Surging Prices, Slowing Sales: Coral Gables' Housing Market Paradox, April 2023

As the economic adage goes, "figures speak louder than words". The fluctuation in the real estate market in Coral Gables, Florida in April 2023 testifies to this saying. The robust dynamics of this market provide key insights into both the local and national real estate landscape.

Soaring Home Prices

Coral Gables saw a sharp 40.0% year-over-year increase in home prices in April 2023, with the median sale price hitting $1.4 million. This figure significantly eclipses the national average, standing at a staggering 162% higher. This upward trend underscores the increasing desirability of the region and the escalating demand for properties in the area, a phenomenon consistent with many high-demand markets across the nation.

Homes Sold and Time on Market

Despite the surge in home prices, the number of homes sold in Coral Gables experienced a downturn. In April 2023, only 66 homes were sold, marking a decrease of 27.5% compared to the previous year when 91 homes found new owners.

Concurrently, homes in Coral Gables have been taking longer to sell. The median number of days a home spends on the market shot up by 30 days year-over-year, landing at 68 days compared to 38 days last year. This increase in market time contrasts with the nationwide trend, where homes typically sell around the 25-day mark.

A Buyer’s Market

The average home sells for about 4% below the list price, and the percentage of homes sold above the list price has decreased by 15.2% compared to the previous year.

Moreover, the percentage of homes with price drops saw an increase of 7.6 points, reaching 12.6%. This could indicate that sellers are adjusting their expectations and pricing their homes more competitively to attract buyers in an evidently cooling market.

Migration & Relocation Trends

Analyzing migration and relocation trends provides an interesting perspective on the fluidity of the housing market in Coral Gables. From March to May 2023, 24% of Coral Gables homebuyers searched to move out of the city, while a majority (76%) preferred to stay within the metropolitan area.

Interestingly, Coral Gables has been attracting attention from homebuyers in major metros such as New York, Washington, and Boston, with 3% of homebuyers nationwide expressing interest in relocating to Coral Gables.

Meanwhile, the most popular relocation destinations for current Coral Gables residents were Denver, Orlando, and Cape Coral.

In Conclusion

Despite an evident slowdown in sales and a longer time on market, Coral Gables remains an attractive real estate location, with home values continuing to rise substantially. The housing market trends and dynamics in Coral Gables, as well as migration and relocation trends, will continue to shape the future of this vibrant city's real estate market. It's essential for both potential buyers and sellers to keep a close watch on these trends, as they will undoubtedly play a crucial role in making informed decisions in this ever-evolving market.

If you're a homeowner looking to sell or a buyer interested in exploring the Coral Gables housing market, don't hesitate to reach out to our experienced team for personalized guidance and support. We'll help you navigate the changing market conditions and make informed decisions to ensure a smooth and successful transaction. Contact us today to discuss your goals and let us put our expertise to work for you.

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