Our team just finished up our weekly meeting where we get together and discuss the trends we are seeing in the local market. One common frustration among all of my agents was a lack of inventory in Coral Gables. I created the chart above which demonstrates how low the numbers are. In early 2009, there were 571 single family homes for sale and as of today there are just 308 on the market. We all agreed that entry level homes are selling the fastest in the Gables right now. Homes that come on priced $600,000 and below tend to be under contract in 2 to 3 weeks, and if the house is charming or on a large lot you will see multiple offers.
Not only are we right in the middle of the busiest season for real estate in South Florida, but the inventory levels are drastically down. Although Coral Gables had a record breaking year in sales in 2011 we may not see similar numbers in 2012 if some fresh listings don’t come on the market.
If you are interested in buying, selling, building or renting and are looking for a real estate agent who specializes in Coral Gables, please feel free to contact me at 305.342.1623 or send me a note here.