Values, Key Takeaways Coral Gables $1M+ Condo and Townhouse Market August and September 2024

Values: Market Report Series

KEY TAKEAWAYS

 

Coral Gables $1M+ Condos & Townhouses

August and September 2024

 

Watch the Video or Read the blog below

 

 

Hi, this is Jennie Frank Kapoor with Tropical Phoenix Homes. Welcome to, Key Takeaways, a quick monthly highlight as a part of my Values market report series.

As we transition from late Summer into Fall, we take a macro level view of the $1M+ and up Coral Gables luxury condo and townhouse market.

What are the trends? What does the data say? And is the market hot or not?

 

1 CLOSED SALES

There was 1 luxury condo and townhouse sold in August (-66.7% YoY) and 4 in September, which is the median amount over the last year.

 

2 CLOSED DOLLAR VOLUME

$1.1M was the August Dollar Volume (-80.8% YoY) with $5.85M in September, rebounding into a typical range. 

 

3 MEDIAN SALES PRICE

August saw a Median Sale Price of $1.085M (-30% YoY) and $1.45M in September, in-line with much of the last year.

 

4 MEDIAN TIME TO SALE

 

The Median Time to Sale was 41 days in August (-70.7% YoY) and a brisk 11 days in September, continuing a downward trend.

 

5 PENDINGS

There were 3 New Pending Sales in August (+200% YoY) and 4 in September, falling within a steady range over the last year.

 

6 ACTIVES

August saw 52 Actives (+85.75% YoY) and 47 in September, continuing a climb higher over the last year.

 

7 NEW LISTINGS

There were 11 New Luxury Listings in August (+57.1% YoY) and 8 in September, which is relatively consistent activity over the last year.

 

8 MONTHS SUPPLY

9 BUYERS VS SELLERS OR NEUTRAL

 

With all of this in mind, I would consider us to be in a strong Buyer’s Market for luxury Coral Gables condos and townhouses.

 

10 NOTABLE SALES

 

The two City Beautiful highest priced September condo & townhouse sales were:

 

• Waterfront:
  • 13637 Deering Bay Dr #222 for $1.725M ($541 / SF) within the resort like world that is Deering Bay, enjoying incredible accessibility and views of one of my favorite places in the world, Biscayne Bay – the perfect boater’s playground.
• Inland:
  • 626 Coral Way #701 for $1.8M ($857 / SF) within Gables on the Green. I love the incredible placement of this condo along the Granada Golf Course, as well as the central location to all of what living in this part of the Gables has to offer.

 

11 NOTABLE LISTINGS

 

Two notable September listings that are opportunities that I’d love to discuss further with you include:

 

• Waterfront:
  • 10 Edgewater Dr #16K asking $9.9M ($1,892 / SF) located within The Gables Club, an iconic set of towers overlooking the Coral Gables Waterway with sweeping views of Biscayne Bay and the lush Gables canopy. Listing by Allison Blumenthal, Brown Harris Stevens.

• Inland: 
  • 2401 Anderson Rd #11 asking $1.6M ($800 / SF) is a spacious condo in charming Avignon, a boutique building overlooking the Granada Golf Course and is within walking distance to all of the amenities of Miracle Mile and downtown Coral Gables. Listing by Carole Smith, Compass.

 

12 HOT OR NOT

 

So where is the Coral Gables luxury condo and townhouse market heading leaving September? And is the market Hot or Not?

 

Jennie says it’s – Not.

 

Inventory is growing consistently in the Gables for this property type and sales activity has been light, also with limited recently reported pendings. It’s a great time to be a patient and selective buyer looking for the right opportunity here. Sellers will need to sharpen their pricing expectations if they want to sell quickly in a competitive market.

 

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And those are my Key Takeaways for the Coral Gables $1M+ Luxury Condo & Townhouse market – August and September 2024. Are you interested in more analysis around South Florida? Visit my full Values market report and other series on my blog and podcast channels.

 

DISCLAIMERS AND NOTICES

 

1) Data relied on within this blog and market report are from i) BeachesMLS and ii) MIAMI Association of REALTORS as of the date of this blog. This data is not verified for authenticity or accuracy and may not reflect all real estate activity in the market. Based on information © 2024 BeachesMLS, Inc. Click on any individual listing page link in the market report tables to visit the property on the IDX feed to my website for the latest information.

 

2) This blog and market report are not to be considered investment advice nor a solicitation for investment.

 

3) Purchasing or selling real estate is an important financial decision. Make your own buying, selling, or investment decision based on your own analysis and due diligence, along with the consultation of your own professional advisors.

 

4) The content of this blog and market report are for information and educational purposes only. Any commentary is solely the professional opinion of Jennie Frank Kapoor and/or Tropical Phoenix Homes and does not reflect the opinion of Engel & Völkers, any MLS, nor any other group. Errors and typos are possible, and you should verify all information before taking any actions.

 

5) This blog and market report are not an advertisement for any other broker’s particular listing (property) nor a solicitation of the seller they may be representing. Listings reviewed in this blog and market report may be those of other brokerages and listing agents. Every listing links directly to their respective auto-synced IDX page and displays the appropriate credits in accordance with local MLS rules and guidelines. In no way is this an attempt to advertise these listings as those of Engel & Völkers and/or Jennie Frank Kapoor. Any such listings will be clearly marked and credited to Engel & Völkers.

 

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