Euphoric Miami Real Estate Market Provides Unique Opportunity for Sellers | NOW is the Time to Sell your Coral Gables Home

Record Breaking Prices in the Coral Gables Real Estate Market!

The Miami real estate market is currently in a state of euphoria. Relocation buyers are still coming into town and inventory is at an all time low. The extreme dryness of the market is leading to record-breaking prices. The market cannot go up indefinitely and we expect the market to normalize by the end of 2021. Simply put, some homes are selling at over inflated numbers. This is to say that the market won’t go down in many cases, but outlier properties that suddenly sell at 50% more than they sold 2 years ago will become less likely. These anomalies are caused by hysteria and this will stabilize soon. After we pass this moment of euphoria, we will see less anomalies in property prices as exceptions to the rule will cease to exist. Sellers can only profit from massive gains in a certain window, which is NOW. This window of opportunity will go away in the next months and the market will normalize.

* We focused this article on Coral Gables, but this is the case for homes in Pinecrest, Coconut Grove, and Ponce Davis.  Contact the David Siddons Group at 305.508.0899 for more information about the latest sales prices and opportunities for sellers.

8 of the 10 Highest Sales Prices per SF Happened in 2021!

NOW is the Time to Sell your Coral Gables Home

In 2021 we have certainly seen many properties sell for top Dollar. We even saw properties trade for 20% to 50% more than what they sold for two years (or less) before. Until last year the highest sales price in the Gables for a dry lot property was $1,009 per SF. Outlier properties were those priced between $900 and $1,000 per SF. In 2021 these $900-$1,000/SF price tags normalized and the record was broken several times. Please check the highest achieved sales prices per SF in the overview below. The waterfront market, which has always been one of Miami’s favorites for luxury waterfront mansions, saw less records this year although 6 of the 10 most expensive homes ever sold in 2020 and 2021.

6901 Almansa St was sold off-market by the David Siddons Group for $986.69 per SF