Celebrate good times, come on!! Sorry for the cheezy ’80’s throwback (you won’t get it out of your head now), but I most recently analyzed the high end, non-waterfront market in Coral Gables to see how we are faring compared to last year and was pleasantly surprised to see we are completely level. I would have guessed that we have seen a slow down (maybe that was just me), but in reality we have remained very steady over the year.
In the summer months of 2014 our inventory of homes on the market over $2,000,000 were averaging 52. This year it was ever so slightly increased to 53.3. The homes pending in this same time period also remained almost exactly the same with an average of 2.6 homes pended in 2014 and 3 in 2015. And finally, actual sales in this time period were an average of 4 monthly last year and 3.6 this year. This is all very encouraging to me. Price per square foot also remains similar to 2014 with an average of $512.66 this year. Our market had shown great growth over the previous years, almost too much and this shows a healthy leveling off.
Our final marker we typically look at is months of inventory based on Closed sales. This has fluctuated throughout the year, but ultimately is at the exact same place it was last June with 26 months of inventory. Overall, this gives me optimism that we are holding in this high end market and can celebrate a little stability!
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