The Coral Gables Real Estate Market – where is it trending?
The Real Estate Market has been a bruising one, for both pockets and egos, over the past several years. Finally, signs of stabilization are showing. Buyers are in all earnestness beginning to search for homes, sensing the “bottom” is near (or passed), inventory is down (good for sellers) and short sales have slowed.
Just snippets don’t tell the full picture of the market, so I have researched all the key indicators of the Coral Gables real estate market and graphed them for you below. Each graph shows the twenty-four month period from January 2009 through January 2011. I have pulled out and highlighted a few of the key indicators below. I have done the same for all of Miami-Dade County (this is for single family homes only), so you can compare the Coral Gables real estate market trends to Miami-Dade as a whole. The gallery includes more graphs to help explain the current market vs. two years ago.
Median Sales Price in Coral Gables vs. Miami-Dade County
(Coral Gables is the first graph, all of Miami-Dade is the second graph)
You can see that after a blip in the Spring of 2009, Coral Gables has, even with dips and peaks, remained fairly stable starting in the Summer of 2009 through today. Miami Dade saw a dip in the end of 2010.
Inventory of homes on the market, Coral Gables vs. Miami-Dade
(Coral Gables is the first graph, all of Miami-Dade is the second graph)
** Note, less than 4 months is a “Seller’s Market”, 4-6 months is a “Stable Market” and over 6 months is a “Buyer’s Market”
Both Coral Gables and Miami-Dade has seen a shrinking inventory (good for sellers, bad for buyers).
Supply and Demand, Coral Gables vs. Miami-Dade County
(Coral Gables is the first graph, all of Miami-Dade is the second graph)
The trends of shrinking supply as seen above continues, in both Coral Gables and Miami-Dade. Again, this is a sign of a stabilizing market. The closer the supply and demand come together, the closer we are to a stable market.
If you’d like more info on your immediate community, you can check out my Market Update Section or ask to be added to our email updates.
If you are interested in the luxury communities in Miami-Dade and Broward, check out the most recent TRENDS Guide (comparing 2009 to 2010). If you’d like this report in hard copy, contact me and I’d be happy to drop one off to you or put it in the mail.
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Article by Janie
Janie is past president of CREW Miami – Commercial Real Estate Women and has been in construction, real estate and development for 20 years. She has put to good use her degree in Marketing and Business from the University of Richmond in her love of marketing real estate. Having lived in such multi-cultural cities as Washington DC and Miami as well as in Europe, there was no better home in real estate than Sotheby's International Realty for Janie to reach an international audience interested in Miami real estate.
