Coral Gables Real Estate Market Trends and Update | 90-Day Reports

The Latest Coral Gables Real Estate Market Trends | What is happening in the Coral Gables real estate market?

Welcome to the monthly Coral Gables Real Estate Market Trends page. Here we update you on what is going on with the Coral Gables housing market and which trends are emerging from recent buyer and seller behavior.

Coral Gables Market Stats

$1M-$3M homes see a significant drop in sales, yet an increased amount of new listings. The inventory levels come from historic lows of around two months or less and are now 5.5 months. Although this is still low, inventory is expected to climb in the months to come. Listings do not stay much longer on the market than they stayed several months ago. For the first time in months, we see that the average sales price is lower than the average listing price.

$3M-$5M homes see a rise in inventory from one to three months in the past year to 13 months of inventory. This inventory is driven by an increasing number of listings and decreasing pending and closed deals. Still a healthy inventory in this market but not the strong seller’s market anymore it used to be.

$5M-$10M homes saw the largest increase in months of inventory which is now at 25 months. For this price range not an outrageous amount of inventory, but it is no longer a strong buyers’ market. Again, the amount of closed sales and pending deals is not keeping up with the new inventory entering the market.

Coral Gables Market Statistics and Sales

What are we experiencing in the field?

In the Coral Gables housing market, we see an increase in new listings and a decrease in pending deals and closed sales. While the summer is always slow, we are now more people listing their properties. Most of the sellers, however, still think the market is as strong as it was six months ago and that any price gets accepted. They are facing a group of buyers who expect prices to come down. This creates a standoff. The truth is like Paulo Rodriguez mentioned so accurately in our podcast: the asking price used to be the floor of the negotiation, but now it is the ceiling.

Good quality or well-priced homes, however, are still moving. We recently listed a new home for sale, and the phone rang non-stop. The problem is that many sellers want to enjoy the last-minute flip now the market is still hot and list their property for a high price to see what they can get. If you have dozens of owners that want to sell at a 50% increase, the market gets flooded with new listings that will not sell.

As we mentioned in the interview with Paulo (referenced below), there is demand for good-quality homes. We will, however, see some adjustments necessary to bring sellers and buyers together. Well-priced homes that can justify their price are still trading.