The past few years have been such an unsteady time in the real estate market that is has left people guessing how much our market is really down. So I want to give you a glimpse at what has really transpired, in terms of our home values. Below is a breakdown evaluating the average sold price per square foot of a home during the month of August over the past three years. This week I am investigating Coral Gables and Coconut Grove, in the price range between $800,000 and $1,250,000.
Coral Gables – average price/square foot:
August 2007 – $336
August 2008 – $312
August 2009 – $298
Coconut Grove – average price/square foot:
August 2007 – $333
August 2008 – $298
August 2009 – $284
You can see that there is a great difference between values in 2007 and 2009, but we have seen a shift recently with people buying again, and prices stabilizing. I am hopeful that within the next couple years, we will begin to see these numbers start to inch up again.