. With the exception of the large increase in Active listings, the market is sending us mixed signals as some key indicators did well and some did not. Let's take a look at our next graph to see what price range most of the Market Activity is taking place in for both Active Listings and Closed Sales. First off... Active Listings = Jumped from about 130 to 178 with the majority of them being non-waterfront. Total Closed Sales = 77 for the Quarter with 69 Non-Water, 8 Waterfront. Months of Supply = 6 Months and 12 Months for Waterfront homes.
They say a normal market or balanced market is 6-9 Months, anything below truly favors Sellers so sitting at 6 Months is an indication of a Sellers market, while for waterfront is about 12 months of supply which is a bit high however given the higher prices this is normal, so we will have to see how this works itself out. Quickly we see that $1 - $3 Million price range has the most activity for both Actives and Closed Sales with 73 Actives and 43 Closed Sales. With the next higher price ranges of $3-5 and $5-$10 have about the same amount of activity. We can actually see that up to the $10-$20 Million dollar range the activity is pretty steady for the Quarter with really only the $20 Million plus range being a bit of concern as there were 0 Sales.
For Buyers looking for homes in Coral Gables, with the exception of under $1 Million, inventory has increased by a lot across all price ranges for non-waterfront homes which is great for you. The market moves rather fast as Days on Market is at 19 Days, and Months of Supply is steady at 6 Months which favor's Sellers especially at the under $3 Million price range this is the most competitive price range. Even in the higher price ranges all the way up to $20 Million activity is pretty steady.
If you are looking for waterfront homes there is much less inventory with only 31 Homes with only 10 of those under $10 Million so if $10 Million is your budget you have very little options. If you are a Seller in this market you have the advantage that activity is steady especially below $10 Million, however we will note that there is a lot of new inventory for sale that has come online this month so make sure to really do your homework to price your home correctly so it can sell.
In markets like this we suggest to price your home at market or even a bit below just to attract the most attention possible when coming on the market especially with all the economic headwinds in the world right now. In summary, right now single family homes in Coral Gables are doing well and seems steady as in every price range there is activity, with really only one area of concern is the homes listed above $20 Million as there were 0 Sales for the Quarter and we did just see a large increase in inventory so let's see how the market deals with this as it is coming at a really bad time, as we are now dealing with a very volatile and unstable stock market and interest rates due to the trade wars regarding tariffs which we feel we will negatively impact the real estate market in our April sales #'s and in the coming months as well, and maybe even for the rest of this year. Well, that's our 1st Quarter Market Update for single family homes in Coral Gables.
I am Jose Laya, and I was born and raised in Miami, and as I start my 19th year in the real estate market I can proudly say that our goal in making these videos is to provide you with value by sharing with you real market data to give you a better insight into the local market.
If you ever have any questions feel free to reach out.
Thank you for watching and we will see you soon.