Coral Gables Market Report – Q3 2016
This quarterly report provides a brief analysis of the current state of the Coral Gables single-family home real estate market. For more information, feel free to contact our team. Knowledge is power!
- Median and average home prices increase year over year by 8.7% and 6.5%, respectively.
- The pace of sales decreases by 13.2%, as inventory expands by 23%.
- Shift to a strong Buyer’s Market as Months of Inventory increases in all price points over $600,000 +.
Median Prices, Coral Gables Single-family homes, Past 6 years
Inventory Levels by Price Point
Below are 4 graphs comparing the number of homes For Sale (green), Sold (blue) and Pending (red line) in Coral Gables in the past 3 years.
As we compare this data side-by-side, it becomes evident that inventory under $600k is decreasing, while all other price points are experencing a spike in inventory, most notably in the past 6 months (since start of 2016). With the pace of sales stagnating, we have entered a strong Buyer’s Market.
In today’s market Buyers have more bargaining power than in years past. It is crucial to work with a Realtor that understands the local market nuances, and can negotiate the best possible price.
For more information regarding our current market, feel free to contact Alex at 786-301-5357, or by email at AlexLarmier@mymiamiexperts.com