Coral Gables Real Estate Market Forecast | Miami Real Estate Market Predictions for 2023
Intro to our Coral Gables Real Estate Market Forecast
Welcome to our Coral Gables Real Estate Market Forecast. One may have assumed that with rising interest rates the Coral Gables market would cool down – but with the pent-up demand, the necessity of migrating families to buy, and limited inventory this is not the case for many submarket price sectors of this neighborhood!
Coral Gables‘ primary nature, low inventory levels, and the high demand from continued relocating families ensure a stable, if not small positive appreciating, market into 2023. Markets with the lowest inventories such as brand new homes or entree levels homes will still see some growth, while we expect the rest of the market to remain stable.
Coral Gables Inventory for new or custom-built homes remains very low
Comparing the Coral Gables Housing Market to other Miami Markets
Comparing the Different Price Ranges within the Coral Gables Housing Market
- Stand-off between sellers and buyers. Stand-off between sellers and buyers. An extremely hot 18 months has been followed by a 2022 Q3 and Q4 slowdown, but Q1 2023 is proving to be strong again. Our psychological observation as a listing agent for properties in this market over Q3 and Q4 of 2022 was that buyers took a step back and tried to figure out the market’s direction, while many home sellers remained aggressive with their pricing. The slowdown in the market is referenced in our 2022 article ‘mind the gap’.
- Inventory for the most desirable product remains VERY low. Inventory for the most desirable product remains VERY low. Custom homes, well-renovated homes, and new homes are still in scarce supply. With such low inventory levels, when these homes come to market, we still see them sell in record time with a record-breaking price per sqft. I would say to buyers that if I had 10 new homes, I could sell them in a day! The market is in short screaming for new inventory.
- The entry-level prices for Coral Gables homes continue to climb and home buyers under $2m get pushed out to look elsewhere in neighboring sections like the Roads, Shenandoah, Silver Bluff, Glenvar Heights, or South Miami. With this in mind, David Siddons Group has expanded and developed a new territory manager who focuses on these areas.
- The Luxury Market continues to produce top-end properties at top-end prices (limited supply) – Ongoing migrations from the high-tax states or large corporations are still bringing families into Coral Gables. The top end of the market continues to move upwards as we see the introduction of some ultra-expensive waterfront real estate to satisfy the uber-wealthy relocations. We can reveal several $50M++ homes to our ultra-wealthy buyers. These are custom new homes and by appointment only. Feel free to call me with questions.
- Schools experience very low attrition rates (see our podcast with Palmer Trinity and St Thomas admission counselors). Only 1% of families are leaving schools, while hundreds still flock in. Fewer families moving out insulates this market from any noticeable drops in this market.
Advice for Sellers
The market is still hot, but perhaps not as frantic as in 2021. The peak has passed and going for record prices is not always a good strategy in some submarkets as many buyers can no longer afford to overpay with such high interest rates. There is still a very healthy demand but be careful not to test the market too high on older homes not supported by comps. On a very well-finished or new home, we still have the potential for upward movement due to a lack of inventory!
Advice for Buyers
Although the US market seems to be softening, the Miami real estate market is different and most notably the Miami neighborhoods that are receiving the highest level of migratory families are still doing well. This market is still seeing low inventory, and we have experienced buyers losing properties because they underestimate the strength of the market. Coral Gables is a primary market, and if you are looking for a great deal, this is not a market to focus on. Ultra-luxury homes are often sold off the market or sold in the early construction stages. These properties trade without ever hitting the market or even being finished. Please contact me for more information about ultra-luxury new construction homes.
Conclusions for this Coral Gables Real Estate Market Forecast
Overall, we are very optimistic about the Coral Gables single-family home market. This neighborhood has proved time and time again to perform very well. With all the characteristics of a typical ‘primary’ real estate market (driven by the necessity for families to live in a safe area surrounded by top schools), Coral Gables can sustain and weather even the annoyances of raised interest rates. The only problem this neighborhood suffers from is that few want to move out, and many want to move in. As tax and mortgage rates make balancing home costs unappetizing at best, making a sideways move is difficult, if not near impossible, for Gables residents. The rest of the country is now finally appreciating what we have always known, Coral Gables is a phenomenal neighborhood to live in and can rival any other prime location neighborhood in the country!
As always, if you want to sell, give me a call and learn how unrivaled marketing can sell your home for top dollar. If you want to buy. Give me a call. Our off-market farming approach and local knowledge will open up a world of options and information not available to you on Zillow or Trulia!
These are the most commonly asked Google Real Estate Related questions
What is the average price for a Coral Gables Home?
Coral Gables home start selling around $1M and go all the way up to $40M+ mansions. The average price per Sq Ft in 2022 was $825, which makes it one of Miami’s most exclusive neighborhoods. This is the average price for the entire market however, if you look at the $10M+ market, the average is more than $2,000 per SqFt. The most accurate way to understand the numbers is to click on our Coral Gables statistics page, which give you the latest sales in the last 3 months in any key neighborhood allowing you to follow what is selling and for how much.
What are more affordable alternatives to Coral Gables?
Coral Gables is one of Miami’s most exclusive neighborhoods. For more affordable or emerging real estate markets you might want to consider South Miami, Shenandoah, the Roads or Silver Bluff. Read this recent article about emerging markets, in case you would like to learn more.
Is now a good time to buy real estate in Miami in 2023 or should I rent?
Generally speaking, it is still going to be better to buy in most cases. The Miami real estate market is still experiencing a high demand from local and foreign buyers and rents are still extremely high. The markets are still expected to increase in value and good quality inventory (especially for ultra-luxury properties) is still low. Although inventory is growing, most markets are still selling at top dollar for properties that justify the price. Some markets show signs that they have reached their peak and might be riskier to step into now. As always it depends on how long you want to keep the project and what type of product you are looking at. Please contact me to discuss the different options and markets. I can give you some unfiltered information about where and what to best invest in.
Is Coral Gables a good market to buy into?
Coral Gables has performed very well in the last decade and extremely well during the pandemic. This is a very robust and steadily growing market desired by wealthy families looking for a safe area close to Miami’s top schools. It is a necessity-driven market and is therefore expected to perform very well over time. The demand for Coral Gables homes is still high and unfortunately inventory is still not at the same level as before. A good quality Coral Gables home is still sold within a week. Contact me for more information about the Coral Gables real estate market
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