Conditions continue to favor sellers over buyers in the Coral Gables 33134 condo market even though pending listings and actual sales were down in 2015.
The 94 active listings at the end of 2015 represented a 18% decrease over the end of 2014. Pending listings (condos under contract) were slightly down as well, with 215 pending listings in 2015 indicating a 2% decrease over 2014. Actual sales of condos also decreased over the same period.
The Southeast Florida Multiple Listing Service (MLS) and CoreLogic Realist® report that in 2015 a total of 254 condo units sold in the 33134 zip code of Coral Gables. This represents a 2.7% decrease over sales in 2014.
Despite the decrease in pending listings and actual sales, the median price for condos in the 33134 zip code of Coral Gables continued to climb during that year-long period. The median price of a condo increased 3.2% between 2014 and 2015 to $351,000. Meanwhile, the average condo price decreased 2% during that period to $378,420. The dollar volume of sales decreased 4.8%. In total, $96,118,600 worth of condos sold in 2015.
Condos sold spent an average of 103 days on the market, which is 27% longer than in 2014. Generally high prices and a limited supply of inventory in certain price segments make the Coral Gables 33134 condo market a mostly favorable environment for sellers. However, the decrease in pending listings and actual sales, and the number of days it takes to sell a condo are early indicators that the pendulum may swing and favor buyers in the not-so-distant future.
Sellers in the sub $500,000 price ranges mostly find themselves at an advantage in the current market environment, while buyers looking to buy a luxury condo in Coral Gables are finding more choices.
The Gables Mavens team with DASH - A Real Estate Company provides expert real estate services to buyers and sellers in Coral Gables and the surrounding communities. Contact us today for more information on Coral Gables real estate and professional assistance navigating the sometimes complex condo market.