The Zeder Team places a spotlight on the Coral Gables Real Estate Inventory.
Of the many factors that make a real estate market either a buyer’s market or seller’s market, months of inventory is, in my opinion, the most important. The recent Real Estate Review done by the Miami Herald reported that one of the biggest concerns of the agents surveyed is that inventory is rising too fast and sales are not keeping pace.
This month I am going to look at Coral Gables Real Estate Inventory and break down how inventory levels in May/June 2016, have changed compared to the same time period last year, in different price ranges under $4,000,000. This comparison will show that in certain segments there are significantly more homes for sale now than there were a year ago, and the number of sales has not always increased enough to keep the months of inventory relatively low.
In Coral Gables, for homes with asking prices under $500,000, there are 36% fewer homes on the market than there were last year, and the inventory has gone down from 3.5 months to 2.88 months. For homes with asking prices between $500,000 and $700,000, the number of homes on the market has increased slightly — by 9%, but the number of sales in May and June increased dramatically, resulting in the inventory dropping from 6 months to 3.6 months in just over a year, making for a very strong market in this price range.
Between $700,000 and $1,000,000, the market begins to shift. The number of homes on the market increased by over 50%, and the months of inventory rose from 4 months to 9 months. Between $1,000,000 and $1,250,000, there was an even greater percentage increase in homes on the market, almost 90%, but the number of sales also increased substantially, so the months of inventory rose only slightly, from 7.7 months to 8.25 months. Homes priced between $1,250,000 and $1,500,000 showed the most dramatic inventory increases in Coral Gables. There were over twice as many homes on the market in 2016 in this price range, and months of inventory increased from 5 months to 14 months, much more than a normal level of supply. Interestingly, between $1,500,000 and $2,000,000, the market is steady compared to last year. There was less than a 5% increase in the number of homes for sale in this price range, and only a slight increase in months of supply — from 7.5 months to 8.46 months. The number of homes for sale in the range between $2,000,000 and $3,000,000 went up by 40%, and the months of supply went up dramatically — from 8.3 months to 15 months. Finally, homes with asking prices between $3 million and $4 million also saw a large increase in the number of homes for sale, up over 40%, and a large increase in months of supply, up from 10.1 months to 16.6 months.
We hope you have enjoyed this market snapshot from The Zeder Team. Working within EWM Realty International / Christie’s International Real Estate, our team is consistently ranked among the Top 5 Realtors in Miami-Dade County, from a field of over 35,000 real estate professionals.
Nathan B. Zeder
The Zeder Team
EWM Realty International
Christie’s International Real Estate
For more information on Coral Gables real estate or Coral Gables homes for sale, contact The Zeder Team or visit allmiamirealestate.com – Judy Zeder (305-613-5550), Nathan Zeder (786-252-4023), and Kara Zeder (305-458-6515).