Neighborhood Economics for Coral Gables Real Estate – Quarter 1 and 2 of 2015
The Coral Gables Real Estate Market in a Nutshell
Get a quick overview of the Coral Gables Real Estate Market in the first half year of 2015
The Coral Gables Real Estate Market in a Nutshell. Read our quarterly report here with all the key market data to be quickly updated on the Coral Gables Real Estate Market – Depicted here: The gated and exclusive community of Gables Estates in East Coral Gables
The ‘neighborhood economics’ blogs are excellent to gather a pulse on the Coral Gables real estate market because we provide the market’s key indicators. This blog focuses on the last half year of Coral Gables real estate data and is updated every quarter. All data are derived from the MLS South Florida
Data are given for Coral Gables Homes in the price ranges of:
- $500,000 – $1M
- $1M – $2M
- $2M +
Summary of the Coral Gables Real Estate Market– Q2 2015
The Coral Gables real estate market is still in great demand. The market is pre-dominantly a sellers to neutral market with a low amount of months of inventory. Although the luxury market (homes valued at $2M+) is currently experiencing a sellers market, the months of inventory decreased considerably in the second quarter of 2015. As inventory is decreasing, prices might be increasing soon. In the first half year of 2015 we can see that sales prices remained steady.
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⇓ All the data in a nutshell ⇓
Overview of the Coral Gables real estate market in the first half year of 2015. We provide the market’s key data for three budgets. For the higher price ranges we indicated also the market data for waterfront homes.
For Sale vs Sold Properties in Coral Gables
An overview of how many properties were listed for sale as well as how many properties were sold per month in each price range.
The amount of homes for sale remained steady except for the homes in the $1M-$2M range, which saw a slight increase in the number of listings.
There is a high demand for Coral Gables homes in the price range of $500,000 – $1M, as we saw an impressive increase in the amount of homes sold. Sales in the other price ranges stayed considerably stable.
How many homes were listed and how many homes sold in Coral Gables in 2015 (first half year)?
The Months of Inventory of Coral Gables Homes
The months of inventory is an important indicator in real estate. It indicates how many months it takes to sell all the current listings under the assumption that no new listings will enter the market. The Coral Gables market is showing a very low inventory.
Because the amount of listings remained steady and the amount of sold homes increased, we saw a sharp decrease in the months of inventory for the $500K – $1M budget category.
In general, Coral Gables homes below the $2M are in a sellers to neutral market. As can be seen from the graph below, the most affordable homes are currently experiencing a strong sellers market and so do waterfront homes in the price range of $1M – $2M. The Coral Gables luxury market (properties of $2M+) are experiencing a buyers market although this second quarter of 2015 showed considerably lower months of inventory than the first quarter.
The months of inventory for Coral Gables real estate.
Rules of Thumb
Buyer’s market: more than 9 months of inventory based on closed sales
Seller’s market: less than 6 months of inventory based on closed sales
Neutral market: 6 – 9 months of inventory based on closed sales
The Sales Prices for Coral Gables Homes
Prices remained considerably stable in the last few months.
Properties in the most affordable category ranged from$304 to $355 per Sq.ft and properties priced at $1M-$2M ranged from $340-$418.
The luxury properties saw more diverse numbers but that is nothing out of the extraordinary for the luxury market.
Coral Gables sales prices (per Sq.Ft) in the first 6 months of 2015.
Compare the average sales prices per Sq.Ft of 2015 with price the average sales prices of the last 3 years
The Coral Gables market is a slowly but steadily growing market. Coral Gables real estate prices are increasing but do not make jumps like in other Miami areas. This is one of the reasons many investors see Coral Gables as a more secure and safe real estate market.
The $500K – $1M budget category saw a price per Sq.Ft increase from $260 to almost $350 over the last 3 years.
The average sales price per Sq.Ft for Coral Gables properties of $500,000 – $1,000,000
The $1M – $2M budget category saw a price per Sq.Ft increase from $300 to almost $375/$400 over the last 3 years.
The average sales price per Sq.Ft for Coral Gables properties of $1,000,000 – $2,000,000 in the last 3 years
The $2M + luxury category saw a lot of price variation but on average the prices per Sq.Ft increased significantly to almost $600 per Sq.Ft.
The average sales price per Sq.Ft for Coral Gables luxury properties of $2,000,000 + in the last 3 years
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