Coral Gables Sellers Seek 59% Premium On Condos Listed For Sale

8 Months Of Condo Supply For Sale In Coral Gables

DOWNTOWN MIAMI (Feb. 20, 2017) - Nearly 200 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 23 units monthly in 2016, the Coral Gables market now has more than an eight-month supply of units available for purchase at a time when the tricounty region of Miami-Dade, Broward and Palm Beach is at the peak of this year’s South Florida Winter Buying Season, according to the report based on data from the Southeast Florida MLXchange.

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 thousands of new condo units currently in the development pipeline in the tricounty South Florida region.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

The average asking price of a Coral Gables condo currently listed for sale is more than $740,800 per unit. This works out to an average asking price of $415 per square foot, according to the data compiled by CondoVulturesRealty.com.

In 2016, the average transaction price of a Coral Gables condo was nearly $466,000 or $333 per square foot.

This means the current asking price of a Coral Gables condo listed for sale is about 59 percent higher than the average transaction price achieved on a per-unit basis and nearly 25 percent higher than the average transaction price on a per-square-foot basis in 2016.

Last year, the sellers who were able to unload their units needed about 118 days to transact a Coral Gables condo listed for sale. The current Days-On-The-Market average for a Coral Gables condo listed for sale is about 102 days, according to the stats.

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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