It’s what people always want to talk about at parties, “What’s going on in the market?” So here’s the scoop for non-waterfront, arm’s length transtactions in Coral Gables between $1,000,000 and $2,000,000 this year. As you can see in the chart below, inventory rose from 57 homes last November to 90 this November , yet sales went from 10 in November 2014 to 5 this year November. We had 5.7 months of inventory last November and 18 months this November. While sales are down and inventory is up , the good news is the average days on market for a home has gone down from 114 days to 56.
All of this information is consistent with what we have been seeing and feeling all year. We did start to feel a pick up in activity in the last couple of months this year , it is likely due to the slight increase in interest rates. The market is often slow to see the change in activity, but I predict a busy start of the year. Let’s see what 2016 brings. Ashley Cusack is an associate with EWM Realtors. She is a 2015 Who’s Who in Miami Residential Real Estate, Member of The Council of Residential Specialists, Member of The Institute for Luxury Home Marketing.
Ashley is passionate about fitness. She is a long distance runner, and coaches girls lacrosse. She volunteers at St Thomas Episcopal Church, and serves on the Junior League of Miami Foundation Board; Beaux Arts. You can find her at www.ashleycusack.com, 305.798.8685, or firstname.lastname@example.org.