Coral Gables has experienced another year of rising values in 2015. The average home sold for $392.00/square foot compared to $374.00/square foot in 2014 which is a 4.8% increase in value. Although this is good news, the increase is slightly less than what we experienced in the previous 2 years. Between 2013 and 2014 there was a 12% increase in value in Coral Gables.
The slow down is a result of lower inventory levels and buyers simply catching their breath on rising prices. In my opinion, it is indicative of a healthy market. If you see a drastic increase in prices every year then you are likely headed for disaster.
Sellers need to be educated about the market and make sure they are realistic in their pricing. Although values are on the rise, they are not increasing at such a dramatic rate as before. I always tell my sellers where I see the market heading in the coming months so that they are not chasing prices up or down.
The Riley Smith Group is the #1 Top Producing Team at EWM’s Coral Gables office. 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.