Coral Gables has some very impressive real estate, and the report produced by Top Realtor, Ashley Cusack, shows that the luxury home market remains strong, despite rising interest rates. Important factors are the combination of families increasingly moving to Southern Florida and falling sales inventory.
Top Coral Gables realtor, Ashley Cusack, has published an updated analysis of her hometown real estate market trends, entitled “The Sky is Not Falling”. She concludes that it remains strong, and resilient to the market forces causing falling prices in many other communities across the country.
The report presents, through extensive trend analysis, conclusive evidence that the market fundamentals for luxury homes in Coral Gables priced at between $3M and $5M are solid.
Home inventory is down over 10% in the last year, the price per square foot has increased by almost 40%, and average time on the market is down by 20% during the same time period.
The full report, including detailed graphs, can be accessed here.
“Every time I turn on the news lately, it seems like I hear doom and gloom about the real estate market, but I have to tell you that I disagree,” said Cusack.
“While it does not feel as white-hot as it did in the third and fourth quarters of 2021, the Miami market has not stopped moving!”
The report includes several detailed trend charts from the Berkshire Hathaway Home Services EWM Realty July 2022 Facts and Trends report for Coral Gables, focused on single-family homes listed between $3M and $5M.
The first graph displayed shows the monthly numbers of homes that are currently for sale, those that have sold, and also those that have entered the pending stage.
Attention is first drawn to the home inventory levels, with the highest level of 22 homes for sale in Coral Gables in September 2021, which was the highest number during the last 15 months.
Inventory levels dropped to an all-time low of 8 homes in January 2022 but have remained relatively stable for the next 6 months at an average of 14 homes. Inventory levels are, however, down over 10% for the second quarter of 2022 compared to the second quarter of 2021.
On the sales side, home closings are up over 9% for the same time period (second quarters of 2022 versus 2021), and pending sales are up by an impressive 111%. These numbers demonstrate strong sales performance, especially when considering the declining inventory environment.
“There are definite fluctuations, but these numbers do not scare me like the stats that I see on the news,” Cusack added.
The next two graphs further exhibit strength in the Coral Gables luxury homes. The average price per square foot for closed sales has steadily increased by 39% since 2021, rising from an average of just under $670 in the second quarter of 2021 to a staggering $930 during the same period in 2022.
Homes are also spending less time on the market, with an average of 83 days on the market in the fourth quarter of 2021, which dropped to 31 days in the second quarter of 2022, contradicting any suggestion that sales have slowed down in the last 6 months.
Houses in this price range are also selling near or above the asking price, with an average of 100% in the fourth quarter of 2021 and remaining strong at 97% in the second quarter of 2022.
“I understand that the rapid increase in mortgage rates might give buyers pause, but with companies and people still moving down to South Florida, our luxury market simply has not stalled.”
More information on Ashley Cusack can be found here: Top Realtor.
Top Coral Gables luxury home realtor, Ashley Cusack, was awarded the listing for the $150 Million Arsht Estate, the most expensive single-family property ever to be sold in Miami-Dade. More information can be found here.
The Ashley Cusack Team sold over $126 Million in Miami luxury homes in 2021.
