This is an absorption rate report for single-family homes in North Coral Gables for the month of May 2013.

Buyers and sellers should understand the absorption rates for the neighborhood or area that they are going to be buying or selling a home in.

As a seller, there is no way to price your Coral Gables home for sale correctly without knowing the absorption rate for your neighborhood or area.

The absorption rate is the ability of the real estate market to absorb or sell all of the homes available for sale (supply) in a given amount of time.

For example, if 10 homes are sold every month and there are 120 homes available for sale, it will take 12 months to sell all of the homes currently available for sale. This does not take into count the number of homes which will eventually come on the market in addition to those already for sale.

Most “experts” define a level of absorption rate that signifies a “buyer’s market” or a “seller’s market” at 6 months. Anything over 6 months of inventory indicates a “buyer’s market” and anything below indicates a “seller’s market”.

It is important to note that the supply of homes available for sale can be measured in a few ways:

Units of Supply includes any unit of inventory that was on the market and has not sold yet. In other words, units of supply includes homes that are UNDER CONTRACT (aka pending sale) as well as those that are active on the marketplace.

Active Supply includes units of inventory currently ACTIVE or accepting BACKUP offers on the marketplace. Active supply does not include homes that are UNDER CONTRACT (aka pending sale).

We use the Active Supply method to determine the absorption rate, which does not include units that are under contract. We measure units under contract in a separate report that you may find here.

Months of Inventory – Single-Family Homes

There was approximately 3.3 months of homes available for sale in the North Coral Gables single-family homes market at the end of May.

There were approximately 96 single-family homes available for sale at the end of May, 12 more than the 84 homes available for sale at the end of April.

The line graph below shows the level of inventory of single-family homes available for sale in North Coral Gables for the past 2 years.

Click here for the latest North Coral Gables Single-Family Homes Market Report.

Although the supply of homes available for sale is up from the previous month, more homes were absorbed in May (29) than in April (26), bringing the absorption rate down to 3.3 months of inventory.

Recent mortgage rate hikes affect the way buyers search for homes. In just six weeks, purchasing power is down 7.5%, according to The Mortgage Reports. A 7.5% reduction in purchase price may mean buyers changing their home search to look for homes with fewer bedrooms, fewer bathrooms, and/or fewer amenities.

North Coral Gables Single-Family Homes Prices

The median list price for a single-family home in North Coral Gables was $669,500 ($324/SF) at the end of May. The average list price stood at $890,173 ($336/SF). The line graph below illustrates the median list price in North Coral Gables for the past year.

Seven (7) of the 96 homes available for sale at the end May were short sales. There were no REOs (commonly referred to as a “foreclosure”) in North Coral Gables listed for sale at the time.

What do you make of 93% “regular sales” in the North Coral Gables single-family market? That means 93% of the homes available for sale in North Coral Gables at the end of May were NOT distressed i.e., not a short sale or REO.  That’s a telling number, but you won’t hear it on the local news or anywhere else.

Hyper-local information has its privileges. There’s a marked difference between a national economist’s prediction and a local real estate professional looking up the facts and posting them on this site for you to benefit.

The average days on market (DOM) for single-family homes listed in North Coral Gables at the end of May was 101. The median days on market was 62 days.

All real estate is local. Don’t make important decisions like selling your Coral Gables home without knowing your numbers.

Find out how much your home is worth. Call me today at 305-491-7179 or send me a note to adrian@gablesmavens.com. I will be more than glad to offer advice and guidance on current market conditions.

This is a North Coral Gables condos sold report for February 2013.

All real estate is local. While this market report is specific to condos in North Coral Gables, there are neighboring communities with different levels of inventory and market characteristics.

Feel free to contact me if you’re interested in learning more about the market characteristics in the surrounding communities.

Thirty (30) condos sold in North Coral Gables last month. That’s fourteen (14) condos more than the 16 condos sold in April 2012 in the year-over-year comparison.

