Coral Gables Faces Nearly 10 Months Of Condo Supply Listed For Sale Before Start Of South Florida Winter Buying Season

Buyers Paid Average Of $336 PSF For Coral Gables Condos In First Nine Months Of 2019

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Nov. 12, 2019) - More than 215 condo units are formally listed for sale in the city of Coral Gables in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on condo sales of less than 23 units monthly in the first nine months of 2019, the Coral Gables market now has nearly a 10-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before the start 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 condos formally listed for sale. The report does not factor in the nearly 47,500 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

Currently, about 34 Coral Gables condo units are under contract - or pending - and waiting to transact at an average asking price of about $783,237 each or $401 per square foot, according to the statistics. 

The average asking price of a Coral Gables condo currently listed for sale is more than $817,455 per unit. This works out to an average asking price of about $446 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Coral Gables condo was nearly $451,275 or about $336 per square foot.

This means the current asking price of a Coral Gables condo listed for sale is about 81 percent higher than the average transaction price achieved on a per-unit basis and nearly 33 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the sellers who were able to unload their units needed about 105 days to transact a Coral Gables condo listed for sale. The current Days-On-The-Market average for Coral Gables condos listed for sale is about 172, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract is about 136 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.

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