The Zeder Team places a spotlight on the Coral Gables condominium real estate market.
The Greater Miami condominium/townhome market has always garnered a lot of attention, but never more so than in recent years, with more sales of million-dollar condominiums than single family homes, and some or the most expensive residential sales in South Florida’s history. This month we are going to take a closer look at the condominium market in Coral Gables real estate.
As of the end of March, 2016, there were 187 condo units on the market in Coral Gables, ranging from just over $100,000 to just over $3,000,000. With 28 closed sales in March, this represents 6.6 months of inventory, which is considered to be a very healthy market. Compared to March a year ago, the inventory has grown just over 10%, but the number of sales has increased by the same amount, so there has been no change in the months of inventory from a year ago. When looking at the numbers for the first quarter compared to a year ago, the market is actually doing a little better, with 8.1 months of inventory now compared to 8.9 months after the first quarter of last year.
Breaking the market down further, at the end of March there were 108 units for sale in Coral Gables for under $500,000, and there were 19 sales during that month, equal to 5.6 months of inventory. That is almost 60% of all units available and almost 70% of all sales, by far the most active price range in Coral Gables. That is also a little stronger than one year ago, when there was 6.7 months of inventory using the numbers from March of 2015.
Between $500,000 and $1,000,000, there were 45 units on the market — a 50% increase from a year ago. That is a substantial amount of new inventory, and something the market should continue to watch closely, as it also represents a 50% increase since the end of January this year. With such an increase, it is no surprise that the inventory in this price range has leaped to 9 months, up from only 3 months last year.
The luxury market, for units with asking prices of over $1,000,000, had 34 units for sale at the end of March, which considering the higher price range is a relatively healthy 8.5 months of inventory. Last year there were 2 more units for sale and 3 fewer sales. Comparing the numbers at the end of the first quarter, there are just over 12 months of inventory on the luxury unit market this year, exactly the same amount as a year ago.
We at the Zeder Team hope you’ve enjoyed this brief outlook at the Coral Gables condominium market, and we look forward to keeping you up to date on different communities in the months to come.
Nathan B. Zeder
The Zeder Team
EWM Realty International
Christie’s International Real Estate
For more information on Coral Gables Condos 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).