This is a real estate market report for single-family homes in the 33134 zip code of Coral Gables for the 1st half of 2015 (January - June).
Buyers and sellers need to know the hyper-local statistics for the market in which they are buying or selling a home. It is important to know the historical sales data, historical pricing trends, absorption rates, amount of distressed sales, and how consumers are financing the purchase of real estate in their market. How else would a consumer understand whether the market is a buyer's or seller's market and what leverage each has in negotiations?
The number of single-family homes sold in the first half of 2015 remains historically strong with 144 sales between January and June. A strong 2nd quarter fueled by 89 closed sales proves once again that demand for single-family homes is hottest during the Spring and Summer months.
Prices are up 41%, on average, since 2011 in the year-over-year analysis. In short, there's never been a better time to be a seller in the "Post-Boom Era".
Overall, there is a 5.8-month supply of single-family homes in Coral Gables (33134). A 6-month supply indicates a balanced market where appreciation is typically flat.
When you break down the absorption rates by price range, you'll notice that it's a seller's market for homes below $600,000. Buyers for homes priced at $800,000 and above are experiencing the most leverage as the supply of homes available for sale has gradually increased over the last year.
Cash buyers are active as 38% of all single-family home sales in the first half required no financing (and no appraisal). However, conventional financing is king thanks to historically low mortgage interest rates.
Less than 15% of the sold single-family homes market was distressed with 9% of those being bank or corporate-owned foreclosures and 5% of those short sales.
Thinking about selling or buying a home in Coral Gables? Call us at 305-491-7179 today. We know the numbers and have the experience necessary to help you achieve your goals. No gimmicks. No pressure. Just professional advice!
Information and market data obtained from the Southeast Florida Multiple Listing Service and Realist tax records. It is deemed reliable, but not guaranteed and is subject to change.