The chart above shows the number of homes for sale in Coral Gables which are priced under $1,000,000. You can see that we are currently at the lowest inventory level in over 5 years. These figures are a result of rising home prices as well as increased activity in this price point. This segment of the market is by far the most active in Coral Gables right now as buyers quickly snap up entry-level homes.
While this is great news for sellers, it has led to frustration among many buyers. When a good home priced under $1,000,000 hits the market it is common for there to be multiple offers with the highest and best offer securing the deal.
An interesting figure about this segment of the market is that sale prices for $1,000,000 and below homes have increased from $500,000 to $600,000 since 2010.
The Coral Gables real estate market is changing on a daily basis. If you are interested in buying or selling and want to work with an experienced Realtor who knows the numbers and tracks the sales, please contact me directly at 305-342-1623.