Average days on the market in Coral Gables
The average days on the market from 2012 to 2013 dropped by nearly 1 month. The average days on the market in 2013 was 85 days. This was due to the supply of inventory in Coral Gables. The amount of Single Family Homes in Coral Gables has dropped, creating an increase in prices and homes lasting less time in the market. However, towards the end of the 4th quarter in 2013, I have noticed a bit of a slow down in the small “frenzy” that there was in the middle of 2013. Many sellers are trying to take advantage of the sudden increase in prices and placing their homes on the market, thus creating a bit more inventory. Slowly this will create more supply and not enough demand to eliminate this new inventory and making these homes stay more days on the market. I foresee the now seller’s market slowly turning around to a buyer’s market, or at least evening out a bit. It will be interesting to see what happens in the next 6-12 months. Stay tuned to my blog for more updates on the Coral Gables real estate market.