Homes have taken longer to sell in 2016 than in recent years. You can see from the chart above that the average “days on the market” during 2016 has inched up to 134 days, which is 32 days more than we experienced during 2015. The new trend can be attributed to the fact that we have had a slowdown in sales this year (down by 7% compared to the same time period last year). A good amount of inventory coupled with less demand results in longer “days on the market” for homes that are listed for sale.
What does this mean if you are a seller? Coral Gables home sellers need to make their home stand apart from the competition in order to get it sold. One way to do this is by pricing the home competitively. You don’t have to under-price it, but if you truly want to sell then you need to price it close to market value. Buyers right now have time on their side and they are showing us that they will wait for overpriced listings to be reduced before making a move.
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.