Coral Gables Real Estate Market Update for February 2009

Coral Gables Active Listings - 598
    227 are "luxury listings" (ie over $1,500,000)
    51 are short sales
    17 are foreclosures
    Median List Price - $995,000
    New Listings in Feb - 82

Coral Gables Pending Sales - 52
    7 are "luxury listings"
    16 are short sales
    12 are foreclosures

Coral Gables Closed Sales - 16
    3 were "luxury listings"
    1 was a short sale
    6 were foreclsoures
    Average List Price - $777,000
    Average Sold Price - $677,000
    List price to Sold Price Ratio - 90%
    Higest Closed Listing - $1,900,000 -
    Lowest Closed Listing - $189,900 (a foreclosure)

What does this mean to you?  

If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coral Gables in the top 10% of Miami-Dades' pricing ("luxury listings").  Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months).  In order to be a viable listing, the price must be correct and the marketing top notch.  Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly.  Most foreclosures sell quickly and close to, or above list price.  In order to have the best chance of snatching one of these deals up, work with an experienced Coral Gables Broker who is comfortable with foreclosures (like me, hint hint ;-).  They will advise you as soon as a new property comes on the market or drops in price to be within your price range.  They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coral Gables March month in review!

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