For the first time in several years, we have seen 3 consecutive months of increasing inventory in Coral Gables. This trend is likely the result of two contributing factors:
- More people are putting their home for sale because they want to cash in on increasing home prices. The average “sale price/square foot” has increased from $306.00/sq. ft. in 2012 to $352.00/sq. ft. in 2014.
- Home sales are down. We are seeing a slight decrease in the number of closed sales from the same time period last year which results in more homes sitting on the market. Some buyers are slightly wary of the quickly rising home values and are waiting to see where the market will go in the next few months.
One interesting thing to make note of is that the increase in inventory has been mostly in the $1,000,000 and over market (this segment has also seen an increase in the average “sale price per square foot” from $439.00 in 2012 to $470.00 in 2014).
If you want to work with a realtor who specializes in Coral Gables real estate, please feel free to contact me at 305-342-1623 or send me a note here. The real estate market is changing rapidly and we follow the trends to make sure our clients make informed, confident decisions.