Coral Gables Active Listings - 465 (very similar to last month)
193 are "luxury listings" (ie over $1,500,000) (very similar to last month)
36 are short sales (very similar to last month)
4 are foreclosures (more than last month)
Median List Price - $1,199,000 (same as last month)
Coral Gables Pending Sales - 94 (very similar to last month)
17 are "luxury listings" (up from last month)
26 are short sales (a few less than last month)
18 are foreclosures (very similar to last month)
Coral Gables Closed Sales - 31 (up slightly from last month)
4 were "luxury listings" (fewer than last month)
4 were short sales (very similar to last month)
3 were foreclsoures (same as last month)
Average List Price - $694,742 (less than last month)
Average Sold Price - $618,981 (less than last month)
List price to Sold Price Ratio - 92%
Higest Closed Listing - $1,850,000 (lower than last month)
Lowest Closed Listing - $205,000 (a short sale)
What does this mean to you?
If you have a listing in the luxury market, there is stiff competition with over 1/3 (almost 1/2!) 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 is 1.5 years of inventory on the market (a sellers market is closer to 6 months, but still a good sign, we were up to three years several months ago). 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. The GOOD sign is that properties are really moving, the inventory is down and the sales are up, so seller, things are looking up!
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. Properties are going faster than before, especially the well priced ones, now is the time to look before the market completely turns. Look at the market reports from earlier this year and you will see the trend in sales....
Check back next month for the Coral Gables October month in review!
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