Coral Gables Real Estate - July 2023 Report

Snapshot of Home Values

The real estate market in Coral Gables has shown promising growth. As of now, the average home value in this picturesque city stands at a robust $1,289,401. This represents an impressive increase of 5.1% over the past year, showcasing the city's resilience and appeal in the property landscape.

Sales Dynamics

When it comes to selling, properties in Coral Gables have displayed a tendency to move quickly. On average, homes transition to a pending status in about 24 days. This indicates a strong demand and the desirability of the location.

Market Overview

To understand the real-time dynamics and the bargaining power between sellers and buyers, consider these crucial metrics:

• Sale to List Ratio: As of June 30, 2023, the median sale to list ratio stood at 0.964. This suggests that most homes are selling close to their listing price, with only a slight deviation.
• Sales Over List Price: Interestingly, 15.6% of the homes sold were able to fetch a price higher than their listed amount as of June 30, 2023. This points towards competitive bids and potential bidding wars for select properties.
• Sales Under List Price: On the flip side, 69.7% of the homes were sold for a price under their listing amount as of the same date. This indicates that while certain properties receive competitive offers, a majority offer some room for negotiation.

Looking Ahead: The Coral Gables Forecast

Given the current trends, the Coral Gables housing market looks to remain dynamic and active. The mix of properties selling above, below, and at the listing price offers opportunities for both buyers and sellers.

For buyers, the chance to negotiate or find a deal still exists. For sellers, ensuring the property is well-presented and priced competitively could lead to favorable offers.

Conclusion

Coral Gables continues to cement its reputation as a premier real estate destination. With rising home values and a market that offers opportunities for both sides of the transaction, there's never been a better time to engage in the Coral Gables property scene.

Interested in Buying or Selling in the Miami Real Estate Market? Whether you're looking to secure your next dream home or sell your current property, I'm here to help. Leverage my expertise and insights into the Miami real estate market to make informed decisions. Feel free to reach out to me through private message or email!

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Note: All data mentioned in this article are based on MLS figures up to July 31, 2023.