November 2011 Coral Gables Real Estate Market Update: Quality over Quantity

Hello Valued (and intelligent) Reader,

It’s that time of the month again…normally that statement can be cause for trepidation and fear but in this instance it just means that it’s time for the Coral Gables Market Update.

This month we have some mixed results, on the bad side we had 10 fewer closings in November 2011 than in October 2011 (Oct.’11=35 and Nov’11=25).  This doesn’t seem to bad because of course November is turkey time and people are generally much more interested in family time that closing time.  But wait there’s more bad news, in comparison with the 32 Closed Sales in November of 2010 we are at a big drop in 2011 with only the 25 closed sales. Maybe the turkey was better this year?

But wait there is a twist!  This year, November 2011 the average sale price was $1,305,220 which is an increase of approximately $200,000 from last years’ November 2010 average of $1,051,528.  So prices are going higher and there are less sales as a result.  This is a good trend for the market, it shows that many of the lower priced distressed sales are starting to slip into the past.

Just to check my hunch on the numbers a little further I decided to check the number of distressed sales for the two periods.  Sure enough there was a large drop in the number of distressed sales this year as opposed to last, which would explain the drop in number of sales but the increase of average sales price.

Here is a graph because graphs are sweet, especially 3D graphs, please put your 3D glasses on now…

Comparison of Distressed Sales

Thank you for reading,

Joshua T. Reich

 

 

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Published in: on December 5, 2011 at 8:16 pm  Leave a Comment  
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