Take a look at the graph above, which depicts months of inventory in Coral Gables, based on closed sales, between $1,000,000 & $2,000,000. You’ll see that between October and November of 2016, inventory fell from a peak of 26.5 months’ to 7.8 months’ worth. That is a dip that so drastic that it is certainly an anomaly, but if you compare November 2016 to November 2015, inventory is still down year over year. This past November’s inventory is also well below the average of 11.25 months’ inventory reflected in the graph, meaning that the market has picked up somewhat.
With 2017 promising an interest increase, we probably will not see another graph that looks quite so much like a roller coaster, but it is good to see inventory decreasing because houses are selling. I think that 2017 is going to be a great year for all of us here in South Florida!
See the full chart and stats on the current Coral Gables Real Estate saless.
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