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North Coral Gables Condos Sold Report – January 2013

ADDED ON February 28, 2013 0 COMMENTS

gables on the green

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)

coral gables condos sold

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).

coral gables condos sold january

Click on the image above to enlarge it.
The median sales price for January was $277,500 ($226/SF). The average sales price was $285,861 ($266/SF).

coral gables condo prices

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

coral gables condo foreclosures

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.

coral gables financing

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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*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.