This is a Market Update for single-family homes in the 33146 zip code of Coral Gables. Click here to access the Market Update for single-family homes in the 33134 zip code of Coral Gables.
In the Coral Gables 33146 Single-Family homes market, conditions continue to favor sellers as sales increased compared to last year.
1st Half of 2017
The MLS and CoreLogic Realist reports that a total of 93 single-family homes sold in the 33146 zip code of Coral Gables in the first half of 2017. This represents a 19.2% increase over sales in the first half of 2016 when 78 single-family homes sold.
There were 89 active listings and a total of 99 pending listings at the end of June 2017.
Prices are down, however. The median price of a single-family home in the 33146 zip code of Coral Gables was down 4.4% from the end of June 2016 to the end of June 2017, to $920,000.
Average home prices also decreased 1.4% during that period to $1,140,603.
Which leads us to ask: "Have prices peaked in the 33146 single-family homes market?".
No need for alarm. It's too soon to tell. The market for single-family homes is still strong and this is the first downward trend we've seen in a long time. We will, of course, keep our eye on this trend and report those facts when available.
The dollar volume of sales from year-to-year increased 17.6%. In total, $106,076,100 worth of homes were sold in the first half of 2017 compared to $90,229,000 in the first half of 2016.
Homes that sold spent an average of 110 days on the market in the first half of 2017, which is 10% longer than in the first half of 2016.
Absorption Rates (1st Half of 2017)
The graph above demonstrates how the different price segments for single-family homes in the 33146 zip code of Coral Gables performed in the first half of 2017.
Yes, statistically-speaking it's a Seller's Market. However, when you break down the sales, you'll see that it's pretty much a Balanced or a Buyer's Market for homes above $1,000,000.
Homes below $1,000,000 accounted for 57% of all homes sold in the 33146 zip code of Coral Gables in the first half of 2017. The majority of sales are taking place in the $600,000 - $900,000 price range.
If you're looking to buy a home for less than $1,000,000 in this market, know that the demand for homes is greater than the supply of homes available. Generally-speaking, sellers still have leverage in negotiations.
Tips For Buyers
If you're in the market to buy a single-family home in Coral Gables (or any other area for that matter), it's important to know and understand the hyper-local market statistics for the type of home you're interested in.
An agent (or a team of agents) who specializes in your area of interest can gather and help you break down the information you need to gain insight on a particular area.
Knowing what type of market you're in allows you to develop an effective negotiation strategy that leads to results. Should you offer 10% less than the list price or 3% above asking price? Should you request that the seller pay for all of your closing costs, a portion, or none at all? Should you offer to close in 60 days or 30?
Working with an experienced agent that can help you navigate these sometimes treacherous waters can mean the difference between securing your dream home or insulting and alienating a seller with a "lowball" offer.
Tips For Sellers
No matter what kind of market you're selling in (Buyer's or Seller's), it's important that you do ALL of the things necessary to get the highest price possible in the shortest amount of time with the least amount of worry and inconvenience:
2. Price your home correctly from the get go.
Executing these 4 steps with the help of an experienced team of marketers and agents results in a very successful home selling experience.
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.
Before you go...
Top tips to sell your home for the most money in the least amount of time.
Overpricing a home to "test the market" is one of the biggest mistakes any seller can make. Here's how to avoid that.
Exposure, exposure, exposure in the right places presented in the right way. That's how you sell for top dollar.
It's IMPORTANT that your home is easy to show. The more your home is shown, the more likely you are to receive offers to purchase your home.