Whether you have spent 30 years in residential real estate like I have, or you are a total novice, it is clear that the market Is moving in all price ranges, but the graph above paints a very clear picture of what is presently happening in the Coral Gables real estate market in the $1,000,000-$2,000,000 range. It is moving!
If you compare the three month period of November, December, January of 2019-2020 to those same months in 2020-2021, then you will see a marked difference in the amount of inventory, the number of pending sales, and the number of closed transactions, all of which indicate that inventory is low and sales are high. In 2019-2020, we saw an average of 122 active listings, 9 houses going pending, and 11 closings. In 2020-2021 those numbers both dipped and jumped. The average number of active listings plummeted by over 38%, to 75. Conversely, the numbers of pending sales and closings spiked to 21 and 22, respectively.
The graph shows that the number of available homes is dwindling, while the desire to purchase homes here in the Gables is increasing. This push and pull between supply and demand is driving prices higher and causing bidding wars, which is something that we have not experienced for a while. It is a wild market that does not seem to be slowing down, so if you are thinking about selling your home, now is the perfect time to do so.