This is a 1st Quarter (Q1 2016) Real Estate Market Update for single-family homes in the 33134 zip code of Coral Gables.
The pendulum has swung. Conditions no longer favor sellers over buyers in the Coral Gables 33134 single-family homes market even though sales and prices are up.
The 150 active listings at the end of Q1 2016 represented a slight 2.7% increase over the end of Q1 2015. Pending listings (homes under contract) were up, with the 63 pending listings in Q1 2016 indicating a 5% increase over Q1 2015. Actual sales of single-family homes also increased over the same period.
The Southeast Florida Multiple Listing Service (MLS) and CoreLogic Realist® report that in Q1 2016 a total of 69 single-family homes sold in the 33134 zip code of Coral Gables. This represents a 25% increase over sales in Q1 2015.
Prices for single-family homes in the 33134 zip code of Coral Gables have continued to climb. The median price of a single-family home increased 26.7% between Q1 2015 and Q1 2016 to $760,000. Average single-family home prices rose 33.3% to $992,319. Meanwhile, the dollar volume of sales increased 67%. In total, $68,470,000 worth of single-family homes sold in Q1 2016.
The large increase in the dollar volume of sales can be attributed to how well the luxury market performed in Q1 2016 with twenty-two (22) homes selling for over $1M, a 120% increase between Q1 2015 and Q1 2016. Eight of the 22 homes sold for over $2M. Need context? More homes sold for over $1M in Q1 2016 (22) than in Q1 2015 (10) and Q1 2014 (10) combined. Clearly, demand for luxury homes in Coral Gables is up!
While demand for luxury homes is up, single-family home sales in the "sweet spot" (homes between $400,000 and $699,000) were down 10.7% with only 25 sales in Q1 2016, the lowest since Q1 2012.
Homes sold spent an average of 130 days on the market, which is 26% longer than in Q1 2015.
Are you ready to move up or out, but not sure if it's the right time to sell? Contact us today. We can help you design a viable plan for selling and moving within your desired time frame.