Homes priced under $1 million in Coral Gables are by far the highest in demand; every year there are over 300 home sales in this segment of the market. For the past 5 years home values in this price point have been on a steady rise, however, that trend may be leveling off. So far in 2017 we have seen a 7% drop in prices for homes under $1 million in Coral Gables. Last year they were selling at an average of $352/square foot while this year the average is coming in at $324/square foot.
Another interesting figure is that although the average “sale price/square foot” is lower this year, the average “days on the market” is less too. In 2016 the average home under $1 million took over 100 days to sell, while this year the figure is at just 64 days. This may be due to the fact that buyers are acting faster in response to the lower prices.
If you are interested in buying or selling real estate in Coral Gables and would like to work with Realtors who specialize in the area, please contact us at 305-342-1623 or by filling out a contact form here.