There has been an astounding increase in the average price per square foot of homes for sale in Gables by the Sea for the second quarter of 2013. Thirteen listings on the market are averaging an asking price of $589/square foot.
Compare this number to the seven closed sales averaging only $316/square foot. That’s a whopping 69% difference. Compare this to the six pending sales (those that are due to close in the next month or two) that are averaging an asking price of $393 per square foot. That’s a 50% increase.
Keep in mind that closed sales are a more reliable indicator of the market. Active and pending sale prices represent the list price and not the final sale price.
Yet, if we estimate that active and pending sales combined will close near the current average list price to sale price ratio of 91%, the average price per square foot will be up 29% at $446/square foot.
Is this representative of what to expect in closed sales over the next six months in this luxury waterfront community of Coral Gables? It will be interesting to see.
I am a luxury residential specialist. If you would like to schedule a buyer or seller meeting, please give me a call at 305-898-1852 or email me at Wellins.D@ewm.com