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North Coral Gables Homes Sold Report – November 2012

ADDED ON December 19, 2012 0 COMMENTS

732 almeria aveThis is a North Coral Gables single-family homes sold report for November 2012.

All real estate is local. While this market report is specific to single-family homes 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.

Year-to-Date Single-Family Homes Sold in North Coral Gables

coral gables homes sold november 2012

Single-family home sales in North Coral Gables are up 11.6 % in the first 11 months of 2012. Two hundred thirty one (231) single-family homes sold between January and November of this year. That’s 24 more than the 207 single-family homes sold during the same time frame in 2011.

This, despite a historically low supply of homes available for sale in the North Coral Gables real estate market.

Click here for more information regarding absorption rates in North Coral Gables.

The line graph below shows the number of single-family homes sold in the first 11 months of 2011.

coral gables homes sold 2011

Single-Family Homes Sold in North Coral Gables (November 2012)

So after seeing that October was a huge month for single-family home sales in North Coral Gables, I expected sales to drop off in November as the weather cooled (to 80 degrees in the shade).

They did, but not much. November saw twenty four (24) North Coral Gables single-family homes close for an average sales price of $282/SF.

Click here to see how many single-family homes went under contract in North Coral Gables in November.

November sales ranged from a “starter home” in the Flagler St Section of Coral Gables at 6 Carmona Ave that sold for $273,500 ($175/SF) to a 4,068 square foot “Spanish-inspired home” in the Biltmore Section with 3 bedrooms and 3 1/2 baths on a 9,375 square foot lot at 732 Almeria Ave that sold all-cash for $2,150,000. At $529/SF, it’s the most expensive sale in North Coral Gables on a “per square foot” basis this year.

 

You may recall that a similar home (same builder) at 721 Sevilla Ave sold for $2,100,000 ($518/SF) back in August. It was the most expensive sale in North Coral Gables at the time.
coral gables homes sold november 2012
The median sales price for November was $585,000 ($282/SF). The average sales price was $728,333 ($282/SF).

Four (4) sales in November broke the million dollar mark.

coral gables home prices

Two (2) of the 24 single-family homes sold in North Coral Gables in November were short sales. One was an REO (foreclosure).

coral gables foreclosures

Seven (7) of the 24 homes sold in November were all-cash purchases. Fifteen (15) of the homes were purchased with a conventional loan. One (1) home was financed with a FHA loan and 1 other was financed with a VA loan.

coral gables cash purchases

Sold-to-List Price Differential

The sold-to-list price differential, also known as the sale-to-list ratio, is the final sales price (what a buyer pays for the home) divided by the list price (at the time of sale) expressed as a percentage.

The average sold-to-list price differential stood at 94.3% for November. Four (4) of the 24 homes sold for full asking price. Six others sold above asking price.

In Closing

When using this information, it is important to note that the data above is derived from an aggregation of many homes and an individual sale may not have the same behavior as all the homes put together.

All real estate is local. Don’t make important decisions like selling your Coral Gables home without knowing your numbers.

Find out how much your home is worth. Call me today at 305-491-7179 or send me a note to adrian@gablesmavens.com. I will be more than glad to offer advice and guidance on current market conditions.

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*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.

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The data relating to real estate for sale on this web site comes in part from the Miami Association of Realtors Regional MLS and is provided here for consumers personal, non-commercial use, It may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Real Estate listings held by brokerage firms other than the office owning this web site are marked. Data provided is deemed reliable but not guaranteed.

This IDX solution is (c) Diverse Solutions 2014.