I haven’t posted any figures recently on the status of the market so over the next few weeks I will be sharing the Facts and Trends from different markets and price ranges. This snapshot is from $600,000-$900,000 in Coral Gables over the past year. Overall, it is a positive trend we are seeing. Since last year the inventory has close to doubled. This can be a negative, but our sales have remained strong and actually increased. In May of 2014 10 homes were sold with 19 pending, while this year 17 sold and 15 pended in the same month. Clearly our activity has remained strong in spite of the rise in inventory.
June and July this summer saw a slight dip in inventory with June bringing a spike in sales and pending properties. The average price per square foot in this $600,000-$900,000 range has grown slightly over the year from an average of $313/sf in the 2nd quarter of 2014 and $343/sf in the 2nd quarter of 2015, representing a 9% growth.
Another marker we look at is average days on market, which has fluctuated with a high of 127 days on the market in February and 63 days on the market in July. This 63 days is more in line with what we have seen over the past year. The sales price compared to original list price has held steady in the mid 90 percent range.
And finally, the ever so telling months of inventory based on closed sales marker has increased slightly over the year from 3.1 months to 3.8, but is still on the low side of the 6 month mark, which tells us it is still a seller’s market.
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