8 Indicators Why You Should Sell your Coral Gables Home in 2022 to Get Top Dollar!

8 Indicators why the Coral Gables Market is Booming!

We all know the Coral Gables real estate market is booming right now. I’m not quite sure however if everyone knows how hot exactly. As an agent who gets about 5 serious relocation calls on a daily basis, I find myself struggling with the current inventory. Quite simply, there isn’t enough of it! Good quality properties are gone within seconds (they often don’t even make it to the market) and the supply is so limited, it has become our greatest threat.

This article shows you how incredibly hot the Coral Gables market is, highlighting the performance of homes in 5 different price ranges: $1M-$2M, $2M-$3M, $3M-$5M, $5M-$8M, and $8M and up. It will also show you which sub-markets performed the best with the biggest inventory drops and greatest price increases.

This essentially brings me to my key message: Selling your Coral Gables home right now will get you top dollar! There is no need to even list your property, just a willingness to entertain offers and to be prepared to sell at the right price. I have buyers looking that I can bring directly without the need to go on market to list your property. Please contact me for more information at 305.508.0899.

So here you go, these are the 8 Indicators of Why You Should Sell your Coral Gables Home in 2022.

Inventory has decreased by as much as 79% at certain price points.

In the first table below you can see that inventory levels have reached numbers that are below those of previous years rapidly going towards a sellers market if they are not indicating a sellers market already. Compared to the same period last year we experienced 58% more absorption of inventory and compared to the same period two years ago (2018/2019) we experienced a 62% increase in absorption. A sign you should sell your Coral Gables home in 2022 as demand is high and the market is dry!

Sales Volumes have at least doubled compared to previous years.

Sales have doubled in almost all of the price ranges with an exceptional increase in sales in the $3M-$5M range, which experienced almost three times more sales than in previous years. The highest increases happened in the $5M+ market in which there is a sharp contrast between previous years and this year. Besides these sales we currently have 129 properties under pending contract or active with a contract in place. 55 Of these are in the $1M-$2M range, 34 in the $2M-$3M range, 25 in the $3M-$5M, 6 in the $5M-$8M and 9 in the $8M+.
Please be aware that these sales numbers don’t even include all of the off-market deals that are taking place. The David Siddons Group closed on 6 off-market deals these last months including 1133 Andora Ave for $2,425,000 and 540 Casuarina Concourse for $15M in the Gables. Several other Coral Gables properties are being negotiated while this article is being written.

Sales Prices per SF have increased by at least 12% compared to last year.

As the graphs indicate each price level saw a large increase in its average sales price per SF. We’re always cautious with making conclusions on the $8M+ (so some extent also the $5M+) market as this market sees limited sales in some years and is therefore more of a case-by-case study than one to generalize. Of course in the last months we have noticed record sales, record prices and a very fast marketing time for the ultra-luxury market. More about these record deals can be read in the section below “The Record Sales in Coral Gables”.  Striking fact is that the $3M-$5M experienced a decrease in its average price per SF. This market presents 11 months of inventory, but when we’re looking for good quality homes this is where we struggle most. Last year’s market was a very strong market with most if its sales being waterfront (63%) while this year most of the sales in this price range were dry lot homes (46% was waterfront). Furthermore 2020 saw two very strong sales; one being a small waterfront fixer upper that sold for a high amount per SF. Nonetheless a market with limited good quality inventory for which I have many buyers.

The average difference between sales and original listing price was reduced by 35% compared to last year.

While in Q4 2019 and Q1 2020 discounts ranged from 8% to 23%, the last 6 months properties sold much closer to their original asking prices with average discounts on the listing price ranging between 6% and 13%. The $3M range saw the smallest change of 17% less discounts while the $2M-$3M range saw the gap between asking and sales price decrease by 47% compared to the previous year.

The Record Sales in Coral Gables

In the $1M- $2M Range Prices are Surging to New Records!

The 10 most expensive homes ever were sold in the last 8 months. Previously the highest dry lot sale was at $695 per SF while in the last few months we saw sales happening in the $800’s almost $900’s per SF.  An example is 1125 Alhambra Ct  that sold for $867 per SF or 1125 Venetia Ave that sold for $825 per SF. This is truly one of the best markets to be a seller in right now and if you are considering to sell your Coral Gables Home in 2022, please give me a call at 305.508.0899.

