It has been a while since I did a market update on JAB so I thought I should give everyone an idea of what we’re seeing out there! Today I’m going to focus on homes in Coral Gables between $500,000 to $1 million, and I’m excluding any short sales or foreclosures to ensure we’re comparing apples to apples.
I have good news to report. Last year at this time, there were 142 homes for sale in this price range and this year we are down 14% – so as the trend has been in the past year or so, inventory is continuing to creep back down to a more balanced level. On the other hand, the average price per square foot for a home that sold at this point last year was $261, and this year we are up to an average of $273 per square foot! While this might not be the number we were seeing a few years ago, it is certainly reassuring to know that we are starting to see prices go up again. I am confident that this trend will continue.
Activity in my office has been very busy and it is clear that people are buying houses again and real estate is picking up. So if you are thinking about buying or selling, now is the time!