As a whole, the Coral Gables real estate market fared extremely well in 2014. In my opinion, there are three things that defined the year; these would be: #1: Low Inventory, #2: Bidding Wars, #3: High Prices. I have created the below charts which show how the Coral Gables real estate market has changed between 2011 and 2014. The numbers depicted show the market as a whole and are also broken down into waterfront vs. non-waterfront sales.
The first group of charts show the number of homes sold in Coral Gables. Overall, the number of sales were down in 2014. This is due to the fact that we suffered from low inventory levels. There just weren’t enough homes on the market to sell. Because demand was high, this factor resulted in bidding wars on many properties that hit the market. And many buyers became frustrated with having to compete against several offers on every property they were interested in.
When you break the numbers down even further, you can see that it was really the number of non-waterfront sales that slowed down. In contrast, the number of waterfront homes sold were virtually identical to 2013.
The second batch of charts below show the average sale price of homes in Coral Gables. 2014 was a great year for residents of Coral Gables who saw their home prices rise to an average of $1,279,000, the highest average price on record. We experienced a price increase in both waterfront and non-waterfront homes. Waterfront homes increased in price by 17% whereas non-waterfront homes increased by 11% from 2013. Note: 2012 was a record year for waterfront homes sold in Coral Gables, and as you can see 2014 did not reach those figures.
Last we have the charts which show the “Average Sale Price/Square Foot” of homes sold in Coral Gables. This is perhaps the most exciting number. Overall, we had an increase of 13% between 2013 and 2014. That is a very large increase to occur in just 12 months. More good news is that we saw increases in both the waterfront and non-waterfront segments. Waterfront homes increased by 23% and non-waterfront homes increased by 8%.
As you can see the Coral Gables real estate market is changing rapidly. If you are a resident of Coral Gables and haven’t had a price valuation completed in a few years, feel free to call us for a no pressure assessment. We would be happy to sit down with you and discuss the value of your home.
If you are interested in buying or selling real estate in Coral Gables, we would love the opportunity to work with you. We can be reached anytime at 305-342-1623 or by sending us a message here.
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