Absorption rate is the rate at which homes are selling in a particular area. A balanced market’s absorption rate is typically between 5 – 7 months. The current absorption rate of closed sales in Coral Gables is 4.6 months. This means that if market conditions do not change and if no new listings come on the market it will take 4.6 months for the current inventory to sell at the current pace of the market.
The chart above shows the absorption rate in Coral Gables when you calculate it based on pending sales. You can see that it goes all the way down to 3.4 months, the lowest we have seen in over 5 years. This means that the number of active listings is falling while the number of pending sales is rising. We are going deeper and deeper into a seller’s market.
Real estate in Coral Gables is changing rapidly. If you would like to work with realtors who know the market and track the numbers please contact us at 305-342-1623 or send us a message here.
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