Loyal readers, I owe you more in the way of a market update (charts & graphs), but I just came across these stats on our MLS and I am going to post them up for now. I’ll follow up with some legitimate market analysis in a few days. January has turned into an extremely busy month for us. That’s great!
| Current Coral Gables Inventory
Jan 25, 2007 |
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|
Single-Family Only – Non-Waterfront |
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| Price Range |
Inventory | Total$ | |
| $499,999 and Less |
10 |
$4,653,950 |
|
|
$650,000 – $799,999 |
78 |
$56,944,885 |
|
|
$800,000 – $999,999 |
67 |
$60,869,838 |
|
|
$1 Million – $1.49 M |
87 |
$109,494,698 |
|
|
$1.5 Million – $2.49 M |
52 |
$98,474,000 |
|
|
$2.5 Million – $3.49 M |
14 |
$39,463,000 |
|
|
$3.5 Million – $4.99 M |
9 |
$35,607,000 |
|
|
$5 Million – Up |
7 |
$43,150,000 |
|
|
Single-Family Only – Waterfront |
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|
$1.99 Million and Less |
9 |
$14,294,000 |
|
|
$2M – $2.749M |
7 |
$17,283,000 |
|
|
$2.75M – $3.499M |
10 |
$31,067,999 |
|
|
$3.5M – $4.99M |
19 |
$80,731,000 |
|
|
$5M – $6.99M |
14 |
$83,122,000 |
|
|
$7M – $9.99M |
11 |
$90,168,000 |
|
|
$10 Million and Up |
5 |
$66,200,000 |
|
|
Waterfronts for |
75 |
|
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I feel you should not only know what is relevant in the market today, but also the trends in the local Gables Real Estate market.
A trend does not happen overnight, it is not something that is detected in a monthly- that is just a blip in the charts.
By being knowledgeable about the Gables Real Estate market I can be the messenger and not the message when working with my clients to discuss pricing issues, including the all dreaded price reduction.
My goal is to be able to discuss the current inventory with you in a way that’s easily understood.
I want to be able to give general numbers for all of Coral Gables, and then break it down for all homes of their size in the Gables. Then I focus on the actual neighborhood and the specific characteristics of their home.
I like to explain how inventory works and that once we have more than six months of inventory available we are officially in a ‘Buyers’ market. I like to break out the numbers where I can compare the Active Listings to the Pending Listings and Finally the Sold listings in the Coral Gables Real Estate market.
These numbers are very important in pricing a home to sell and pricing it correctly. I am not referring to a standard MLS generated CMA. This is work and it takes time – but knowledge is always gained and well worth the effort for our benefit.
Once I have a listing, I continue to educate my clients so that if a price reduction is ever necessary, it is their opinion and they offer the suggestion to me. I do this by informing them daily about any activity in the market that is relevant to their listing. I set myself up with an email from the MLS to notify me of every change that takes place and I then simply leave a short message on clients answer machine or email with the activity, and then I mail a written report. This way, when I call to discuss my activities with clients, they are fully aware of everything that has taken place in the market. I like for my clients to know that I have done my job.
So if you want an opinion of the Coral Gables Real Estate market, call me. Not only will you learn what is happening today, when we are done you will have a clear understanding of the trends in our local Real Estate market and that is critically important when you have a home for sale in Coral Gables.
