A total of 617 homes are currently for sale in Coral Gables. The least expensive home for sale is listed for $299,722, the most expensive is for $22,000,000. The average asking price per square foot is $437 for a non-waterfront home and $877 for a waterfront single-family home. In our current inventory of homes for sale, many have been in the market for over a year now. Of late we’ve seen many drastic price reductions, sometimes as much as 30% below asking price. This may in fact be the catalyst needed to get this market going again. For the first time in a long while, I can honestly say there are deals coming about raising eyebrows. My latest survey of the real estate market in Coral Gables clearly illustrates this reality. Take the time to examine recent sold homes in Coral Gables, I have just compiled more than 45 recent sold homes, each seemed like an good value. Mortgage rates remain attractive, though I have observed more cash deal transactions. From my point of view, this is actually comforting in that Buyers are committing to current values and may be a sign that we have reached very near the bottom of this market. If you’re buying, be ready to roll up your sleeves and work hard in getting to see all options available. Inventory levels are still high with many options available. This in fact has been a problem for most buyers in that it gets confusing after a while. Remain diligent and organized. If you’re selling, you must remain informed through the whole process of marketing your house. Knowledge is the key here; take a weekly snapshot of market conditions as it relates to your own home. Define your competition and know it well, keep track of it as times goes by and see what sells first and why. Whether you’re buying or selling, tenacity will play an important role in bringing in good results in your endeavor.
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