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Coral Gables 33134 Single Family Homes Market Report

Raul Estrada

Raul brings over ten years of experience in marketing, managing and helping human beings buy and sell residential real estate.

Raul brings over ten years of experience in marketing, managing and helping human beings buy and sell residential real estate.

Sep 30 5 minutes read

Buying or selling a home in the 33134 zip code of Coral Gables this summer?

Real estate is a hyper-local phenomenon. 

Having a clear understanding of the latest market trends in the 33134 zip code of Coral Gables equips you with the knowledge necessary to make informed decisions that keep you from overpaying for a home or having your home sit on the market indefinitely. 

Our easy-to-understand market report breaks down the most important information at a zip code level, so you know exactly how YOUR market is doing.

For market reports in other zip codes of Coral Gables CLICK HERE.


How's the Market?

The chart below is a year-over-year analysis of the most important key performance indicators for the first half of the year (January - June) dating back to 2013. 

While the single-family market in the 33134 zip code of Coral Gables is statistically a seller's market (more on that below) and continues to perform well, key performance indicators show that the market is headed towards equilibrium:

  • The number of homes sold is down 12%. The 127 homes sold in the first half of 2018 is the lowest number of homes sold in the last 6 years.
  • The median price per sq ft is down 1%.
  • The average price per sq ft is down 5%.
  • Average days on market is up 22%.

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 chart below breaks down the absorption rates for all single-family homes in the 33134 zip code of Coral Gables by price bands and demonstrates how the different price segments of the single-family market have performed in the 33134 zip code of Coral Gables over the last six months.

Buying or selling a home in the 33134 zip code of Coral Gables this summer?

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 single-family homes in the 33134 zip code of Coral Gables is currently a Normal Seller's Market with 5.7 months of inventory.

That means that, generally-speaking, sellers have more negotiating leverage than buyers at this time.

A closer look at the individual price bands shows that the market for single-family homes below $1.2M is performing well. Generally-speaking, sellers have more negotiating leverage than buyers at this time for homes below $1.2M. 

The market for single-family homes above $1.2M is a Buyer's Market. Generally-speaking, buyers have more negotiating leverage than sellers at this time.


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 team of agents 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:

1. Prepare your home to sell. 

2. Price your home correctly from the get go.

3. Add professional photography and walkthrough tours, and expose your home on the proper web portals and social media channels.

4. Make your home available for showings!

Executing these 4 steps with the help of an experienced team of marketers and agents results in a successful home selling experience.


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Up or Out?

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home doesn't have to be
Stressful and Confusing.
Let us show you how.

What's My Home Worth?

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