Values, Key Takeaways Coral Gables $1M+ Single Family Homes August and September 2024

Values: Market Report Series

KEY TAKEAWAYS

Coral Gables $1M+ Single Family Homes

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 single family home market.

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

1 CLOSED SALES

There were 30 luxury Closed Sales in August (+36.4% YoY) and another 14 in September continuing a two-month trend lower.

2 CLOSED DOLLAR VOLUME

$77.3M in luxury Dollar Volume closed in August ( -2.2% YoY) with $55.2M in September, mirroring a recent decline in closings.

3 MEDIAN SALES PRICE

The Median Sale Price was an impressive $2.026M in August (+31.3%), among the highest in South Florida, and was $1.929M in September.

4 MEDIAN TIME TO SALE

The August Median Time to a Sale was 89 days (-2.2% YoY). September’s closing group saw this metric fall to a brisk 31 days.

5 PENDINGS

There were 18 New Pending luxury contracts in August (-35.7% YoY) and 7 reported so far in September, continuing a downward trend.

6 ACTIVES

Luxury Active Inventory hit 166 in August (+45.6% YoY) and 162 in September, which is significantly higher than a year ago.

7 NEW LISTINGS

August saw 30 New Luxury Listings (-14.3% YoY) with 41 in September, representing steady new to market activity.

8 MONTHS SUPPLY

Months Supply of luxury inventory hit 6.4 in August (+45.5% YoY) and 6.2 in September, continuing a downward trend.

9 BUYERS VS SELLERS OR NEUTRAL

With all of this in mind, I would consider us to be in a Neutral Market for luxury Coral Gables single family homes.

10 NOTABLE SALES

The two City Beautiful highest priced September luxury single family home sales were:

• Waterfront:
  • 1220 Lugo Ave in Gables by The Sea sold for $6.2M ($2,951 / SF) but truly represents land value ($340 / Lot SF) and is perfect for a boater looking to build their dream home.
• Inland:
  • 9550 Journeys End Rd within its namesake private neighborhood, Journey’s End Estates, sold for $18.5M ($2,225 / SF). This award-winning estate was also the city’s highest September sale.
    

11 NOTABLE LISTINGS

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

• Waterfront:
  •  690 Solano Prado in Old Cutler Bay asking $14.5M and sits on a 31,304 SF waterfront lot that is nicely tucked in from the open bay. This is priced as a redevelopment opportunity and could be a great home for you and your yacht with plenty of frontage and a turning basin with direct ocean access. Listing by Ana Rodriguez, Coldwell Banker.

•  Inland:
  • 10001 Fairchild Way in Snapper Creek Lakes asking $10.5M ($1,406 / SF), which I find very well priced for this very exclusive neighborhood on a desirable 1 acre+ lot. This estate filled neighborhood has the lush jungle feel of being somewhere else and is near some of the city’s best parks. Listing by Joei Brooks, Lang Realty.

12 HOT OR NOT

So where is the Coral Gables luxury single family home market heading leaving September? And is the market Hot or Not?

Jennie says it’s – Warm.

Deals are happening, inventory is stable, and it’s a neutral market rewarding patience along with realistic pricing for one of South Florida’s most in demand cities and property types (or really anywhere in the country).

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And those are my Key Takeaways for the Coral Gables $1M+ Single Family Home 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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