Downtown Coral Gables Condo Market Report
Buying or selling a condo in Downtown Coral Gables this year?
Real estate is a hyper-local phenomenon.
Having a clear understanding of the latest condo market trends in the 33134 zip code of Coral Gables (i.e., Downtown Coral Gables) 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 with multiple price reductions and low-ball offers.
Our easy-to-understand Coral Gables market reports break down the most important information at a city and zip code level, so you know exactly how YOUR condo market is doing.
Looking for other market reports for the Coral Gables real estate market?
Is it a Buyer's Market or a Seller's Market?
The Absorption Rate, 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, is the key indicator for answering the question, "Is it a Buyer's Market or a Seller's Market?"
It's 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.
The graph below breaks down the absorption rates for all condos in Downtown Coral Gables by price bands and demonstrates how the different price segments of the Downtown 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 Downtown Coral Gables is currently a Normal Buyer's Market with 7.5 months of inventory.
With interest rates rising, expect flat to slight depreciation for condos under $500,000 and slight to moderate depreciation for condos above $500,000.
Condos between $200,000 - $500,000 are showing the greatest demand, accounting for nearly 61% of all condo sales in Downtown Coral Gables in the last 6 months.
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 from 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.
Tips For Buyers
If you're in the market to buy a condo in Downtown Coral Gables (or any other area), it's important to know and understand the hyper-local market statistics for the type of condo 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 to help you navigate these sometimes treacherous waters can mean the difference between securing your dream home or insulting and alienating a seller with a "low-ball" 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 condo correctly from the get go.
Executing these 3 steps with the help of an experienced team of marketers and agents results in a successful home selling experience.
ARE YOU WORRIED ABOUT "LEAVING MONEY ON THE TABLE" WHEN SELLING YOUR CONDO?
What your condo needs is exposure - When you work with us to sell, your condo will be seen, discovered, and understood in the marketplace.
With the proven Maven Marketing Plan, your condo will have high-definition photography, interactive 3D tours, professional short films, StoryBrand copywriting, targeted social media advertising, and more.
When you match the right images with the right words and showcase them to the right people in the right places, more qualified buyers discover your condo and you sell for more faster.