This is a real estate market update for condos in the 33134 zip code of Coral Gables.
Conditions favor buyers over sellers in the Coral Gables 33134 condo market as more condos become available compared to this time last year.
The 129 active listings at the end of September represented a 12% increase over September 2014. However, pending listings (condos under contract) had a jump as well, with 27 pending listings in September 2015 indicating a 17% increase over September 2014. Actual sales of condos decreased by 4% over the same period.
The Southeast Florida Multiple Listing Service (MLS) and CoreLogic Realist® report that in September 2015 at total of 12 condo units sold in the 33134 zip code of Coral Gables. This represents a 40% decrease over sales in September 2014.
Prices for condos in the 33134 zip code of Coral Gables continued to climb during that year-long period. The median price of a condo increased 3.4% between September 2014 and September 2015 to $350,000. Average condo prices rose 4.3% during that period to $393,845. Meanwhile, the dollar volume of sales decreased 40%. In total, $5,343,500 worth of condos sold in September 2015.
Condos spent an average of 104 days on the market, which is one day less than September 2014. Generally high prices and a growing supply of inventory in certain price segments make the Coral Gables 33134 condo market a mostly favorable environment for buyers.
Buyers in the $200,000 - $600,000 and $900,000+ price ranges mostly find themselves at an advantage in the current market environment.
The Gables Mavens team with DASH - A Real Estate Company provides expert real estate services to buyers and sellers in Coral Gables and the surrounding communities. Contact us today for more information on Coral Gables real estate and for professional assistance navigating the sometimes complex condo market.