Home Prices are rising dramatically and in July alone, prices rose by 6.9% year over year in July, 2015 according to CoreLogic®. Projections predict a 4.7% increase July, 2015 to July 2016.
Whether you are buying or selling a home in Coral Gables Florida, it helps to know the prices, the projections, and the future of real estate in this area. If you're on the fence about selling no that prices will potentially go up in the next year. However, buyers may decrease as more and more of them find what they're looking for this year. It is a risk that a lot of homeowners are willing to take but if you're considering selling before the end of 2015 here's what's happening as far as home values in Coral Gables Florida.
Were about on the fence between a buyers market and a sellers market which is a great neutral and balanced place to be. The home value index according to Zillow is currently $739,000 for a median home. Home values have gone up 10.2% over the past year according to Zillow with predictions of just .5% in the next year. The median sales price is currently at $585,000. According to other real estate sources, the median list price is around $989,000, up 24% over last year. The median days on the market is between 60 and 90 days.
The average list price for a home in Coral Gables is $1.3 million. The reason this is so high is because the average is taking all of the homes for sale including the high end $30 million luxury properties as well as the low priced homes, adding them together and dividing them by the total number of homes currently on the market. This is why the median sales price and the average list price are so different. Websites such as Trulia show the median sales price of $515,000, down 11% over last year.
The reason there is such a discrepancy between the website is due to recently sold homes, how many homes they are technically counting on the market, averages of homes sold in general input as well as a variety of other algorithms these websites use in order to calculate these numbers.
Home prices in Coral Gables currently start about $80,000. There are many homes that require estimates or an actual contact for it the numbers of these are numbers we can only run on what is actually available online. The highest priced home is currently worth $67 million for an nine bedroom, 10 bath home with nearly 2100 ft.² of living space situated in the exclusive Gables Estates. From there, prices drop to $35 million, then $22 million, $18 million and then the list averages from $16 million on down. (So you can see the average and the median house price is quite different. The median house price is taking the house price in the middle of the list of properties for sale. There are currently over 900 properties for sale throughout Coral Gables.
If you're considering buying a home in Coral Gables understand that it is one of the most exclusive areas in Miami and Miami Beach. Even though there are still bank owned homes, great investment opportunities and foreclosures, you can also find luxurious oceanfront property, large estates and gorgeous view homes.
Feel free to give me a call at any time for more information on a particular neighborhood in Coral Gables, properties for sale or information on listing your Coral Gables home.
Image by Janie Coffey Flickr