Conditions continue to favor sellers over buyers in the Coral Gables 33134 single-family homes market even though pending listings and actual sales were down in 2015.
The 125 active listings at the end of 2015 represented a slight 3% increase over the end of 2014. Pending listings (homes under contract) were down, with the 228 pending listings in 2015 indicating a 7.7% decrease over 2014. Actual sales of single-family homes also decreased over the same period.
The Southeast Florida Multiple Listing Service (MLS) and CoreLogic Realist® report that in 2015 a total of 279 single-family homes sold in the 33134 zip code of Coral Gables. This represents a 5% decrease over sales in 2014.
Despite the decrease in pending listings and actual sales, prices for single-family homes in the 33134 zip code of Coral Gables continued to climb during that year-long period. The median price of a single-family home increased 7.4% between 2014 and 2015 to $655,000. Average single-family home prices rose 9.7% during that period to $814,795. Meanwhile, the dollar volume of sales increased 4%. In total, $227,327,900 worth of single-family homes sold in 2015.
Homes sold spent an average of 94 days on the market, which is 22% longer than in 2014. Generally high prices and limited availability in certain price segments still make the Coral Gables 33134 single-family home market a favorable environment for sellers.
First-time home buyers and empty nesters shopping for entry-level homes find themselves at a disadvantage in the current environment, while move-up buyers in the $900,000+ price range 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 for professional assistance navigating this sometimes complex home market.