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  • PRECONSTRUCTION
    CONDO PROJECT TRACKER
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    More Than 10 Months Of Condo Supply For Sale In Coral Gables During Winter Buying Season

    Coral Gables Sellers Seek 32% Premium For Condos Listed For Sale

    (This Report Is Powered By Brickell Ventures LP)

    DOWNTOWN MIAMI (Dec. 10, 2018) - Nearly 250 condo units are formally listed for sale in the city of Coral Gables in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

    Based on condo sales of less than 24 units monthly in the first nine months of 2018, the Coral Gables market now has more than a 10-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach during the Winter Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

    A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

    It is worth noting this report only tracks those Coral Gables condos formally listed for sale. The report does not factor in the nearly 47,500 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

    (For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

    Currently, about 20 Coral Gables condo units are under contract - or pending - and waiting to transact at an average asking price of about $883,797 each or $470 per square foot, according to the statistics. 

    The average asking price of a Coral Gables condo currently listed for sale is more than $754,630 per unit. This works out to an average asking price of about $437 per square foot, according to the data compiled by CondoVulturesRealty.com.

    In the first nine months of 2018, the average transaction price of a Coral Gables condo was about $571,072 or about $368 per square foot.

    This means the current asking price of a Coral Gables condo listed for sale is about 32 percent higher than the average transaction price achieved on a per-unit basis and nearly 19 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

    In the first three quarters of 2018, the sellers who were able to unload their units needed about 117 days to transact a Coral Gables condo listed for sale. The current Days-On-The-Market average for Coral Gables condos listed for sale is about 184, according to the statistics.

    The number of Days-On-The-Market for the condo units currently under contract is about 156 in Coral Gables, according to the statistics.

    CondoVulturesRealty.com is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

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