Take a look above at the statistics I calculated this morning on the Coral Gables real estate market to date in 2014. It looks impressive right? If you are a homeowner then you are very happy with where values have risen to over the past year. $359.00 per square foot is one of the highest “average” figures Coral Gables has ever experienced. During the same time period last year the average sale price per square foot was coming in at $319.00.
But not all of the news is good news. This year we have seen the number of sales drop dramatically. As you can see from the figures above, there have been 166 homes sold so far in 2014. This is a significant drop from the same time period last year where we saw well over 200 sold. This is likely a result from buyers who may be suffering from sticker shock. If a buyer has been looking at homes since 2013, then the type of property that was once within their budget may have fallen out of reach. Along with the drop in the number of home sales, has come an increase in the number of homes on the market. You may remember my recent blog post about the rising inventory in Coral Gables – you can read that post here “Number Of Homes For Sale Trending Up In Coral Gables“.
The real estate market is changing on a daily basis, if you own a home in Coral Gables and are considering selling please don’t hesitate to contact us at 305-342-1623 or send us a message here. We are Coral Gables real estate specialists and would be happy to provide you with a no pressure home valuation.