This is a Halftime Real Estate Market Update (Jan-Jun 2016) for single-family homes in the 33134 zip code of Coral Gables.
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. That's good news for buyers. The good news for sellers is that sales and prices are up despite an increase in the supply of homes available for sale in the year-over-year analysis.
The 140 active listings at the end of June 2016 represented a 5% increase over the end of June 2015. Pending listings (homes under contract) were up, with the 132 pending listings at the end of June 2016 indicating a slight 2.3% increase over the end of June 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 at the end of June 2016 a total of 149 single-family homes sold in the 33134 zip code of Coral Gables. This represents a 2% increase over sales at the end of June 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 6.7% from the end of June 2015 to $688,000 at the end of June 2016. Average single-family home prices rose 7% to $874,539. Meanwhile, the dollar volume of sales increased 9.2%. In total, $130,306,375 worth of single-family homes sold in the first half of 2016.
The large increase in the dollar volume of sales can be attributed to the number of homes sold for over $1M in the first half of 2016. Forty (40) homes sold for over $1M between January and June 2016, a 17.6% increase over the same time period in 2015. Nine of those 40 homes sold for over $2M.
Need context? More homes sold for over $2M in the first half of 2016 (9) than the first half of 2012/13/14/15 combined (6). It's safe to say that demand for luxury homes above the $2M mark on this side of Coral Gables is up!
The sale of the home located at 3200 Granada Blvd was the highest sale in the 33134 zip code of Coral Gables in the first half of 2016 with a price tag of $3,950,000. The six-bedroom, 7-bath home with over 7,600 sq ft of living space is located on the prestigious Biltmore Golf Course.
Despite the increase in luxury home sales, statistics show that buyers, generally-speaking, have more leverage than sellers between the $1M - $3M mark as the supply of homes available for sale far outpaces the increase in demand.
There were 67 single-family homes available for sale between $1M - $3M in the 33134 zip code of Coral Gables at the end of June 2016, a 45% increase from the 46 homes available for sale at the end of June 2015.
Homes sold in the first half of 2016 spent an average of 128 days on the market, which is 10% longer than homes sold in the first half of 2015.
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