TRENDS CORAL GABLES I HIGH PINES
2013
M I D -Y E A R
UPDATE
M I D -Y E A R U P DAT E
2013
And the Beat goes on The beat goes on as the Miami real estate market continues to be on the upswing. Inventory continues to drop and the number of sales continue to increase, resulting in price increases. The shadow inventory finally came onto the market in the first six months of 2013, with an increase in inventory of 30% over the same six months in 2012. These foreclosures primarily impact the under $300,000 market segment. Short sales moved in the opposite direction, with a dramatic 77% reduction in inventory. Overall, these distressed properties only represent 16% of what is available for sale. New construction is coming on line with new projects being introduced each month, but the question remains: will there be enough resale inventory to keep pace with the demand? In the meantime, expect prices to continue to rise through the rest of 2013.
Presented by
Marisa Mion Chisena Estate Agent
305.807.6845 marisa@marisachisena.com
Average Sales Price
4
Miami-Dade County
Single Family Homes
Condos
$600,000
$500,000
$400,000
$300,000
HOW LOW CAN YOU GO?
$200,000
$100,000
$0
Jan
Feb
Mar
Apr
May
Jun
As the inventory of single family homes dips to a scarce 4 month supply, the chances of finding a house are down about 25% from the same time last year. Keep on looking as about 2000 new homes come on the market each month. Source: Trendgraphix
The overall Average Sales Price for all sold properties in Miami Dade County is $358,000 for the first six months of 2013, up 13.6% from the same time period in 2012. Source: Trendgraphix
IN DEPTH COMMUNITY PROFILE
Coral Gables The substantial increase in number of transactions and the decrease of days on the market (78 days in 2013 compared to 112 days in the same period of 2012) confirm the Coral Gables non-waterfront homes lack of inventory, with only 4 months supply during the month of June. Average sales price per square foot peaked at $324 in the same month. Non-waterfront condos, however, have not seen a similar trend, with a moderate drop in number of transactions and a relative increase in both median and average sales price. On the other hand, while the inventory of non-waterfront condos is about the same as the first 6 months in 2012, there is a 57% decrease of days on the market compared to the same period of last year. All in all, well-priced properties are selling faster, and closer to asking price.
Non-Waterfront Properties # of Transactions Single Family Homes
Average Sales Price
Median Sales Price
Average $ / Sq Ft
Mid-Year 2012
241
$716,376
$569,000
$264
Mid-Year 2013
281
$776,345
$620,000
$278
Change
17%
8%
9%
5%
Non-Waterfront Properties
Condos
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
Mid-Year 2012
144
$283,910
$240,000
$231
Mid-Year 2013
140
$296,191
$260,000
$261
Change
-3%
4%
8%
13%
1225 Asturia Avenue, Coral Gables Offered at $634,900
High Pines While there is a slight decrease in activity, single family homes enjoyed an 18% increase in median price and a moderate 2% increase in price per square foot. However, the days on the market almost halved compared to the first six months of 2012. The average sales price of townhouses increased 14% and the price per square foot increased 25%, with a dramatic decrease of days on the market, from an average of 402 to 18 days. High Pines has about 4 months of inventory for both single family homes and townhouses. Single family homes are a good value, considering the proximity to South Miami’s shopping and entertainment and to first class schools.
Non-Waterfront Properties
Single Family Homes
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
Mid-Year 2012
10
$711,300
$515,000
$293
Mid-Year 2013
9
$644,555
$610,000
$299
-10%
-9%
18%
2%
Change
Non-Waterfront Properties
Townhouses
# of Transactions
Average Sales Price
Median Sales Price
Average $ / Sq Ft
Mid-Year 2012
6
$818,666
$835,000
$278
Mid-Year 2013
5
$938,400
$900,000
$346
-17%
14%
7%
25%
Change
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SALES REPRESENTATION EXCLUSIVELY BY
ONE Sotheby’s International Realty
TRENDS IS PROVIDED BY: Marisa Mion Chisena Estate Agent 305.807.6845 marisa@marisachisena.com
onesothebysrealty.com
Source: Trendgraphix.com and Southeast Florida Regional MLS This material is based upon information that we consider reliable, but because it has been supplied by third parties, we cannot represent that it is accurate or complete, and it should not be relied upon as such. This offering is subject to errors, omissions, changes, including price, or withdrawal without notice. ©MMXIII Sotheby’s International Realty Affiliates LLC. All Rights Reserved. An Equal Opportunity Company. Equal Housing Opportunity.