The David Siddons Group represented the sellers in this sale on 507 Sevilla Ave which sold for $49K under its asking price within several weeks after listing this property

In the $2M- $3M Range Waterfront and Dry Lot Homes Hit an All-Time Record!

The waterfront market recorded the 5 most expensive sales ever (The highest sales ever was $900 per SF and this record was broken 5 times till it reached almost $1,200 per SF) and 7 of the top 10 most expensive sales per SF happened in 2020/2021. Two of these homes traded for land value at prices exceeding $1,000 per SF. Looking purely at homes that were ready to move in and did not trade for land value, we saw a trade on 13001 Lerida St, which sold for $966 per SF just 35 days after listing it and 12631 Ramiro St, which sold for $932 per SF.

Dry lots in this price range saw a record breaking sale for $791 per SF at 4841 Ronda Street, which was on the market for just 53 days and sold for $5,000 below its original asking price. The buyer was a client of the David Siddons Group. The second most expensive trade happened in March at 1130 S Alhambra Cir, which traded for $737 per SF after being on the market for 68 days. In total 6 of the 10 most expensive dry lot sales ever happening in the last months.

The David Siddons Group represented the sellers in this sale on 1100 S Greenway Dr which sold for $2,975,000

In the $3M- $5M Range the Marketing Time was Reduced by 55%!

No records were broken in this range, but 4 of the most expensive dry lot homes ever were sold in 2020 and 2 of the most expensive waterfront home. The speed of selling these properties increased however from an average of 306 days on market to 136 days on market, a 55% faster marketing time. An example of a dry lot home that sold for top dollar is 8200 Los Pinos Blvd that sold for $3.7M or $783 per SF.

The David Siddons Group sold this waterfront home on 810 Jeronimo Dr for $3,550,000 or $914 per SF.

In the $5M- $8M Range Price Records Were Broken for Dry Lot and Waterfront Homes!

The record for waterfront is held by the David Siddons Group for 145 Leucadendra Dr, which traded for $2,297 per SF, just 4 days after it was listed. The previous record price for a waterfront home was $2,173 per SF for that same property. In 2020 we recorded 3 of the 5 most expensive waterfront trades (and 5 of the 10) in the history of Coral Gables. For dry lot homes we also saw a record breaking sale at 10350 Old Cutler Rd, which sold for $1,116 per SF (Compared to the previous record of $1,009) after being listed for just 17 days.  Also here 5 of the 10 most expensive dry lot sales happened in the last year.

145 Leucadendra Dr in Gables Estates sold within 4 days for $2,297 per SF.  The highest sales price per SF ever achieved for a waterfront home in the Gables within this price range. David Siddons represented the seller

The $8M+ Range recorded FOUR Record Breaking Sales!

In 2020 this market had 4 record breaking sales, 3 in the waterfront market and one in the dry lot market.  All of the waterfront homes traded for $3000+ per SF, a number previously not seen in the Gables (Till last year the record sales price was $2,643 per SF). One of these waterfront homes located on 540 Casuarina Concourse was sold off market by the David Siddons Group for $15M or $3,300 per SF. 21 Casuarina Concourse sold for $37.5M or $3,764 per SF and 150 Arvida Parkway sold for $33M or $3,086 per Sf. In total 4 of the 10 most expensive homes ever were sold in 2020.

Finally we saw a record being broken for a dry lot home. 8950 Arvida Dr sold for $13,600,000 in November of 2020, which was the highest sales price ever achieved for a dry lot home in the Gables. The price per SF reached $1,002. The previous record was held by that same property, which previously sold for $12.5M or $924 per SF.

540 Casuarina Concourse in Gables Estates sold off-market for $15M or $3,253 per SF.  The second highest sales price per SF ever achieved in the Gables. David Siddons represented the seller

This is all great, but where do you go after you sell your Coral Gables Home in 2022?

One of the most asked questions when I approach sellers. You imagine yourself selling your $4M home for top dollar, but where do you go next? Many of my current sellers are selling to move up. They live in Coral Gables on a desired street, but they want to move into a private community,  live in a waterfront home or build their dream home from the bottom up. Will they get the same quality finish or levels of renovations in a better neighborhood? No, but they buy for the same price in a better neighborhood and they are thinking to upgrade that home in the near future and in that way they are building up their capital. Today’s extreme market provides for extreme opportunity!