With all areas of our market getting stronger, I thought it would be worthwhile to take a look at a few specific markets to see how they did in the fourth quarter of 2012 compared to one year earlier. In Coral Gables, the $1M – $1.5M market has been particularly active recently. At the end of 2011, there were 40 listings in this range on the market with an average of 2 sales monthly. We ended 2012 with only 16 on the market and averaging 4 sales monthly.
In the last quarter of 2011, the average sold price per square foot of these homes was $287. In 2012, it increased 3.5% to $297.
Homes are selling at an average of 92% of their list price and at the rate we were selling this inventory at the end of 2012, we only had 3.2 months left of inventory.
Like I’ve said before, there’s a big shortage of listings on the market right now. If you are considering selling your home, now is a great time to do so!