The first quarter this year has shown the trend of inventory continuing to increase over what we had been seeing the past year. I am currently holding about 23 listings and, on average, typically carry about 15 or so. This is closely in line with what we are seeing in the market of $1-$2 million homes in area 41, which is predominantly made of Coconut Grove and Coral Gables. My listings represent a 35% increase over what I have carried for the last couple of years, and the graph that you see above shows a 40% increase in the past year.
The number of sales is only up 3% which definitely gives us an unbalanced number of closings compared to inventory. The months of inventory are up 33% from the first quarter of 2015. The average price per square foot is up slightly at 3%, but days on market is also up 32% from a year ago. It went from 3 months to closer to 5 months. That honestly feels like a shorter time than we are typically seeing these days. We are selling, but it is a slower process and buyers are very happy to take back some power.
If you need help buying or selling a home give Ashley Cusack a call at 305.798.8665, or visit her website at: Luxury Miami Real Estate.
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
As the #7 Realtor company-wide at EWM in 2014, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!
Don’t hesitate to reach out to me, Ashley Cusack at {305.798.8685, email and website}. EWM Realtors.