This is a Halftime Real Estate Market Update (Jan-Jun 2016) for condos in the 33134 zip code of Coral Gables.
What a difference a year makes.
It's officially a buyer's market. Conditions favor buyers over sellers in the Coral Gables 33134 condo market. A buyer's market is a situation in which supply exceeds demand, giving buyers an advantage over sellers in price negotiations.
The 140 active listings at the end of June 2016 represented a 10% increase over the end of June 2015. Pending listings (condos under contract) were down, with the 101 pending listings at the end of June 2016 indicating a 12% decrease over the end of June 2015. Actual sales of condos also decreased over the same period.
The Southeast Florida Multiple Listing Service (MLS) and CoreLogic Realist® report that at the end of June 2016 a total of 117 condo units sold in the 33134 zip code of Coral Gables. This represents a 16.4% decrease over sales at the end of June 2015.
Prices for condos in the 33134 zip code of Coral Gables have fallen. The median price of a condo decreased 7.6% from the end of June 2015 to $335,000 at the end of June 2016. Average condo prices rose 1.4% to $404,478. Meanwhile, the dollar volume of sales decreased 15.2%. In total, $47,323,900 worth of condos sold in the first half of 2016.
Demand is down across the board except for condos in the $200s, where sales almost doubled to 31 units sold. Demand for condos in the $400s took the biggest hit with a 50% decrease in demand.
The sale of the condo located at 2401 Anderson Rd #PH-21 was the highest sale in the 33134 zip code of Coral Gables in the first half of 2016 with a price tag of $1,580,000. The 3-bedroom, 3.5-bath penthouse with 2,900 sq ft of living space is located across from the Granada Golf Course.
Condos sold in the first half of 2016 spent an average of 131 days on the market, which is 31% longer than condos sold in the first half of 2015.
Ready to move up or out, but not sure if it's the right time to buy or sell? Contact us today. We can help you design a viable plan for selling and moving within your desired time frame.
Overall conditions continue to favor sellers over buyers in the Coral Gables 33134 single-family homes market, but the pendulum is swinging towards a balanced market.
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