In August, the Zeder Team began taking a closer look at the residential real estate market across Greater Miami, offering a short overview of the activity we are seeing as Realtors in the marketplace. 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. Whether you are interested in a particular location or the Greater Miami area generally, we hope you will appreciate our perspectives on the residential home and condominium market in South Florida.
Today we are looking specifically at waterfront single-family homes in Coral Gables real estate for the period ended September 30, 2015, whether on beautiful lakes, navigable waterways with or without bridges to Biscayne Bay, or directly on the Bay. A number of these homes are also located within some of the most desirable gated communities in South Florida.
There were 63 waterfront homes for sale in Coral Gables on September 30, with asking prices ranging from just under $1,500,000 to a high of $67,000,000, the most expensive listing in all of Miami-Dade County. With an average of six home sales per month for the six month period ended September 30, this luxury market has just over ten months of inventory supply, which is remarkably low considering the high price levels in this segment of the market.
There were 16 waterfront homes for sale in Coral Gables on September 30 with asking prices under $3 million, 20% fewer than at the same time 12 months prior. During the third quarter of 2015, 13 waterfront homes sold for less than $3 million, an increase of 44% over the nine homes sold during the same period in 2014. These two factors make this price range highly competitive for buyers, with just over four months of inventory currently available.
One-third of the waterfront homes for sale in Coral Gables are priced between $3 million and $5 million. The inventory of 21 homes as of September 30, 2015 is 11% higher than at the same time 12 months prior. With an average of slightly over one sale per month in this price range over the six month period ended September 30, the current inventory supply of 18 months creates a more competitive environment for sellers than within the lower priced waterfront home market.
Homes priced between $5 million and $10 million as of September 30, 2015 saw an increase in inventory of 70% over the same time 12 months prior, increasing from 10 homes for sale to 17 homes currently on the market. With an average of one sale per month over the 3 months ended September 30, the supply of inventory in this price range registers 17 months.
The highest end of the market, for homes over $10 million, had nine homes available on September 30, 2015, a decrease in inventory of 10% from 12 months prior. With an average of one sale every other month, this price range has an 18 month supply of inventory, which compares very favorably for homes at this ultra-luxury level.
As the fourth quarter 2015 numbers begin to come in and the Greater Miami residential market enters what has long been considered its busiest time of year, we will continue to provide you an overview on how different parts of the market are doing. We hope you’ve enjoyed this quick look into our market, and we look forward to keeping you further informed over the months ahead.
The Zeder Team
EWM Realty International
Christie’s International Real Estate