The Coral Gables Real Estate Market Report 2019

The Coral Gables Real Estate Market Report 2019 – The Last 6 Months (June till November 2019)

Fast Facts

• 4.9 Months of Inventory
• An average of 119 Days on Market before being sold
• An average of 4.7% discount from sales price
• Average sales price is $382 per SF
• An average of 13 homes per month are sold
• The Overall Neighborhood Health Score: 92

The most digestible and fast moving part of the single-family home market, no surprises here. We are looking at just 4.9 months of inventory. Selling on average 13 homes per month.

Characteristics: These are typically small 3 or 4 bedroom homes. Either small and well done ‘Old Spanish’ on small lots. Or larger (2,200 to 2,500 SF ranch style homes and in need of remodeling). As you would imagine about 66% of these homes are without a pool.

Strength of the market: This really is a pretty strong market. with such low inventory, product moves pretty well taking on average 70-80 days to get into contract (119 days on the market) and achieves 95% of asking price. This is the strongest market in the whole of Miami right now.

Working example

Fast Facts

• 9.7 Months of Inventory
• An average of 158 Days on Market before being sold
• An average of 8% discount from sales price
• Average sales price is $434 per SF
• The Overall Neighborhood Health Score: 86

Characteristics:  Within this market you are typically looking at a price tag of $430 – $530 per SF, with an average sales price of $434 per SF. If you get into a home below the $400 per SF range they are going to need updating. Expect to find lots of around 10,000 -12,000 SF . Type of homes in this price range vary between Old Spanish, Mediterranean and some ranch style homes. Sometimes a few modern ones (new with new contemporary design) are found, but unlikely to find anything new under $2M.

Strength of the Market: A score of 86 is a very good score and means the real estate market is resilient against economic change. This market is driven by primary home owners, families most often with kids going to the local private schools.  You can find homes between $1M-$2M all across the Gables, even in some of the most exclusive gated communities.

Call me for the more specifics to this market.

Working example

Fast Facts

• 15.1 Months of Inventory
• An average of 341 Days on Market before being sold
• An average of 8.2% discount from sales price
• Average sales price is $587 per SF
• The Overall Neighborhood Health Score: 64

29 Sales were registered and now the market changes considerably. Months of inventory rises to 15 months and the average price per SF is $587. One of the reasons there is a jump in the price per SF is because in this price range there is a solid number of brand new homes, very big lots and properties in gated communities. Cocoplum is a good example of comps you will see in this sector.

The number of waterfront home significantly rises now; 22 waterfront offerings currently exist at this price point. This is about a quarter of the product available on the market, but 13 sales in the last 6 months were waterfront, so in fact close to 50% of the sales were waterfront.

Working examples

Fast Facts

• 27.9 Months of Inventory
• An average of 244 Days on Market before being sold
• An average of 9.5% discount from sales price
• Average sales price is $690 per SF
• The Overall Neighborhood Health Score: 65

There were 17 sales in the $3M – $5M price range in the last 6 months; 12 of these 17 were waterfront homes. These homes focused mainly around Cocoplum and the Gables waterways East of Us1. You really get into gated communities at this price point. At this level we also notice that the Gables distinguishes itself from the Grove where homes are this level don’t really exist, because there really are not that many gated communities.

Market is softer than last year but not immeasurably so.

Working example

Fast Facts

• $5M – $8M: 72 Months of Inventory
• $8M+: 39 Months of Inventory
• 5M – $8M: An average of 261 Days on Market before being sold
• 8M+: An average of 352 Days on Market before being sold
• 5M – $8M: An average of 14.3% discount from sales price
• 8M+: An average of 13.7% discount from sales price
• 5M – $8M: Average sales price is $859 per SF
• 8M+: Average sales price is $1,616 per SF
• The Overall Neighborhood Health Score: 44

In the $5M+ market we saw 7 sales in the last 6 months and 39 current active listings. That is a high amount of listings for few sales. Almost all of the sales were located on waterfront lots (6 of the 7 sales) and all sales were located in gated communities.

Working example