In the Coral Gables 33134 Single-Family homes market, conditions continue to favor buyers over sellers, even as less homes became available and more homes went under contract at the end of January compared to last year.
January 2017 found a decrease in the number of active listings and an increase in the number of pending listings for single-family homes, according to the Southeast Florida Multiple Listing Service (MLS) and CoreLogic Realist.
The 137 active listings at the end of January represented a 4% decrease over January 2016. Pending listings had a surprising jump, with the 25 pending listings in January 2017 indicating a 66% increase over January 2016. Actual sales of single-family homes decreased over the same period.
The MLS and CoreLogic Realist reports that in January 2017, a total of 12 single-family homes sold in the 33134 zip code of Coral Gables. This represents a 47% decrease over sales in January 2016.
Prices continued to climb during that year-long period. The median price of a single-family home in the 33134 zip code of Coral Gables increased 12.5% from January 2016 to January 2017, to $832,500. Average home prices rose 14% during that period to $1,116,603. The dollar volume of sales from year-to-year decreased 40%. In total, $13,399,240 worth of homes were sold in January 2017 compared to $22,501,000 in January 2016.
Homes that sold spent an average of 155 days on the market in January 2017, which is 31% longer than in January 2016.
Market Snapshot (Last 6 Months)
The MLS and CoreLogic Realist reports that between August 2016 and January 2017, a total of 122 single-family homes sold in the 33134 zip code of Coral Gables. This represents a 9.6% decrease over sales between August 2015 and January 2016 when 135 single-family homes sold.
The median price of a single-family home in the 33134 zip code of Coral Gables increased 6% to $730,000. Meanwhile, average home prices decreased 0.51% during that period to $851,275 and the dollar volume of sales decreased 10%. In total, $103,855,600 worth of homes sold August 2015 and January 2016 compared to $115,515,900 between August 2016 and January 2017.
Homes that sold spent an average of 122 days on the market between August 2016 and January 2017, which is 3.9% shorter than between August 2015 and January 2016.
Absorption Rates (Last 6 Months)
The graphs above demonstrate how the market for single-family homes in the 33134 zip code of Coral Gables performed over the last 6 months in a year-over-year analysis.
Entry-level homes under $600,000 were in high demand between August 2015 - January 2016. As a matter of fact, 41% of all homes sold in the 33134 zip code of Coral Gables during that time period sold for $600,000 or less. That number dwindled to 28% between August 2016 - January 2017.
Homes in the $500s, historically the "bread and butter" of the local market, experienced a 39% decrease in demand with only 14 single-family homes sold in the last 6 months.
Entry-level homes affect the chain of demand. All other segments benefit when this level of the market performs well, as it releases those sellers into the move-up and luxury markets. When it stagnates, it typically creates a bottleneck in the higher price segments.
Tips For Buyers
If you're in the market to buy a single-family home 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 5% 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
When the supply of homes available for sale swells and your competition for buyers increases, 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.
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.
Overpricing a home to "test the market" is one of the biggest mistakes any seller can make. Here's how to avoid that.
Exposure, exposure, exposure in the right places presented in the right way. That's how you sell for top dollar.
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.