Hey Coral Gables! Real Estate last month was a bit of a shocker! Here’s our February Real Estate Market update. Some homes that were expected to close did not quite close on time, so the market continued a slow decline.
The average days on market increased from 81 to 114, and even the amount of homes currently available increased to over 400.
Of course, our multimillion dollar market has remained strong, thereby increasing the average days on market and price, and even a $12M home is under contract. Since we sold only 27 homes last month, the overall values did drop.
This trend could be an indication of the Gables market slowing more than expected, and as more homes continue to enter, we may start to see a shift. As of now, I think the average price will continue to drop for February. Stay tuned in March to see what happens!
All of these changes affect home values, including yours. If you want to know the new value of your home, send me a DM!
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