Coral Gables Market Update
As one of the most popular neighborhoods in Miami, Coral Gables has grown into a great place to call home. It’s very family friendly with great private schools and some very good public schools. The neighborhood is also full of Spanish style homes with many waterfront mansions and multi-million dollar options.
Past Few Years
Coral Gables has been growing for many years and sales are very balance. For properties under $1 million, the market was balanced between buyers and sellers for the past few years. However, those properties selling for more than $1 million saw a bit of a light buyer’s market and those over $2 million leaned even more towards a buyer’s market.
This Year’s Market
Homes sold through the first quarter of 2017 in Coral Gables were split by price range with the largest percentage found between $500K and $1 million. However, 27% of the single family homes sold in Coral Gables for the first quarter were between $1 and $2 million, while another 14% ranges from $2 to $5 million. Only 1% of the homes sold were priced at more than $5 million. These percentages were nearly the same compared to the fourth quarter of 2016.
While the number of homes sold in each price range remained about the same. The sales price per square foot did not. In the fourth quarter of 2016, the average price per square foot was a little bit higher for every price range except the $2 to $3 million and the $5+ million price range when compared to quarter one of 2017. It went up by just $8 for the $2 to $3 million price range and by nearly $200 for the $5+ million price range.
However, compared to the rest of the Miami market, Coral Gables was far steadier with pricing. Most of Miami saw fluctuations with sales prices, but Coral Gables was very steady. The well balanced market has seen less inflation and less of a discrepancy between the sales price and the list price compared to the rest of Miami. The luxury market has also shown healthier numbers for the beginning of 2017.
Overall, the real estate market for Coral Gables has remained steady. Inventory is strong making is a rather balanced market with only a small difference between the list price and sales price in all major price ranges. Since 2012, the median sales price has been on the rise and it’s still on an upward trend.