Coral Gables Single Family Homes
Even though real estate inventory has been slowly decreasing in Coral Gables over the past year, the “months of inventory” figure for both single family homes and condos is still far from what experts expect to see in a balanced market. This monthly indicator, which was 15.3 for single family homes and 31.5 for condos in Coral Gables at the end of 2009, is calculated by dividing the number of properties on the market by the number sold during that period.
Coral Gables Condos
A very useful tool for evaluating market conditions, it tells you the number of months it will take for the current inventory (homes listed for sale) to be sold or absorbed at the current rate of sales. A “months of inventory” figure of anywhere between 6 and 9 (where we were in early 2004 in this area of Miami) is indicative of a balanced market, while one well above that benchmark translates into a soft or buyer’s market.
Looking to buy or sell a property in Coral Gables? Please contact me at 786-301-1054 or send me a note here.