The 2019 / 2020 Coral Gables Real Estate Forecast

The 2019 Forecast for Coral Gables Homes

• Families will continue to make the Gables a primary buying choice over all other Miami neighborhoods (especially relocating families) and it will remain one of the best performing single-family markets for 2019.
• Sadly, the market will not be immune to the fact that we are at the end of the economic cycle. In general we won’t see much in the way of appreciating average property values and markets will probably remain stable and stay just above inflation – apart from the Sub $1m market which could still see some increases.
• The lower and mid sections of the markets are strong and will remain strong throughout 2019. The higher end will however soften.
• In the $2M – $3M range we do not have an excess in inventory, but buyers are more hesitant to make decisions so this market may appear soft. Expect a bigger margin of negotiation as differences in asking price per sqft to sales price per sqft is well over that of 2018, the end result is days on the market will likely increase.
• In the high-end ($3M+) market we will see some softening and you can expect some solid negotiating power. This market will not be appreciating.
• The best time to sell will be between March and June/July.
• Interest rate changes mid year will potentially slow down home purchases, particularly for the buyers in the market of $1.5M – $2M. $1.5M and below won’t be affected much because there is such a lack of inventory.

We will see better deals this year for Coral Gables waterfront homes. This might be a good moment to find value in this market. The general market is stable, but the luxury-end of the market seems to be leveling off and we will see more discounts in this market.

Despite this, you should not expect to get the same deals in the Gables as in other markets. Recognize that this is a primary and very strong market; so offering 30-40% below original asking price won’t bring you any luck (unlike the Condo market where it could).

Acknowledge case-by-case scenarios: Old Spanish homes or more dated large estate homes will be more negotiable (as they are fast losing favor with many buyers) than the brand new or well renovated properties of which there still seems to be a shortage of supply. We are going to see far fewer newer homes on the market this year, so recognize that very well finished, or fully renovated homes in prime locations are still going to command a top dollar and receive due focus.