“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

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.

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