It’s also the highest number of condos sold in one calendar month in North Coral Gables over the last 4 years. I’ll say it again. The market for condos in North Coral Gables is hot, hot, hot!

Click here for more information regarding absorption rates in North Coral Gables.

April sales ranged from a 310 square foot studio in Salzedo in the Gables at 1014 Salzedo St #104 that sold for $51,500 ($166/SF) to a 3,000 square foot condo in Avignon in the Gables at 2401 Anderson Rd #9 with 4 bedrooms and 4 1/2 baths that sold for $1,125,000 ($375/SF).

That is the first “million dollar sale” for a condo in North Coral Gables in 2013 and the first since unit #2 at Gardens on Valencia sold for $1,100,000 in November 2012.

This is a North Coral Gables single-family homes sold report for April 2013.

All real estate is local. While this market report is specific to single-family homes in North Coral Gables, there are neighboring communities with different levels of inventory and market characteristics.

Feel free to contact me if you’re interested in learning more about the market characteristics in the surrounding communities.

Twenty six (26) single-family homes sold in North Coral Gables last month. That’s four more than the 22 single-family homes that sold in April 2012 in the year-over-year comparison.

Click here for more information regarding absorption rates in North Coral Gables.

April sales ranged from a short sale in the Coral Groves subdivision of Coral Gables at 434 Mendoza Ave that sold for $230,000 ($164/SF) to a 4,576 square foot two-story home with 4 bedrooms and 4 1/2 baths on a 18,750 square foot lot at 1036 S Greenway Dr that sold for $1,998,000 ($437/SF).

Interesting to note: the home at 745 Minorca Ave, the subject of historic designation gone sour (more on that story here), sold last month for $606,000 ($236/SF).

Six (6) sales broke the million dollar mark in April, the most in one calendar month this year.

Three (3) of the 26 single-family homes sold in North Coral Gables in April were REOs. One (1) short sale sold in April.

Eight (8) of the 26 homes sold in April were all-cash purchases. Fourteen (14) were purchased with a conventional loan and three others with a FHA loan  The remaining home was categorized as “Other”.

Sold-to-List Price Differential

The sold-to-list price differential, also known as the sale-to-list ratio, is the final sales price (what a buyer pays for the home) divided by the list price (at the time of sale) expressed as a percentage.

The average sold-to-list price differential stood at 96.1% for April. Two (2) of the 26 homes sold for full asking price. Four (4) homes sold above asking price.

The average days on market for homes sold in April was 79 days. The median days on market was 56.

The numbers show that homes prepared to sell and priced competitively from the get go are selling pretty quickly.

In Closing

Is the uptick in sales the last 2 months any indication of what to expect during the summer?

While the supply of homes available for sale remains historically low and demand remains consistently strong, it’ll be interesting to see how the demand/supply game plays out as the weather warms, school gets out, and summer kicks in.

When using this information, it is important to note that the data above is derived from an aggregation of many homes and an individual sale may not have the same behavior as all the homes put together.

All real estate is local. Don’t make important decisions like selling your Coral Gables home without knowing your numbers.

Find out how much your home is worth. Call me today at 305-491-7179 or send me a note to adrian@gablesmavens.com. I will be more than glad to offer advice and guidance on current market conditions.

Coral Gables Restaurant Week, the “week” where your favorite Coral Gables restaurants offer a three-course lunch and/or dinner menu with at least 20% savings off their regular menu prices is back.

Save your appetite. This year’s edition has been extended to 3 weeks and includes some of the newer eateries (yes, I’m talking Swine) that weren’t around this time last year.

The event takes place from June 10th – June 30th.

As in previous years, Taste of the Gables, a 2-hour taste sampling from Coral Gables Restaurant Week participants, kick starts the three-week event on Thursday, June 6th at 6:30 pm. The Westin Colonnade at 180 Aragon Ave in Downtown Coral Gables will host the event.

