Buying or selling a condo in Coral Gables this summer?
Real estate is a hyper-local phenomenon.
Having a clear understanding of the latest Coral Gables condo market trends equips you with the knowledge necessary to make informed decisions that keep you from overpaying for a condo or having your condo sit on the market indefinitely.
Our easy-to-understand Coral Gables condo market infographics breaks down the most important information, so you know exactly how YOUR market is doing.
Is it a Buyer's Market
or a Seller's Market?
The Absorption Rate is the key indicator for knowing if it's a Buyer's Market or a Seller's Market.
The Absorption Rate is the amount of time it would take to sell all of the current listings at the current selling rate if no more homes were listed for sale.
It is calculated by dividing the average number of homes sold over the last six months by the total number of homes listed for sale at the end of the month.
The graph below breaks down the absorption rates for all condos in the 33134 zip code of Coral Gables by price bands and demonstrates how the different price segments of the Coral Gables condo market have performed over the last six months.
Typically, a Seller's Market has less than six months of supply, while more than six months indicates a Buyer's Market.
The market for condos in the 33134 zip code of Coral Gables is currently a Normal Buyer's Market with 7.7 months of condo inventory.
That means that, generally-speaking, buyers have more negotiating leverage than sellers at this time.
Seventy four (74%) of all condo sales in the 33134 zip code of Coral Gables are sub-$500,000 sales with condos between $200,000 and $400,000 seeing the greatest demand.
A buyer who is aware that it's a Buyer's Market not only has more condos to choose from, she may also be in a position to offer less for a condo or request additional items in her offer, such as seller concessions or repairs completed by the seller.
A seller who is aware that it's a Buyer's Market may price her condo slightly below the recent comparable sales to avoid having her condo sit on the market indefinitely and ultimately sell for less than what she could have sold for.