When I take a look at what is currently for sale and what has closed in 2015, I notice a large imbalance between the supply and demand of homes in Coral Gables. Right now there are 331 active listings which are made up of 119 priced under $1,000,000 and 212 priced over $1,000,000. You can see that the majority of homes on the market are listed over $1,000,000. When you compare those figures to what has sold this year you will see that the distribution shifts and the majority of homes that sell are priced under $1,000,000. Out of the 396 homes that have closed in 2015, 233 sold under $1,000,000 and 163 sold over $1,000,000.
This data is the perfect example of why homes listed under $1,000,000 have increased in value and are selling so quickly when they hit the market. The demand for homes in this segment of the market is high (58% of the total homes sold), while the supply is low (representing just 35% of the total homes for sale).
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