Tickets for Taste of the Gables can be purchased in advance for $25. Admission includes sample tastes from 20 restaurants and a chance to vote for your favorite “Taste” dish. The same ticket will cost $35 the day of the event.

VIP tickets are $50 in advance or $65 the day of the event and limited to 150 tickets. VIP tickets give you access to all General Admission areas and entry into “1862 Room”, an exclusive area where you can get your Bacardi on and enjoy additional food stations that regular folk won’t have access to. Oh…you get a goody bag to take home too. If I were a betting man, I’d bet that there will be lots of Bacardi-branded sh stuff in the bag.

To purchase tickets for Taste of the Gables, visit their website here.

This year’s edition of Restaurant Week offers something completely new and very exciting. Four of the participating restaurants will be hosting unique, ticketed in-house events. One in particular, Midnight Chef’s Table Dinner at Swine featuring Eating House chef, Giorgio Rapicavoli, jumps right at me.

I have a feeling those tickets will be selling FAST.

The following restaurants will be participating in Coral Gables Restaurant Week per their website (click on the hyperlink for menu info on each):

• Anacapri on Ponce
• Angelique
• Azucar
• Benihana
• Bread + Butter
• Bulla
• Caffe Abbracci
• Caffe Vialetto
• California Pizza Kitchen
• Castelluccio
• Christy’s
• Cibo Wine Bar
• Fleming’s Steakhouse
• Fritz & Franz
• Ikura Sushi Lounge
• JohnMartin’s
• La Dorada
• La Taberna Giralda
• Le Provencal
• Miss Saigon Bistro
• Morton’s
• Ortanique on the Mile
• Randazzo’s
• Red Koi Thai & Sushi Lounge
• Ruth’s Chris
• Seasons 52
• Spritz (fka Spris)
• Sushi Maki
• Sushi Samba
• Swine Southern Table & Bar
• Talavera Cocina Mexicana
• Tarpon Bend
• The Cafe at Books & Books
• The Dome
• The Globe
• The Local

For more information on this event visit http://coralgablesrestaurantweek.com/.

If you’d like me to be a guinea pig and try out any of these restaurants with you, call me at 305-491-7179. No strings attached, of course.

If you enjoyed this article, get email updates (it’s free).

This is a pending sales report for condos in North Coral Gables for the month of April 2013.

All real estate is local. While this pending sales report is specific to condos in North Coral Gables, there are neighboring communities with different levels of inventory and market characteristics.

Feel free to contact me if you’re interested in learning more about the market characteristics in the surrounding communities.

Pending sales, or the number of condo units that go under contract, are a key indicator of demand. They approximate the number of sales that will take place over the next 30 to 45 days.

Pending sales also help sellers determine what price points are attracting buyers. They do nothing to tell you what price the seller and buyer actually agreed upon, but they do help indicate what direction the local real estate market is moving in.

Twenty six (26) condo units went pending sale (under contract) in North Coral Gables in April, the most in one calendar month since 28 condos went under contract in January 2012.

Demand increased by 4 units in a month-over-month comparison (22 condo units went under contract in March).

Click here for absorption rates and inventory levels for condos in North Coral Gables.

Demand for condos in North Coral Gables increased by 9 units in April in the year-over-year comparison.

The average list price of all the condos that went under contract in April was $365,657 ($308/SF). The median list price was $345,950 ($310/SF).

Click on the image above to see a larger version.

All real estate is local. Don’t make important decisions like selling your Coral Gables condo without knowing your numbers.

Need information on Coral Gables real estate market conditions?

Wanna know how much your Coral Gables condo is worth?

Is it a good time to sell? Is it a good time to buy? Call us today at 305-491-7179 for a free consultation. There are never any strings attached. Just good information and great conversation.

This is a pending sales report for single-family homes in North Coral Gables for the month of April 2013.

