Gables by the Sea – Offered at $1,350,000 – Sold in 10 Days
If you are in the Coral Gables real estate market as either a buyer or seller, you will have noticed a distint trend as of late. For the well priced homes (not under priced, but market priced), the demand is high. We are experiencing multiple, high offers, often cash and it comes to a shock to both buyers and sellers. The low inventory we have now helps to explain this shift in the market.
When inventory is high, we have a buyer’s market (they have many options to choose from and can be picky). When inventory is low, it is a seller’s market and the buyers compete with each other to win bids. A stable market is somewhere between 4 and 6 months of inventory. In our gloomiest days, we had up to a four year supply of homes in Coral Gables. We now have approximately an 8 month supply, down over 75% from two years ago and even more from 2008.
This does not mean ALL sellers are in the driver seat, it is still a buyer’s market, but it does mean that sellers who put their home on the market to sell, and position it correctly in both appearance and price, will be very happy with the results. Buyer’s are facing a wake up call when they find that they are not in control as much as they were as little as six months ago and are shocked when their low ball offers are not accepted, or even countered.
If you’d like to learn more about the Coral Gables market, give me a call, 786-252-4970, it’s my favorite topic!