By now everyone knows that inventory is low in Coral Gables, but when you break the numbers down by price point it is easy to see that the we are particularly lacking in homes for sale under $1,000,000. Unfortunately this is the most active segment of the Coral Gables market. So far this year, 66% of the homes sold in Coral Gables were listed under $1,000,000.
These supply and demand conditions are exactly why we are seeing more appreciation on homes priced under $1,000,000 in Coral Gables. In contrast, we have less demand and more supply for homes priced over $1,000,000 and therefore are not experiencing a similar rise in values.
With over $30,000,000 in sales volume in 2011, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.