North Coral Gables Condos Pending Sales Report – February 2013
This is a pending sales report for condos in North Coral Gables for the month of February 2013.
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.
Pending sales also help sellers determine what price points are attracting buyers. They do nothing to tell you what price the seller and buyer actually agreed upon, but they do help indicate what direction the local real estate market is moving in.
Sixteen (16) condo units went pending sale (under contract) in North Coral Gables in February.
Demand increased by 6 units in a month-over-month comparison (10 condo units went under contract in January).
Demand for condos in North Coral Gables decreased by 2 units in February in the year-over-year comparison.
The lack of condo supply priced to sell has a lot to do with why there aren’t more condo units going under contract. Condo units that are in good shape and price right are going under contract…fast.
The average list price of all the condos that went under contract in February was $325,888 ($293/SF). The median list price was $240,000 ($225/SF).
Click on the image above to see a larger version.
All real estate is local. Don’t make important decisions like selling your Coral Gables condo without knowing your numbers.
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Is it a good time to sell? Is it a good time to buy? Call us today at 305-491-7179 for a free consultation. There are never any strings attached. Just good information and great conversation.