The demand for West Coral Gables homes is high – Would you consider selling your West Coral Gables home?
The Investment Value of West Coral Gables Real Estate
Know your neighborhood: What happened in West Coral Gables
Coral Gables homes are a hot commodity these days. The David Siddons Group noticed the enormous interest in their newest listing on Paradiso Avenue. The listing is now under contract /pending sales but there are still phone calls coming in, even for backup contracts. As market analysts, the David Siddons Group analyzed this area in further detail for you and the findings are shared below.
This is your West Coral Gables Real Estate market
- Current sales prices are on the rise
- Your market is still favorable towards sellers but current inventory levels are on the rise
- The demand for homes in your area is high
1. Current Sales Prices are on the rise
For the purpose of this research we divided homes into those that sold for $1M or less and homes which sold for more than $1M
In the graph here below we can see that the average price per Sq.Ft has grown steadily over the last few years for both categories of homes.
- Homes with sales prices higher than $1M grew with 18.3% in the last 4.5 years
- Homes with sales prices of $1M or less grew with 47.8% in the last 4.5 years
See the actual sales prices of West Coral Gables home here
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It is striking to see the growth in the percentage of homes that sold for $1M +
- In 2011: Homes with sales prices higher than $1M contributed 21% to the total amount of homes sold
- In 2015: Homes with sales prices higher than $1M contributed 50% to the total amount of homes sold
2. Your market is still favorable towards sellers but current inventory levels are on the rise
Inventory levels in West Coral Gables are showing a neutral market for properties of $1M +, and a sellers market for the more affordable properties. An inventory level of 6 months or less indicates a sellers market, which means there is more demand than supply and therefore this type of market is favorable to sellers.
If however, we compare these inventory levels with those in 2014 we can see that today’s inventory is slowly on the rise. The numbers are still favorable for sellers but waiting too long might swift the market into a neutral or buyers market, which tends to have a negative effect on the sales prices (for sellers)
Click to enlarge
3. The demand for homes in your area is high
As mentioned before we closed on several properties in your area and we have been inundated with requests for properties in your neighborhood. The demand for homes in this area seems to be unstoppable and if you are willing to sell, this might be a good moment
Would you consider selling your Coral Gables home?
Call me for a Comparative Market Research or any other information you might need!
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