All real estate is local. While this pending sales report is specific to single-family homes in North Coral Gables, there are neighboring communities with different levels of inventory and market characteristics.

Feel free to contact me if you’re interested in learning more about the market characteristics in the surrounding communities.

Pending sales, or the number of single-family homes that go under contract, are a key indicator of buyer demand. They approximate the number of sales that will take place over the next 30 to 45 days.

Pending sales also help sellers determine what price points are attracting buyers. They do nothing to tell you what price the seller and buyer actually agreed upon, but they do help indicate what direction the local Coral Gables real estate market is moving in.

Thirty (30) single-family homes went pending sale (under contract) in North Coral Gables in April, the most homes to go under contract in a single calendar month in the last 3 years. More proof that demand for single-family homes in Coral Gables is hot.

Demand increased by 6 units in a month-over-month comparison (24 single-family homes went under contract in March).

Click here for more information regarding absorption rates and inventory levels for single-family homes in North Coral Gables.

Demand increased by 6 single-family homes in the April year-over-year comparison.

The average list price of all the homes that went under contract in April was $611,087 ($289/SF). The median list price was $608,500 ($294/SF).

The average days on market for those homes was 59 days.

Only one (1) of the 30 homes that went under contract in April was listed above the $1 million mark.

Click on the image above to see a larger version.

All real estate is local. Don’t make important decisions like selling your Coral Gables home without knowing your numbers.

Need information on Coral Gables real estate market conditions?

Wanna know how much your Coral Gables home is worth?

Is it a good time to sell? Is it a good time to buy? Call us today at 305-491-7179 for a free consultation. There are never any strings attached. Just good information and great conversation.

Every Coral Gables home seller’s goal is to get the highest possible price in the shortest amount of time, with the least amount of worry and inconvenience (or at least it should be).

As a seller, you control the condition of your home, the terms acceptable to you (financing, days to close, etc.), your home’s availability for showings, and most importantly, the list price of your home.

Pricing your Coral Gables home to sell from the onset is the most important decision you will make as a seller. The best marketing in the world can’t get your home sold if it’s overpriced.

Overpricing a home to “test the market” is one of the biggest mistakes any seller can make. The market was already tested by the recent comparable sales in your area.

The First 21 to 30 Days

The first 21 to 30 days that your Coral Gables home is on the market are the most important. That’s when your home attracts the most attention, gets the most showings, and (experience shows) generates the best offers.

What makes those first 21 to 30 days so magical?

Let’s assume that at any point in time, there are 50 active buyers in the North Coral Gables real estate market, with 5 of those buyers exiting (via purchase or otherwise) and 5 new ones entering the market every month.

Those buyers have already “caught up to the market”. In other words, they are quickly aware of any new listings that come online – having already seen, considered, and possibly placed offers on previously existing or competing inventory.

In those first 21 to 30 days you have the potential of that entire pool of buyers seeing your home, considering it, and placing an offer on it.

What happens after that first month on the market when this pool of existing buyers is already aware of your property?

Five buyers drop out and 5 new ones come in. Now, instead of having 50 potential buyers for your home, you’re left with 5 new ones who are wondering why your home is still on the market.

The chances of generating the same level of buyer traffic and offers as in those first 21 to 30 days diminish greatly. Offers that come in later are almost always lower than the initial offers.

When a home generates plenty of showing activity, but no offers, that often indicates that the home is overpriced.

Putting a home on the market at a price that reflects what you want and not what the market will bear can cost you time and money. The longer your home stays on the market, the greater the chances of getting less for it.

A large portion of your success in selling your home for the highest price possible in the shortest amount of time comes from pricing your Coral Gables home to sell from Day One.

Ready to put your Coral Gables home on the market? Need help determining a pricing strategy that will generate offers guaranteed to sell your home for top dollar? Give us a call (305-491-7179) and we’ll get the ball rolling!

If you enjoyed this article, get email updates (it’s free).

