This is the only report of it’s kind, five years of data on historic homes (pre 1940) in Coral Gables, in full detail.  What does the data tell you? Buyers and sellers should take notice, there is are several trends to take note of…

While we have not seen an upsurge in prices, the past two years have been relatively flat, indicating perhaps we are stabilizing.  We are also seeing $/sq. ft. plateau and even rise, which is a good indication that we are at, or near bottom.  Below you will find several charts detailing five years of data for historic homes in Coral Gables (homes built prior to 1939).

Number of closed single family home sales and Average List vs. Sales Price

The blue line shows the number of historic homes sold and the green and yellow bars indicate the average list and sales price of all historic Coral Gables homes over the five year period.  As you can see, the prices are not increasing, but 2009 and 2010 were very similar, indicating a slowing of decreasing prices (** note, in 2010, there was a single sale over $14,000,000 which skewed the rest of the data, so these numbers are for all homes sold NOT including the $14M sale, which would have made it look like an upswing in average sales price).

List to Sales Price Ratio (in %) and Average Days on Market (DOM)

This graph shows the reverse correlation of List to Sales price and the number of days the listing was on the market.  In a “seller’s market” the homes sold closer to their list price and faster.  As we entered a “buyer’s market”, the homes sold for a lower percent of the list price and were on the market longer.  The good news for sellers is that the trend seems to be at it’s “worst” (from a seller’s perspective) in 2009.  This would indicate that buyer’s might want to buy soon, as the above two graphs indicate 2009 was the strongest “buyer’s market”.

Number of Foreclosures (REOs) vs Short Sales for Historic Homes in Coral Gables

If this chat is any indication of the trend, banks are more willing to negotiate short sales rather than foreclose in the past year.  This is a reversal of what appears to have been the case in the beginning of the recession.  We have also experienced the banks wanting to negotiate short sales rather than push forward with a foreclosure, we can only hope this means a more streamlined process to come!

Comparison of Average Sales Prices by Coral Gables Subdivisions

You will see above the average sales prices for the top six sections of Coral Gables (Coconut Grove Section, Country Club, Granada, Riviera, Section B and Section E).  These are the sections which had the most sales over the years.  There are other sections, but with fewer sales, so they are not included.  Below you will find more detailed info per section.  You will see a noticeable tapering off of price reductions in most sections, other than the Country Club Section, which had a blip of excitement in 2009.

Comparison of Average $/sq. ft. by Coral Gables Subdivisions

As with the graph above, you will see a tapering off, or even recovery of the $/sf for most sections of Coral Gables, with the exception of the two most expensive, Coral Gables Section E and Country Club.  This indicates to me the best values to be had and the ones that need to be acted upon fastest are the lower priced sections (Granada and Coconut Grove) while the higher priced ones might just have reductions yet to come if the trends seen here continue…

Coral Gables Riviera Section (2,306 homes)

Coral Gables Country Club Section (1,626 homes)

Coral Gables Section B (643 homes)

Coral Gables Section E (373 homes)

Coral Gables Granada Section (1,453 homes)

Coral Gables Coconut Grove Sec PT 1 (449 homes)

Remember, this data is for homes built 1939 and earlier (historic homes only).  If you found this helpful or would like more input on your home or a home you are interested, give me a call, historic homes and market data are two of my favorite topics! 786-252-4970, my cell!

or, you can always go ahead and

List with Janie Coffey

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