The ONE Sotheby’s International Realty Mid-Year Trends Update has arrived! This vital report is essential to understanding the strength of the real-estate market in specific neighborhoods of Miami and South Florida and provides key insights into each market. Comparing home prices, days on the market and residential demographics, the trends report compares these estimations year over year to show the rate of progress within these neighborhoods.
It is no surprise then that Coral Gables, a neighborhood synonymous with luxury and renown for its spectacular waterfront properties, is continuing to flourish. In fact, the report finds that residences in Coral Gables have reached a six year high while moving off the market faster than they have since 2008, at an average rate of 137 days. So far in 2014, there has already been 433 closed transactions with the Gable Estates area of Coral Gables leading in the largest percentage change in average price per square foot compared to Cocoplum and Gables by the Sea. Prices there have increased by 23 percent since the first half of 2013, while Cocoplum homes increased by 3 percent and Gables by the Sea residences increased 18 percent per square foot.