Buying a home in a seller’s market like the Coral Gables real estate market can be a frustrating experience.

Home buyers are bemoaning the lack of inventory in our local market.

If you happen to be in the market to buy a Coral Gables home, there are a few things you should know.

When you find the perfect home, make an offer.

Don’t wait, don’t bargain. Make the best offer you can make from the get go.

Offer your best possible price and a respectable earnest money deposit (a strong deposit sends a message that you’re serious about buying the home). Add your personal details and include a fantastic story about why you want NEED that house to be your home!

The offer you write may be your ONLY chance to win the home, your Coral Gables dream home, so you want to give it your best shot.

In a market like the Coral Gables real estate market where inventory is low and homes priced to sell stay on the market for a short amount of time, multiple offers are very common. Most are near or at asking price. Some are beyond it.

In many cases, home sellers need to evaluate several offers. If yours is one of many (your agent should be able to tell you if other parties have indicated interest), you need to make it stand out.

3 Steps to Writing the Best Offer For Your Coral Gables Home

1. Offer up as much cash as you can in the form of an earnest deposit with the best possible price you can pay.
2. If you need financing to purchase the home, get PRE-APPROVED and formalize it by including a letter (or DU Approval) from your lender as part of your offer. Encourage the seller’s agent (listing agent) to contact your loan officer or mortgage broker if they have questions regarding your pre-approval.
3. Write a from-the-heart appeal that explains your feelings about the house and why you need their home to be your home. If you have a good personal story, share it as well. Some home sellers are motivated by more than price. If they can “see” you in the home, it could make a difference.

Need help putting together a strong offer for your Coral Gables home? Let’s talk – 305-491-7179 or adrian@gablesmavens.com.

If you enjoyed this article, get email updates (it’s free).

This is an absorption rate report for condos in North Coral Gables for the month of April 2013.

Buyers and sellers should understand the absorption rates for the neighborhood or area that they are going to be buying or selling a condo in.

There is no way to price your Coral Gables condo for sale correctly without knowing the absorption rate for your neighborhood or area.

The absorption rate is the ability of the real estate market to absorb or sell all of the condo units for sale in a given amount of time.

For example, if 10 condo units are sold every month and there are 120 condo units available for sale, it will take 12 months to sell all of the condo units currently listed for sale. This does not take into count the number of condo units which will eventually come on the market in addition to those already for sale.

Most “experts” define a level of absorption rate that signifies a “buyer’s market” or a “seller’s market” at 6 months. Anything over 6 months of inventory indicates a “buyer’s market” and anything below indicates a “seller’s market”.

Before we delve into the numbers, it is important to note that the supply of condos available for sale can be measured in a few ways:

Units of Supply includes any unit of inventory that was on the market and has not sold yet. In other words, units of supply includes condos that are UNDER CONTRACT (aka pending sale) as well as those that are active on the marketplace.

Active Supply includes units of inventory currently ACTIVE or accepting BACKUP offers on the marketplace. Active supply does not include condos that are UNDER CONTRACT (aka pending sale).

We use the Active Supply method to determine the absorption rate, which does not include units that are under contract. We measure units under contract in a separate report that you may find here.

Months of Inventory – Condo Units

There was approximately 5.1 months of inventory in the North Coral Gables condo market at the end of April.

There were approximately 86 condos available for sale at the end of April.

The line graph below shows the level of inventory of condos available for sale in North Coral Gables for the past 2 years.

Click here for the Q1 2013 North Coral Gables Condo Report.

Although the supply of condos has risen slightly since the beginning of the new year, the number of condos available for sale in North Coral Gables remains historically low.

Basic economics tells us that as the supply of condos available for sale increases, prices flatten or go down. Low supply and high demand continue to drive up prices in the Coral Gables real estate market.

