As the fourth quarter of 2017 takes off, it's important to reflect back on the Coral Gables 33146 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 33146 zip code of Coral Gables for the 3rd quarter of 2017 (Q317). Enjoy!
How's the Market?
The MLS and CoreLogic Realist report that a total of 131 single-family homes sold in the 33146 zip code of Coral Gables in the first 9 months of 2017. This represents a 4% increase over sales in the first 9 months of 2016 when 126 single-family homes sold.
Prices are on a downward trend, however.
Here are some notable stats for the first 9 months of 2017:
- The average sale price decreased 12.9% to $1,132,590 in the year-over-year comparison.
- The median sale price decreased 14.3% to $920,000 in the year-over-year comparison.
- The dollar volume of sales from year-to-year decreased 9.4%. In total, $148,369,300 worth of homes sold in the first 9 months of 2017 compared to $163,762,000 in the first 9 months of 2016.
- Homes that sold spent an average of 114 days on the market, which is 18.75% longer than the first 9 months of 2016.
- Homes between $500,000 - $899,999 are in greatest demand and accounted for 46% of all homes sold in the 33146 zip code of Coral Gables.
- The market for homes under $1.2 Million continues to be a seller's market (for the most part), but things start changing above that threshold.
- A total of 39 single-family homes sold for $1.2 Million and above in the first 9 months of 2017. This represents a 20% decrease over sales in the first nine months of 2016 when 49 single-family homes sold for $1.2 Million and above.
- Homes selling for $1.2 Million and above are taking longer to sell. It took an average of 138 days for homes in this price range to sell in the first 9 months of 2017, which is 36.6% longer than in the first 9 months of 2016.
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.