The “Sale To List Price Ratio” for a given neighborhood tells you on average the amount that homes are selling off of their asking price. For example, a “Sale/List Price Ratio” of 95% would indicate that the home sold just 5% off of its list price.
For single family homes this year (both waterfront and non-waterfront), Coral Gables has seen a ratio of 93%. This number has steadily increased from 91% in 2011, and 89% in 2009. The increase is likely due to a number of factors including rising values, bidding wars as a result of low inventory and more realistic sellers.
When we break down these figure between waterfront and non-waterfront homes in Coral Gables, we notice a very interesting fact. Waterfront homes tend to sell significantly more off of their list price than non-waterfront homes. This year, waterfront homes had a “Sale to List Price Ratio” of 88% whereas non-waterfront homes ran at 94%. This is very important information for someone who is beginning their home search in Coral Gables. It gives you a good idea of the price range you should be looking in, in order to end up at a sale price that is within your budget.
We know Coral Gables 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 305.342.1623 or send us a note here.
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