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North Coral Gables Homes Sold Report – February 2013

ADDED ON March 26, 2013 0 COMMENTS

This is a North Coral Gables single-family homes sold report for February 2013.

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.

Single-Family Homes Sold in North Coral Gables (February 2012 – February 2013)

coral gables homes sold february

Seventeen (17) single-family homes sold in North Coral Gables last month. That’s two less than the 19 single-family homes that sold in February 2012 in the year-over-year comparison.

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

February sales ranged from a short sale in the Flagler St Section of Coral Gables at 31 Veragua Ave that sold for $168,000 ($171/SF) to a 6,279 square foot two-story home with 7 bedrooms and 7 1/2 baths on a 13,860 square foot lot at 2925 Columbus Blvd that sold for $1,900,000 ($303/SF).

coral gables homes sold february 2013

Click on the image above to enlarge it.
The median sales price for February was $550,000 ($296/SF). The average sales price was $609,882 ($279/SF).

One (1) sale broke the million dollar mark in February.

coral gables home prices

Three (3) of the 17 single-family homes sold in North Coral Gables in February were short sales. One (1) REO (foreclosure) sold in February.

coral gables foreclosures

Eight (8) of the 17 homes sold in February were all-cash purchases. Eight (8) others were purchased with a conventional loan. The remaining home was categorized as “Other” on the MLS.

coral gables mortgages

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 92.3% for February. One (1) of the 17 homes sold for full asking price. Two (2) homes sold above asking price.

The average days on market for homes sold in February was 84 days. The median days on market was 46.

The numbers show that homes prepared to sell and priced competitively from the get go are selling pretty quickly.

In Closing

Is the small uptick in sales any indication of what to expect during the spring season?

While the supply of homes available for sale remains historically low and demand remains consistently strong, 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 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.