Inventory is dropping! The number of homes for sale in Coral Gables (priced over $700,000) dropped 23.8% over the past 6 months (February to August 2009). If you are considering selling your house, this might be the right time. Currently 311 homes in the Gables are listed for sale at $700,000 or above. (Six months ago there were 408 homes for sale in that price range). Over the course of a single month…July to August… the number of homes listed for sale for $700,000 (and above) in Coral Gables dropped by 7.7%.
Buyers know what they want, but aren’t finding the right house to buy. I am looking for property to sell, and I may already have a buyer for yours. Wondering whether this might be the right time for you to sell ? Please give me a call at (305) 793-1365 … or contact me here. By doing a home valuation for you, we can see whether this might be a good time for you to sell… or not.
Based on the number of homes for sale in the Gables right now, from the 51 month supply of inventory we had just six months back, we now have half that amount… and are down to a 25 month supply. The average selling price now is currently $1,372,000 ($366 a square foot) … and homes are taking an average of 264 days to sell.
[tomatoframe width=”700″ height=”900″]http://post2web.trendgraphix.com/Post2Web.asp?Lev1=ewmr&Chart=/MIA/charts/M030-02-01-1329-1-38-1B-8[/tomatoframe]
| 1 month | 7 months | |||||
| July 09 | Aug 09 | % Change | Feb 09 | Aug 09 | % Change | |
| For Sale | 337 | 311 | -7.7%  |
408 | 311 | -23.8% |
| Sold | 13 | 12 | -7.7% |
8 | 12 | 50%  |
| Pended | 17 | 11 | -35.3% |
8 | 11 | 37.5% |
| Date | 2/09 | 3/09 | 4/09 | 5/09 | 6/09 | 7/09 | 8/09 |
| For Sale | 408 | 409 | 397 | 382 | 364 | 337 | 311 |
| New Listing | 49 | 59 | 43 | 38 | 44 | 36 | 32 |
| Sold | 8 | 10 | 9 | 12 | 22 | 13 | 12 |
| Pended | 8 | 15 | 14 | 21 | 26 | 17 | 11 |
| Months of Inventory based on Closed Sales | 51.0 | 40.9 | 44.1 | 31.8 | 16.5 | 25.9 | 25.9 |
| Months of Inventory based on Pended Sales | 51.0 | 27.3 | 28.4 | 18.2 | 14.0 | 19.8 | 28.3 |
| Absorption Rate based on Closed Sales | 2.0 | 2.4 | 2.3 | 3.1 | 6.0 | 3.9 | 3.9 |
| Absorption Rate based on Pended Sales | 2.0 | 3.7 | 3.5 | 5.5 | 7.1 | 5.0 | 3.5 |
| Avg. Active Price | 2611 | 2627 | 2777 | 2796 | 2904 | 2918 | 2999 |
| Avg. Sld Price | 1116 | 1756 | 2761 | 2326 | 1383 | 2054 | 1372 |
| Avg. Sq. Ft. Price | 297 | 357 | 641 | 536 | 360 | 406 | 366 |
| Sold/List Diff. % | 86 | 82 | 82 | 77 | 84 | 82 | 87 |
| Days on Market | 227 | 150 | 113 | 177 | 184 | 115 | 264 |
| Median Price | 1050 | 1725 | 1100 | 1175 | 1138 | 1388 | 1182 |
