Coral Gables Real Estate News and Market Trends for 2018

A Review of the Coral Gables Real Estate Market in 2017 and Coral Gables Real Estate Outlook for 2018!

We analyze how the Coral Gables real estate market performed in 2017 and we will discuss our predictions for 2018 with useful advice for buyers and sellers. By looking at market indictors, the real estate business cycle and our daily “out-in-the-field” experience we will try to draft an outlook for 2018. This report focusses only on the Coral Gables market and divides the market into 5 different price ranges to make it extremely actionable for both sellers and buyers.

Coral Gables Real Estate News and Market Trends for 2018

In the table above we provide you with the sales prices per SF for Coral Gables homes in 2017 and we compare these prices with previous years. Please note that for the two most exclusive categories we provided data for homes on dry lots as well as for homes on waterfront lots. The Coral Gables market didn’t see large price jumps in the last few years, which results in a more stable market. Compared to other Miami markets we see less price corrections in Coral Gables. Most of the changes are seen in 2017 and mainly in the luxury markets

The two tables below indicate the months of inventory and this might be the most important indicator in the real estate industry.  Months of inventory show you the supply and demand relationship which is key in predicting future price changes. The Coral Gables market for homes priced between $500K and $1,5M is experiencing a sellers market. There is more demand than supply. The market of homes between $1,5M and $2M is fluctuating between a sellers, neutral and buyers market while the luxury end of the market is seeing more of a buyers market. We are also seeing a neutral market for the waterfront homes between $2M and $3M. As this is the entrance level for waterfront homes, the demand is high.

  • What does sellers or buyers market mean?
  • A sellers market (With 6 or less months of inventory – and 12 or less months in the Luxury $1M+ market) means that there is more demand than supply, mostly leading to an increase in prices and providing sellers with an advantage.
  • A buyers market (With 9 or more months of inventory – and 18 or less months in the Luxury $1M+ market) means that there is more supply than demand. Prices are likely to decrease in order to absorb the supply.
  • A neutral market provides for a perfect balance in which neither party has an advantage and prices are likely to remain stable
Coral Gables Real Estate News and Market Trends for 2018
Coral Gables Real Estate News and Market Trends for 2018

Buying a Coral Gables home in 2018

We are bullish on the Coral Gables real estate market; especially the market up till $1,5M. Values within this range are increasing while inventory levels are still low, indicating there is more room for prices to increase. The $1,5M – $2M market saw a small price decrease in a balanced market, meaning you will be ok investing in this market as long as you stay within the indicated price boundaries. The higher-end of the market ($2M+) is seeing some price adjustments. This can be seen all over Miami as buyers are more price conscious and sellers have been asking above market prices in the last few years. Staying within our suggested price ranges is essential. The table below provides you with an overview of the lowest prices per SF, the average and the highest prices per SF in 2017. This table provides you with an insight as to what you should be offering for a Coral Gables home for sale. For example a dry lot home of $4M that is listed for $750 per SF is overpriced as this is the average sales price for a waterfront home.

Coral Gables Real Estate News and Market Trends for 2018

When looking to make an offer one should know the below data. These are the differences in percentage between the original asking price and the sales price. You can see that in the last years there was around 8% or 9% negotiability in asking prices.

Coral Gables Real Estate News and Market Trends for 2018

Advice for Buyers

As mentioned above we are very bullish specially for the lower end of the market. The sellers market indicates the likelihood of a further increase in values so this is a good moment to step in. Regardless of the market you are buying into,  but specially in the higher-end or luxury end of the market, one should look at our price suggestions in order not to overpay.

“If you can’t read the scoreboard, You don’t know the score. If you don’t know the score, you can’t tell the winners from the losers.”
-Warren Buffett

 

Advice for Sellers

If you own a good quality home in the lower end of the market this is the moment to get top dollar.  The same goes for waterfront homes in the $2M – $3M range. There is need for your kind of home! Sellers in the ultra luxury market need to know the market values in order to sell. Today’s buyers are more price conscious and with high levels of inventory prices are likely to decrease. If you want to sell fast, sell at market value,

David Siddons is a top producing Miami real estate agent with over $65M in yearly sales. David lives in Coral Gables and has an office in the city. He is known for his market analysis and many Miami real estate market reports. Contact David Siddons today for more information about the Coral Gables real estate market.

David Siddons | +1.305.508.0899 | David@siddonsgroup.com

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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