Buying or selling a condo in Coral Gables this spring?
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.
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 condos were listed for sale.
It is calculated by dividing the average number of condos sold over the last six months by the total number of condos listed for sale at the end of the month.
For example, if 60 condos sold in the last six months (average of 10 condos/per month) and 100 condos are still listed for sale at the end of the month, there are ten months of condo supply in the market (100 divided by 10 = 10).
Why is it important to know the Absorption Rate?
The Absorption Rate tells you if the market you're buying or selling a condo in is in a Buyer's Market or a Seller's Market.
Typically, a Seller's Market has less than six months of supply, while more than six months indicates a Buyer's Market.
A buyer who is aware that it's a Buyer's Market may be able to offer less for a condo or request additional items in their offer, such as seller concessions from a homeowner.
A seller who is aware that it's a Seller's Market may be able to price their condo slightly above the recent comparable sales.
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.
The market for condos in the 33134 zip code of Coral Gables is currently an Extreme Buyer's Market with 9.4 months of condo inventory.
Generally-speaking, buyers have more negotiating leverage than sellers at this time.