As the fourth quarter of 2017 takes off, it's important to reflect back on the Coral Gables 33134 single-family homes market so far.
It is critical to have a clear understanding of local market trends to ensure you are equipped with a knowledge base that better prepares you to buy or sell a home in Coral Gables.
We've combined some of the most important and relevant data into a few simple, easy-to-read infographics which showcase key sales stats for the 33134 zip code of Coral Gables for the 3rd quarter of 2017 (Q317). Enjoy!
How's the Market?
The MLS and CoreLogic Realist reports that a total of 198 single-family homes sold in the 33134 zip code of Coral Gables in the first nine months of 2017. This represents a 8.3% decrease over sales in the first 9 months of 2016 when 216 single-family homes sold.
Prices continue to climb ever-so-slightly, however. The median price of a single-family home in the 33134 zip code of Coral Gables increased 1.4% in the year-over-year comparison.
Average sale prices rose 5% during the same period to $894,072.
The dollar volume of sales from year-to-year decreased 3.3%. In total, $177,920,418 worth of homes sold in the first 9 months of 2017 compared to $183,906,800 in the first 9 months of 2016.
Homes that sold spent an average of 108 days on the market in the first 9 months of 2017, which is 10.7% less than in the first 9 months of 2016.
The graph below demonstrates how the different price segments for single-family homes in the 33134 zip code of Coral Gables performed in the first 9 months of 2017.
Homes between $500,000 - $799,999 accounted for 43% of all homes sold in the 33134 zip code of Coral Gables in the first 9 months of 2017.
Now take a look at the graph below. It demonstrates how the different price segments for single-family homes in the 33134 zip code of Coral Gables performed in Q317 (July to Sept 2017).
As you can see, there's a lot more orange in Q317. Specifically in the luxury market (homes $1 Million and above).
There were 30 months of single-family homes inventory between $1.5 - $1.99M at the end of Q317.
It's safe to say there are a lot of choices for homes above $1M.
However, not all choices are created equally. Once you sift through the listings and remove the overpriced homes just taking up space on the MLS, you're left with much less to choose from.
The Irma Effect
There were only 7 closed sales in September. This represents a 68% decrease in homes sold from September 2016 when 22 homes sold.
Furthermore, only 10 homes went under contract in September, a 47% decrease from September 2016 when 19 homes went under contract.
It goes without saying. Hurricane Irma, which made landfall in South Florida (luckily sparing us from the worst) on September 10th, had an effect on our 3rd quarter stats. The lack of electrical power, downed trees, and debris put home shopping on hold for most.
We'll go ahead and place an asterisk (*) on Q317 numbers for now and keep tabs on October and November numbers to see if the closings and pending listings were just delayed.
That said, Q317 recorded the lowest number of sales in 2017 with 54 closed sales, a 35.7% decrease from Q217 (84 closed sales) and a 15.6% decrease from Q316 (64 closed sales).
Furthermore, Q317 also recorded the lowest number of pending listings (homes under contract) in 2017 with 42 pending listings, a 41.7% decrease from Q217 (72 pending listings) and a 19.2% decrease from Q316 (52 pending listings).
Could the Irma Effect be the tipping point to the pendulum swing?
Have home prices in Coral Gables peaked?
Too soon to tell, but we'll continue to report the news as it happens.
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 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
No matter what kind of market you're selling in (Buyer's or Seller's), 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.