North Coral Gables Condo Prices

The median list price for a condo in North Coral Gables was $384,450 ($339/SF) at the end of April. The average list price went down to $407,786 ($331/SF). The line graph below illustrates the median list price for condos in North Coral Gables for the past year.

As the supply of condos available for sale has diminished, the median list price has continued to increase.

Six (6) of the 86 condos available for sale at the end of April were short sales. There were 3 REOs (commonly referred to as a “foreclosure”) in North Coral Gables listed for sale at the time.

Condo units sat on the market a little longer in April.

The average days on market (DOM) for condos listed in North Coral Gables at the end of April was 149. The median days on market was 74 days.

All real estate is local. Don’t make important decisions like selling your Coral Gables condo without knowing your numbers.

Find out how much your condo is worth. Call me today at 305-491-7179 or send me a note to adrian@gablesmavens.com. I will be more than glad to offer advice and guidance on current market conditions.

This is an absorption rate report for single-family homes in North Coral Gables for the month of April 2013.

Buyers and sellers should understand the absorption rates for the neighborhood or area that they are going to be buying or selling a home in.

As a seller, there is no way to price your Coral Gables home for sale correctly without knowing the absorption rate for your neighborhood or area.

The absorption rate is the ability of the real estate market to absorb or sell all of the homes available for sale (supply) in a given amount of time.

For example, if 10 homes are sold every month and there are 120 homes available for sale, it will take 12 months to sell all of the homes currently available for sale. This does not take into count the number of homes which will eventually come on the market in addition to those already for sale.

Most “experts” define a level of absorption rate that signifies a “buyer’s market” or a “seller’s market” at 6 months. Anything over 6 months of inventory indicates a “buyer’s market” and anything below indicates a “seller’s market”.

It is important to note that the supply of homes available for sale can be measured in a few ways:

Units of Supply includes any unit of inventory that was on the market and has not sold yet. In other words, units of supply includes homes that are UNDER CONTRACT (aka pending sale) as well as those that are active on the marketplace.

Active Supply includes units of inventory currently ACTIVE or accepting BACKUP offers on the marketplace. Active supply does not include homes that are UNDER CONTRACT (aka pending sale).

We use the Active Supply method to determine the absorption rate, which does not include units that are under contract. We measure units under contract in a separate report that you may find here.

Months of Inventory – Single-Family Homes

There was approximately 3.8 months of homes available for sale in the North Coral Gables single-family homes market at the end of April.

There were approximately 84 single-family homes available for sale at the end of April, 6 less than the 90 homes available for sale at the end of March.

The line graph below shows the level of inventory of single-family homes available for sale in North Coral Gables for the past 2 years.

Click here for the Q1 2013 North Coral Gables Single-Family Homes Market Report.

There was a slight uptick of inventory to begin the year when demand for single-family homes was (seasonally) down. That changed in March when 32 single-family homes sold.

Basic economics tells us that as the supply of homes available for sale increases, prices flatten or go down. Low supply and high demand continue to drive up prices in the Coral Gables real estate market. Barring any unforeseen circumstances, we should continue to experience a strong real estate market in Coral Gables this summer.

North Coral Gables Single-Family Homes Prices

The median list price for a single-family home in North Coral Gables was $699,900 ($322/SF) at the end of April. The average list price stood at $972,903 ($338/SF). The line graph below illustrates the median list price in North Coral Gables for the past year.

Seven (7) of the 84 homes available for sale at the end April were short sales. There were no REOs (commonly referred to as a “foreclosure”) in North Coral Gables listed for sale at the time.

It’s safe to say that the Coral Gables single-family homes market is not distressed.

The average days on market (DOM) for single-family homes listed in North Coral Gables at the end of April was 109. The median days on market was 67 days.

All real estate is local. Don’t make important decisions like selling your Coral Gables home without knowing your numbers.

Find out how much your home is worth. Call me today at 305-491-7179 or send me a note to adrian@gablesmavens.com. I will be more than glad to offer advice and guidance on current market conditions.