“Never seen anything like this before!” | Coral Gables Q1 & Q2 2023 Market Summary

Coral Gables Q1 & Q2 2023 Market Summary. After two quarters of 2023, we see Coral Gables’ inventory between just 2 to 4 months of inventory for homes priced up to $5m. Beyond $5m, inventory increases a little. Just 15% of Coral Gables listings are under $1,000 per sqft! In short, this is not a cheap market and is quickly pricing new home buyers under $2m out of the market.

How about the new(er) house market? Well, basically it is down to zero! I have never seen anything like this before. There is just one new(er) home on the market in the $5-$10m range. Only three legitimately new or newer homes are for sale in the Coral Gables market right now, a market that currently has 116 listings in total – that’s insane! And all those properties for sale are asking well over $1,500 per sqft, and we are NOT talking about waterfront homes either.

This Report is created for properties below $10M. For more specific information about a certain price range, please give me a call

“Never seen a market like this in Coral Gables! | Coral Gables Q1 & Q2 2023 Market Summary
“Never seen a market like this in Coral Gables! | Coral Gables Q1 & Q2 2023 Market Summary
“Never seen a market like this in Coral Gables! | Coral Gables Q1 & Q2 2023 Market Summary

Advice for Buyers

  • If you are a ‘family’ buyer with a budget of $1-3m and are having a hard time, consider South Miami, Miami Shores, or Kendall as ‘value’ alternatives.
  • Buyers in the $3-5m range are first targeting new homes, but there is currently no product available at this price point. The meat of this market is well over $900 per sqft, and supply is very limited. We can most certainly discuss options and share off-markets but consider High Pines and South Miami to open up your options. The market shows no signs of correction at all, so if you find a good home, move quickly! 
  • Buyers in the $5m+. It is only at this stage will you find homes that really impress that you can fall in love with. Inventory remains low, and prices per sqft range from $1,000-$2,000 per sqft. Our Market statistics tool provides accurate historical sales from the last 90 days and beyond and will allow you as a buyer to understand the market figures. Also, because we cover all areas of Miami, we can advise and show you alternative locations that might work.

Advice for Sellers

If you are a seller, you probably have more leverage than ever. We are experiencing low inventory levels and record-breaking prices per sqft. Still, almost half of the listings have been on the market for four months or more! These sellers are just not in line with the market. Don’t be one of them! You need to be confident but not totally greedy. Local buyers definitely get sticker shock and find it hard to adjust to these new prices. 

Should you sell? Maybe not! We do not recommend that all sellers sell. In fact, we are now advising many Coral Gables property owners to hold onto their assets, rent them out and then buy more. To know more about this, call me directly at 305 508 0899, and we can discuss our unique ‘Home Asset’ review where we advise on their home as an investment rather than the primary ‘asset’ view where they sell then buy.

Read our other neighborhood and luxury reports

If you would like to get perspective on other specific neighborhoods or luxury reports. Please click here to go to our main database of reports. We update these every 6 months.

Schedule Time with David


These are the most commonly asked Google Real Estate Related questions

I see the market is a sellers market, what does that mean?

A sellers market is a market in which there is more demand than supply. Therefore sellers have an advantage. A balanced market is a market in which neither buyers nor sellers have an advantage.

Do you think we should wait for interest rates to go down before buying a home?

Many buyers are waiting for rates to come down. If the rates will come down, many buyers will become active again or current owners might look for alternatives. This will create market activity again, which has been slow in the last few months.

For people that are waiting for interest rates to come down, we have some advice. By the time rates go down, prices will go up again. If you want to buy a home anywhere in the next year, buy it now and refinance later. If interest rates don’t come down it’s because inflation is still high and that’s mostly a consequence of a hot housing market so this also means housing prices will continue to go up. So in almost all scenarios, you are losing by waiting for interest rates to go down.

Do you think home prices will come down any time soon?

The nation, and Miami, is experiencing a severe housing shortage we need to address, especially when it comes to single-family houses. We see many new condos being construction, but most of Miami’s new condos are in the $2,000 per SF + range, so this caters only to a small group of buyers. 

We are still in the expansion phase and given we are not building sufficient housing units to cover the 4 million in shortage, we do not expect to enter the hyper-supply phase any time soon.

In addition, everyone is waiting for the crash. There is so much money waiting for when the market goes down that almost by definition the market will not crash. If prices will come down by 10% many people will start buying. There is a lot of money waiting to get into this market, in combination with a shortage of properties. As a result, a strong correction is highly unlikely.

For more information please listen to our latest podcast in which we discuss the likelihood of the market to crash with a FIU professor of Real Estate: https://luxlifemiamiblog.com/is-a-miami-real-estate-crash-coming-the-economic-truth-with-fiu-professor-eli-beracha/

What price range is this study taken over

This is done for homes between $1M and $10M. If you would like a more specific result for homes in a specific price range please contact me.


For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

  • Analytical

    Over 100 reports produced to date

  • Knowledgeable

    Over 1800 published articles and counting

  • Experienced

    Over $2 billion in real estate sales

David Siddons

Related Articles