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!
About Eric Firestone
Born and raised in Miami, I bring a local insight to the buying experience like no other. People often ask me, "what's so great about Miami?"
The answer is you can get any experience you want here. Whether you like the city life, beach life, quiet beach life with access to the night life, architecturally rich, family life, country life, it doesn't matter! Miami is the place for you!
As a music teacher in South Miami, educating you in your preferred area so that you can live harmoniously is my goal. Whether you are looking for your forever home, or simply a cadential home, I ensure to cater to your needs with care and patience. It is my goal to help ensure that your real estate experience goes above and beyond what you expected, whether buying, selling, or renting.
"Providing real estate services with the local expertise you need, and the services you deserve."
Additionally I serve as the Director of Choral Activities at South Miami Middle School, where I foster an understanding of community, leadership and musicianship through extensive performances, opportunities and aesthetic experiences.
