Comprehensive Real Estate Report for Coral Gables – Coral Gables Homes of $1.5M – $3M
The most comprehensive and up-to-date report on the Coral Gables Real Estate Market
Homes between $1.5 million and $3 million
A typical property within this price range would be this Coral Gables home on the desired Riviera Drive. This home offers 5-bedrooms, 5-bathrooms, 3,800 Sq.Ft of living area and a 13,800 Sq.Ft lot. This property was recently sold by the David Siddons Group
Average prices and important market stats for Coral Gables homes in the luxury segment
In 2015, the average selling price for a Coral Gables home in this price range was $469 per Sq.Ft. Looking at the graph below we can see the continuous increase in the selling price per Sq.Ft since 2011, with a 12.2% increase in property values over the last 5 years. The average selling price for properties between $1,5M and $3M was $2,138,655.
The amount of homes sold over the years. In 2015 we see yet another year of increasing sales numbers for properties within this price range.
The percentage of increase or decrease of the average selling price per Sq.Ft. From 2014 to 2015 we saw a lower increase in sales prices than in previous years.
Months of inventory and days on market – Coral Gables luxury homes
The inventory within this price range of Coral Gables homes decreased significantly from 2011 to 2013. In 2013 we experienced a balanced market, while 2014 experienced a true buyer’s market again. This year, in 2015, we see an average of 10 months of inventory which is a moderate buyer’s market.
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.
♦ Buyer’s market: more than 9 months of inventory based on closed sales
♦ Neutral market: 6 – 9 months of inventory based on closed sales
♦ Seller’s market: less than 6 months of inventory based on closed sales
The days a property stays on the market before being sold has decreased considerably. In 2010 it was 319 days while today this has been decreased to only 135 days. 4 to 5 months of inventory is average for the more luxurious properties.
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Coral Gables homes for sale at this moment
There are currently 76 homes on the market. We showcase the most important data here below. In case you might want to know more about Coral Gables homes for sale in this price range contact David or search for Coral Gables homes yourself by clicking on the link.
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