Coral Gables Journal of Real Estate Q4 2023

CORAL GABLES JOURNAL OF REAL ESTATE 2023

Q4

MARKET REPORT

Be sure to hire the experts in the Coral Gables market.

You deserve local expertise and the finest national and international marketing.

This is what we provide.

Isabelle Andrews | 305 546 5421 Alba Biondi | 305 323 2595 Ilaria Belloni | 305 607 5556 theteam@grovegablesexperts.com GroveGablesExperts.com

Isabelle Andrews, Alba Biondi & Ilaria Belloni Over $400 Million In Sales We speak English, Spanish, French, and Italian.

WE ARE THE CORAL GABLES LUXURY MARKET EXPERTS

COCOPLUM

OLD CUTLER BAY

JOURNEY’S END

CORAL GABLES WATERWAY

ISABELLE, ALBA & IL ARIA: YOUR NEIGHBORHOOD EXPERTS • Berkshire Hathaway HomeServices EWM Realty • Multi-award-winning real estate broker/agents since 2012 • Coconut Grove & Coral Gables real estate experts • Multidisciplinary team, including an MBA and a CPA • Speak English, Spanish, French, and Italian

Alba Biondi | 305 323 2595 Isabelle Andrews | 305 546 5421 Ilaria Belloni | 305 607 5556

©2024 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity.

Dear neighbors, Welcome to our quarterly real estate market report.

The 2023 Coral Gables single-family home market remained strong with a $1,682,500 median sold price. Available inventory decreased by 22% compared with inventory from the previous year.

Cash transactions dominated the market with a 51% market share.

Our market study demonstrates the high level of Coral Gables’ desirability and consequently high real estate activity.

Contact us for a confidential meeting.

We will discuss your property’s market value.

Our knowledge of the Coral Gables real estate market and our unique marketing strategy will get the results along with the service you deserve.

Warm regards, Isabelle, Alba and Ilaria

CORAL GABLES SINGLE-FAMILY HOME MARKET THROUGHOUT THE YEARS 2020

2021

2022

2023

NUMBER OF HOMES SOLD

619

831

440

366

TOTAL SALES VOLUME

$1.1B

$1.8B

$1.25B

$902M

MEDIAN SOLD PRICE

$1,040,000

$1,400,000

$1,700,000

$1,682,500

% OF CASH TRANSACTIONS

29%

41%

59%

51%

# HOMES FOR SALE ON DECEMBER 31

257

96

186

145

2023 SINGLE-FAMILY HOME MARKET FACTS $36,000,000 was the highest sale. This waterfront / open bay home is located at 140 Arvida Parkway in Gables Estates. It was built in 1963 and offers 11,478 Sq. Ft. of living space on a 67,000 Sq. Ft. lot. $3,136 / Sq. Ft. was the sold price. The sale was not a cash transaction. $360,000 was the lowest sale. This home is located at 113 Frow Ave. It was built in 1941 and offers 1,708 Sq. Ft. of living space on a 5,000 Sq. Ft. lot. $211 / Sq. Ft. was the sold price. The sale was not a cash transaction. $1,982,500 was the median Coral Gables sold price. At that price point, you can own a house with about 2,164 Sq. Ft. of living space on a large lot (over 10,000 Sq. Ft.).

CORAL GABLES SINGLE-FAMILY HOME MARKET - FOR SALE VERSUS SOLD PER PRICE POINT

The Gables market is a strong seller’s market up to $10M price point.

Above the $10M market price point, the available inventory is larger.

SOUTH CORAL GABLES SINGLE-FAMILY HOME MARKET ANALYSIS A DYNAMIC SUB-MARKET South Coral Gables (Zip codes 33133, 33146, 33156, and 33143) sales volume represented 59% of the total Coral Gables sales volume. The median sold price was $2,200,000, which is 31% higher than the Coral Gables median sold price. Cash transactions represent 54% of all sales in Coral Gables.

SOUTH CORAL GABLES SINGLE-FAMILY HOME MARKET - FOR SALE VERSUS SOLD IN 2023

Chart Title

65

70 60 50 40

33

#HOMES SOLD IN 2023 # HOMES SOLD IN 2023

1

0M

8

0M –$ 3

5M –$ 2

0M

0

$1

5M 0M –$ 1 $1

0M –$ 1 M $6

9

3

2 1

$3 0M +

17

9 8

6M

M –$

5M

7

$4

4M M –$ $3

3M M –$ $2

$1

0– $

1M

0

8 9

M –$

12

$5

15 12

10

0

2M

10

13

11

M –$

20

$2

30

#HOMES SALE AS OF 12/31/2023 # HOMES FOR SALEFOR AS 12/31/2023

It is a seller’s market for properties priced under $10M. The $10M+ price segment offers a large inventory of gorgeous homes.

SOUTH CORAL GABLES GATED COMMUNITIES 2023 SALES ACTIVITY A UNIQUE MARKET

# SALES

MEDIAN SOLD PRICE

HIGHEST SALE

LOWEST SALE

Remarks: Old Cutler Bay, Journey’s End, and Hammock Oaks did not offer any MLS recorded sales in 2023

% BTW CASH ASKING AND TRANSACTIONS SOLD PRICE