Comprehensive Real Estate Report for Coral Gables – Coral Gables Luxury Homes of $3M+
The most comprehensive and up-to-date report on the Coral Gables Real Estate Market
Homes between of $3 million or more
This Coral Gables luxury home on Vistalmar street offers 6-bedrooms, 5,557 Sq.Ft of interior space and a 19,490 Sq.Ft lot. This property is located in the gated community of Cocoplum and is listed for $2,395,000 or $431 per Sq.Ft. Taken from our blog: The best Coral Gables homes for sale.
The average prices of Coral Gables luxury homes
The average sales price for a Coral Gables home of $3 million or more was $743 per Sq.Ft over the year 2015. There is an upward trend line within this price range, although prices tend to be more volatile. The reason for these less stable numbers is the lower amount of properties sold and the occasional sales of a massive waterfront property that will easily make drastic changes to the average selling prices in a certain year. Over the last 6 years prices increased from $590 per Sq.Ft in 2010 to $743 per Sq.Ft today, which is a 26% increase in property value. The average selling price for these properties is $5,931,022 in the year 2015
The amount of homes sold over the years. Although the amount of properties sold increased in the last years, 2015 saw a small decrease.
The percentage of increase or decrease of the average sales prices per Sq.Ft for multi-million dollar properties. The nature of these properties makes them more liable to change. It is often hard to compare these properties and they might sell for record prices leading the average numbers to be quite volatile.
Inventory levels and days on market – Coral Gables ultra-luxury homes
The inventory within this price range of Coral Gables homes decreased significantly from 2010 to 2014. In 2015 however, we have seen a slight increase in inventory to 32 months. Even though this is a strong buyer’s market, these high numbers of inventory are more common in the ultra-luxury segment.
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 Coral Gables luxury home is listed before being sold also saw an increase of almost 2 months. As said before, the ultra-luxury segment is a distinctive market for which it takes longer to sell. Whether this is a negative trend for sellers or a unique occurrence is still to be seen.
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Coral Gables luxury homes for sale at this moment
There are currently 77 luxury 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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