January 2010 through August 2010: The number of Coral Gables condos/townhomes (listed for sale) is declining. Inventory is down. Sales are up. Buyers are looking for value … and price per square foot SOLD is just ONE indication of value .
In January 2010 there were 350 condos/townhomes actively listed for sale in the Gables. 18 of those 350 listing sold. By August 2010 there were 310 condos/townhomes for sale. 27 of those 310 listings sold.
As a seller, those figures speak loud and clear. With roughly 325 units for sale in Coral Gables in any given month this year, and with only 22 of them selling, it means that about 300 of them will go unsold. Only about 14% of what’s available for purchase is selling.
Regardless of pricepoint, in order to sell your condo or townhouse, you need the X-factor! What’s the X-Factor? Whether your condo towers above the rest, or just stands out (enough to catch the eye of the meager 22 buyers who are buying) … X-FACTOR is price, view, amenities, location … and perceived value.
If you’re priced at/ or below the “median” sales price in your area, you will have a larger pool of potential buyers ‘looking’. The median price is where the market flurry is. Buyers will sift through the available listings, and the handful that are priced compellingly and that offer value, are the ones they will buy. I keep coming back to “value”. No matter what a buyer says they are looking for, they want ‘value’.
When average sales price is below average list price, which is where we are now….we are in a buyers’ market… with inventory to spare. But the graph is inching closer … and the average list price and sales price are moving toward one another.
In 2010 a buyer still holds the advantage. The SOLD price on Coral Gables condos from January 2010 until August 2010 averaged $292 per square foot….
In just the past two months (July/August 2010) the selling price per square foot jumped: $494 in July 2010 … and $410 in August 2010.
Back in 2007-2008 there were over 400 condos for sale in Coral Gables – within any given month… On average, 10 of them would sell… and the average price per square foot they SOLD for was $363. It was a buyer’s market then… It is a buyer’s market now.
INVENTORY & MARKET STATISTICS: (Coral Gables Condos)
Garage space is not included in the square feet calculations
|Months of Inventory based on Closed Sales||82.0||42.5||71.8||103.5||53.9||63.3||53.1||239.5||26.9||26.1||33.4||52.9||35.3|
|Months of Inventory based on Pended Sales||68.3||60.7||71.8||138.0||25.4||73.8||36.8||36.8||22.9||24.6||40.1||28.2||47.1|
|Avg. Active Price||689||691||634||656||637||601||665||668||695||704||715||704||707|
|Avg. Sld Price||443||487||1154||610||1065||1177||503||787||610||409||289||517||381|
|Avg. Sq. Ft. Price||296||342||413||376||478||468||348||354||402||339||280||341||282|
|Sold/List Diff. %||86||96||91||94||90||92||93||96||94||90||89||81||86|
|Days on Market||256||177||199||127||94||103||153||91||124||162||182||174||100|
If you are looking to buy or sell property in South Florida, please don’t hesitate to contact us here or on our cellulars 305 793-1365 or 305 632-0164 … Restivo Team.