I was doing some research on the $1,000,000 and below market in Coral Gables and uncovered some interesting statistics. So far in 2014, homes that had sale prices under $1,000,000 had an average “Sale Price to List Price” ratio of 95% and sold in an average of 66 days. This figure varies drastically from the homes that sold for $1,000,000 and higher which had an average “Sale Price to List Price” ratio of 90% and sold in an average of 114 days.
The “Sale Price to List Price” ratio gives buyers a sense of how negotiable sellers are in the current market. One reason that the ratio is so high for the $1,000,000 and below market is due to the fact that inventory is limited and demand is high for this segment of the market. Buyers in this price range understand that they have to come in with a strong offers in order to secure the home.
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