2015 was another solid year for the Coral Gables real estate market. The average “sale price/square foot” rose from $374 in 2014 to $392 in 2015. And the average sale price increased from $1,271,000 to $1,374,000. The number of sales were virtually the same as last year (533 single family homes sold), but not as high as the record number of sales we experienced during 2013 (634 single family homes sold).
In the chart below I have broken down the sales by those that are over/under $1,000,000. This helps you see how strong the $1,000,000 and below market is in Coral Gables. This segment has fewer days on the market and sells closer to asking price than those that have sold over $1,000,000.
A few other notes on specific segments of the market:
- Ultra-luxury home sales remain strong. There were exactly the same number of homes with sale prices of $3,000,000+ that sold in 2014 as in 2015 (40 homes).
- Waterfront home sales were down. The number of waterfront homes sold fell slightly in 2015 from 75 to 64, as did the average price/square foot which fell from $661/sq. ft. in 2014 to $639/sq. ft.
The real estate market in Coral Gables is changing on a daily basis. If you are thinking of selling and would like a valuation performed on your home, please give me a call anytime. I would be more than happy to sit down with you and discuss the recent comparables.
Written By Riley Smith