South Coral Gables Market Report – July 2013

Closed Sales

In July, a total of six properties sold in South Coral Gables off Old Cutler Road averaging 5 bedrooms, 4 baths with 4,428 square feet of living area at an average sale price of $2,740,833 or $619 per square foot.  These homes were on the market an average of 130 days and sold for 94% of list price.

By comparison, last July, 2012, four homes sold for an average price of $1,900,000 or $313 per square foot.

Pending Sales

Eight residential homes went under contract in July averaging 4 bedrooms, 3 baths, with 3,321 square feet of living space at an average asking price of $1,408,000 or $424 per square foot.  Homes were on the market an average of 175 days.

Active Listings

As of July 31, 2013 there were 51 active listings on the market with an average of 5 bedrooms, 5.5 baths, 7,556 square feet of living space, at an average list price of $5,939,392 or $786 per square foot.

Why Such a Wide Variation in Price Per Square Foot?

In Gables Estates, a 5 bedroom, 6.5 bath, 6,512 square foot luxury waterfront estate sold for $9,800,000 – a whopping $1,550 a square foot.   With only six sales in July, the $9,800,000 sale clearly skewed the average for the month.  Take that  hefty sale out of the equation and the average price per square foot drops from $691 to $331.

What we are seeing is an increase in price per square foot (ppsf) over last July’s sales as well as a much more significant increase in the ppsf of pending sales and active listings.  Closed sales are the only reliable indicator of the market so we will have to wait for the end of the third quarter to see real trends.  But it sure is looking up for sellers.

I am a luxury real estate specialist.  If you would like to schedule a buyer or sellers meeting, feel free to give me a call at 305-898-1852 or drop me a note at Wellins.D@ewm.com.