This is a Market Update for condos in the 33134 zip code of Coral Gables.
In the Coral Gables 33134 condo market, conditions favor BUYERS, even as prices are up compared to last year.
1st Half of 2017
The first six months of 2017 found an increase in the number of active listings and a decrease in pending listings for condos, according to the Southeast Florida Multiple Listing Service (MLS) and CoreLogic Realist.
The 156 active listings at the end of the June 2017 represented a 13% increase over the end of June 2016. Pending listings (aka condos under contract) are down, with the 92 pending listings at the end of June 2017 indicating a 9% decrease over the end of June 2016. Actual sales of condos decreased over the same period.
The MLS and CoreLogic Realist reports that a total of 98 condos sold in the 33134 zip code of Coral Gables in the first half of 2017. This represents a 16% decrease over sales in the first half of 2016 when 117 condos sold.
Prices are up despite the numbers. The median price of a condo in the 33134 zip code of Coral Gables increased 11% from the end of June 2016 to the end of June 2017, to $372,500.
Average condo prices rose 3% during that period to $417,211. Average sale price per sq ft rose 5.4% to $351.
The dollar volume of sales from year-to-year decreased 16%. In total, $40,886,650 worth of condos were sold in the first half of 2017 compared to $47,343,600 in the first half of 2016.
Condos that sold spent an average of 113 days on the market in the first half of 2017, which is 11.7% less than in the first half of 2016.
Absorption Rates (1st Half of 2017)
The graph above demonstrates how the different price segments for condos in the 33134 zip code of Coral Gables performed in the first half of 2017.
As you can see, there's a lot of orange on the graph. That means that buyers have leverage in most negotiations (generally-speaking).
Condos between $300,000 - $399,999 accounted for almost 30% of all condos sold in the 33134 zip code of Coral Gables in the first half of 2017.
According to www.cranespotters.com, there were 306 new condo units under construction in Coral Gables as of June 5, 2017. Another 781 condo units arre planned and approved, but have not yet broken ground. An additional 308 condo units are proposed, but not yet approved.
Coral Gables represents just a small fraction of new condo construction in Miami-Dade County. More than 10,000 condo units were under construction east of I-95 in Miami-Dade as of April 17, 2017. That's in addition to the 7,600 new condo units completed since 2011.
Tips For Buyers
If you're in the market to buy a condo in Coral Gables (or any other area for that matter), it's important to know and understand the hyper-local market statistics for the type of home you're interested in.
An agent (or a team of agents) who specializes in your area of interest can gather and help you break down the information you need to gain insight on a particular area.
Knowing what type of market you're in allows you to develop an effective negotiation strategy that leads to results. Should you offer 10% less than the list price or 3% above asking price? Should you request that the seller pay for all of your closing costs, a portion, or none at all? Should you offer to close in 60 days or 30?
Working with an experienced agent that can help you navigate these sometimes treacherous waters can mean the difference between securing your dream home or insulting and alienating a seller with a "lowball" offer.
Tips For Sellers
It's a Buyer's Market!
If you're thinking about selling your Coral Gables condo, it's important that you do ALL of the things necessary to get the highest price possible in the shortest amount of time with the least amount of worry and inconvenience:
2. Price your home correctly from the get go. That means pricing it below the most recent comparable sales in some cases. That's the new reality.
Executing these 4 steps with the help of an experienced team of marketers and agents results in a very successful home selling experience.
Ready to move up or out, but not sure if it's the right time to buy or sell?
Contact us today. We can help you design a viable plan for selling and moving within your desired time frame.
Before you go...
Top tips to sell your home for the most money in the least amount of time.
It's IMPORTANT that your home is easy to show. The more your home is shown, the more likely you are to receive offers to purchase your home.