North Coral Gables Condos Sold Report – January 2013

This is a North Coral Gables condos sold report for January 2013.

All real estate is local. While this market 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.

Condos Sold in North Coral Gables (January 2012 – January 2013)

Eighteen (18) condos sold in North Coral Gables last month. That’s two more than the 16 condos sold in January 2012.

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

January sales ranged from a studio in Mendoza Condo at 126 Mendoza Ave #7A that sold for $50,000 ($196/SF) to a 2,100 square foot condo in Gables on the Green East at 626 Coral Way #1502 with 3 bedrooms and 3 baths that sold for $985,000 ($469/SF).

Five (5) of the 18 condos sold in North Coral Gables in January were short sales. Three (3) REOs (foreclosure) sold in January.

Eleven (11) of the 18 condos sold in January were all-cash purchases. Six (6) of the condos were purchased with a conventional loan. The remaining unit was classified as “Other” in the MLS.

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 a whopping 98.9% for January. Four (4) of the 18 condos sold above asking price. Another 3 units sold for full asking price.

The average days on market for condos sold in January was 102 days. The median days on market was 54 days.

In Closing

The numbers prove that the North Coral Gables condo market remains a strong seller’s market.

While the supply of condos available for sale remains historically low, it’ll be interesting to see how the demand/supply game plays out when the hot spring and summer seasons kick in.

When using this information, it is important to note that the data above is derived from an aggregation of many condos 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 condo without knowing your numbers.

Find out how much your condo 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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