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Coral Gables Faces 21-Month Supply Of Luxury Condos Listed For Sale At Peak Of South Florida Winter Buying Season

Less Than 25 Coral Gables Luxury Condos Traded In Year 2019  

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (March 11, 2020) - More than 40 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the Miami suburb of Coral Gables in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of about two units monthly in the entire 12 months of 2019, Coral Gables now has about a 21-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the peak of the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting this report only tracks those Coral Gables luxury condos formally listed for sale. The report does not factor in the nearly 47,750 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region, according to CraneSpotters.com.

Currently, about nine Coral Gables luxury condo units are under contract - or pending - and waiting to transact at an average asking price of less than $1.6 million each or about $661 per square foot, according to the statistics. 

The average asking price of a Coral Gables luxury condo currently listed for sale is more than $2 million per unit. This works out to an average asking price of about $719 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the average transaction price of a Coral Gables luxury condo was more than $1.6 million or about $528 per square foot.

This means the current asking price of a Coral Gables luxury condo listed for sale is nearly 25 percent higher than the average transaction price achieved on a per-unit basis and more than 36 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In the four quarters of 2019, the sellers who were able to unload their units needed about 169 days to transact a Coral Gables luxury condo listed for sale. The current Days-On-The-Market average for Coral Gables luxury condos listed for sale is about 246, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 67 in Coral Gables, according to the statistics.

CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.