Have I bored you yet with the fact that inventory levels are low in Coral Gables and Coconut Grove? This week alone 3 new listings that were on the market less than 15 days were under contract before our buyer’s busy schedule allowed them to preview any! There’s a definite feeling that you have to hustle when an updated, well priced home comes on the market. They are not lasting long.
This trend that I see in my microcosm was confirmed by Ron Shuffield, EWM Realty President, this week when he spoke to our office regarding the state of the real estate market in Miami-Dade County. He compared the total yearly number of units for sale versus the number of units sold from 2002 to 2011. The data clearly showed that Miami-Dade is back to selling more properties than we have on the market. To make this hit home more, I looked closely at Coral Gables and Coconut Grove inventory. Here’s what the snapshot is for Coral Gables:
A similar decline in inventory is evident in Coconut Grove:
This decline in inventory is mirroring “supply and demand” economics. The less supply the higher the demand…and the higher the premium. I’ll discuss the impact on pricing next week. My message to buyers, know what you can afford and know your wish list items when you begin your home search as purchasing decisions are having to be made more quickly these days. To prospective sellers thinking of listing their homes I say, now is a good time to sell because demand has increased and competition has lessened.
If you’re considering buying or selling in Coconut Grove or Coral Gables, feel free to contact me and benefit from my Strength of Experience.
305.710.1010 | [email protected] | facebook.com/CaroleSmithMiami
Affiliated with EWM REALTY International | Christies International of Coral Gables