Coral Way Market Report – Q3 2016

Coral Way Market Report – Q3 2016 

–> Shenandoah, Silver Bluff and Coral Gate 

* Please note that this report is based on the 33145 Zip Code, which includes most, but not all, parts of Shenandoah and Silver Bluff. For more information, feel free to contact Alex Larmier, who lives and specializes in this neighborhood. Don’t forget, Knowledge is power!

Market Highlights

• Median and average home prices continue to rise, but at a slower pace than in previous years.
• Year over year total sales decreases by 25%.
• Inventory for sale increases for third consecutive month.
• Months of inventory surpasses 6 months for first time in several years, indicating a “balanced market.”
• Distressed sales (foreclosures, bank-owned) continue to decrease as percentage of total sales.

Home Values : Median and Average Prices

• Year over year home values increase, as median and average prices rose by 14.7% and 13.8% respectively, and price per square foot increased by 13.1%.
• A decline in foreclosures and bank-owned sales push prices higher, as lower priced properties (under $300k) become scarce.

Median Home Prices (33145), Past 6 Years

Inventory Levels and Pace of Sales

• Inventory levels are up more than 28% quarter over quarter, yet are down year over year. This indicates a recent spike in listings (in past 3 months), which can be seen in graph below.
• Pace of sales is down 25% : 132 homes sold in the past 12 months, compared to 176 in the 12 months before that.
• As inventory rises and sales slow down, Months of inventory surpasses 6 months for first time in several years.

Homes For Sale and Sold (33145), Past 3 Years