As we approach the middle of the year, I wanted to provide you with a Coral Gables real estate market analysis. All in all, I see a healthy market here; the number of sales are down but we have seen a bump in prices since 2014. Coral Gables has had 220 single family homes sold so far in 2015 at an average “sale price/square foot” of $398.00. During 2014, there were 551 single family home sales which sold at an average “sale price/square foot” of $374.00.
Pending sales give you a good indication of where the market is heading in the coming months. There are 84 homes under contract listed at an average “list price/square foot” of $403.00. Right now the “Sale Price/List Price” ratio is running at 93% in Coral Gables, so we can figure that these homes will sell at approximately $374.00/square foot which is slightly below the average for the year.
To date, 56% of the sales in Coral Gables have closed under $1,000,000. There is not much change in that figure from the previous year which came in at 60%. The $1,000,000 and below price point is certainly the most active segment of the Coral Gables market and where we tend to see homes sell in the quickest amount of time.
There are currently 324 single family homes for sale in Coral Gables. The inventory is split between 40% priced under $1,000,000 and 60% priced above $1,000,000.
As always, stay tuned to The Coral Gables Real Estate Vault for updates on significant sales, market trends and new listings!
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.