The first market I am looking at are the Coral Gables single family homes priced between $1,000,000-$2,000,000. This market has been fairly strong, but you can see from the chart below that the inventory has fluctuated in the past year and is at its highest right now. Our inventory has increased since the same quarter last year by 4%. Sold homes in this quarter versus the same last year are down 24% and pending homes are down by 36%.
Interestingly, the price per square foot shows a slight uptick from $408 to $423, yet the months of inventory based on closed sales sits somewhere from 11-15 months. People will tell you a balanced market is a 6 month’s supply. This information affirms that it is, in fact, a buyer’s market.
The charts do not give us the whole picture, but shows the trends. The fact is, there are buyers out there and they are making offers. Often the sellers expect a little more than what the buyer is willing to offer. I am not saying that a seller in this market needs to consider a low ball offer, but we do need to differentiate in a realistic offer and one that is too low. I would venture to say this is what has slowed our market down and lowered our pending and sold numbers.
If you are selling in this market, really take the time to evaluate what other homes in your market have sold for before just responding that you would never consider the offer before you.
Please feel free to contact me if you are looking to buy or sell or just want advice on what is happening in this ever-changing market.
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