North Coral Gables Condos Pending Sales Report – August 2012
This is a pending sales report for condos in North Coral Gables for the month of August 2012.
All real estate is local. While this pending sales report is specific to condos in North Coral Gables, there are neighboring communities with different levels of inventory and market characteristics.
Feel free to contact me if you’re interested in learning more about the market characteristics in the surrounding communities.
Pending sales, or the number of condo units that go under contract, are a key indicator of demand. They approximate the number of sales that will take place over the next 30 to 45 days.
Nineteen (19) condo units went pending sale (under contract) in North Coral Gables in August.
Demand decreased by 1 unit in a month-over-month comparison (20 condo units went under contract in July).
Demand for North Coral Gables condo units is up almost 11% in 2012 when compared to 2011. One hundred sixty four (164) condo units went under contract between January and August of this year compared to 148 during the same time last year.
The line graph below shows pending sales (condo units under contract) between January and August 2011.
Demand increased by 3 condo units in August in the year-over-year comparison.
The average list price of all the condos that went under contract in August was $240,053 ($226/SF). The median list price was $215,000 ($203/SF).
Sellers, please note…demand for condo units in North Coral Gables remains strong even when the supply of condo units available for sale remains at a historical low.
We need more inventory! We’ve represented 3 sellers in the North Coral Gables condo market in the last 3 months. Every single condo received multiple offers. That means there are buyers out there who need a condo in Coral Gables, but can’t secure one.
FYI…all the condos sold for above asking price!
Know your numbers. If you need guidance buying or selling your Coral Gables condo, call me today at 305-491-7179 or send me an email to firstname.lastname@example.org. I will be more than glad to offer advice and guidance on current market conditions.
*All information was obtained from the Southeast Florida Multiple Listing Service. Information is deemed reliable, but not guaranteed and is subject to change. Check the date on this report for relevance. If you have questions regarding your home or your particular neighborhood, feel free to contact us for a discreet and accurate opinion. Real estate consumers that read this website are urged to seek independent, legal, real estate and financial advice before engaging in a real estate transaction.