Although today’s Miami Herald article “Housing market shows signs of cooling” may send some buyers back to the sidelines, it should be emphasized that they are referring to the condo market. Here is a snapshot of what EWM’s Coral Gables office saw in activity this week:
- New Sales Listings: 15, 6 condos and 9 single family homes, 6 listings above $1 million.
- New Rental Listings: 12, 7 condos and 5 single family homes
- Residential Sales: 34, 7 condos and 27 single family homes, 3 were above $1 million.
To break what is going on with our sales into percentages, we saw 44% more sales than new listings. Of the 7 condos that sold, one was sold above asking price and another was sold at asking price. The numbers were even more impressive for the single family homes with over 38% of them selling at or above list price (26.47% selling at and almost 12% over).
So what does this mean if you are a seller? If your house or condo is priced right and is in a location with tight inventory, such as the house pictured above listed by EWM’s Carole Smith, it will sell. Now is a great time to list, before inventory in your neighborhood rises.
What does it mean if you are a buyer? If you are looking for a home in a neighborhood with a tight inventory, make sure you are aware of the most recent sales so you know what to offer. If you are interested in a home with a lot of inventory, or with a significant increase in inventory projected, do the numbers to get a good price.