The first statistical increase that we have seen in this market is the amount of inventory. The third quarter of 2016 has an average of 18.5% more available inventory than during the same timeframe last year. That kind of increasing number always makes me wary because a hefty amount of available properties can soften the market; however, the good news is that sales are up 37% in that same time period. While the number of closed sales is not staggering, it is great to see an uptick in that category.
Another interesting increase is the average sale price per square foot. This jumped 7% from third quarter 2015 to 2016. If you look at the chart and discount the two months that came in with “0” for the price per square foot, then the price increase has been slow but steady and we have landed at a very respectable $448/square foot as an average sale price.
What these trends show me is that pricing a home properly is more important than ever in today’s real estate market. Properties that are sitting on the market and keeping the available inventory high are those that are priced unrealistically, while those that come onto the market at the right price are moving relatively quickly to the “sold” column. While there is definitely an emotional side to purchasing a home, at the end of the day it truly is all about the bottom line, as indicated by the third quarter of this year! See my notes and charts on the current Coral Gables Real Estate trends.
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