Do you cringe when you hear Realtors or even real estate shows regurgitate the old adage: Location, location, location? Well, even in this frenetic market, I still have that phrase on repeat — as I always have. We all know the Miami market is hot, but there are varying degrees of heat. To say some areas of South Florida have grown more in value than others is an understatement — and a confirmation of Loca… let’s just refer to it as LLL.
A recent review of market stats revealed that the property value increases in Miami-Dade County in comparison to Coral Gables are vastly different because, well … LLL.
The median sold price first quarter year over year experienced an increase of 15% in Miami-Dade overall as compared to 48% in Coral Gables.
Let that vast difference set in. Coral Gables, The City Beautiful, has always been a jewel in the Miami real estate market, particularly for locals who know the value of the architecture, the lush greenery, the location, all the special things that the city offers. Now, out-of-towners are specifically requesting to purchase homes in this part of town. Demand and low inventory have further driven prices up — way up.
Here’s a recap of the county versus the city. The stats are based on single-family homes for simplicity’s sake.
|MIAMI DADE MARKET SNAPSHOT||1/1/21 – 3/14/21||1 /1 /21 – 3/14/22||Variance %|
|Average# of Homes For Sale||2,540||1,962||-23%|
|Average# of Homes Sold||2,874||2,483||-14%|
|Average Price Per Sq. Ft.||418||463||11%|
|Median Sold Price||$465,000||$535,000||15%|
|Average Days on Market||69||48||-30%|
|CORAL GABLES MARKET SNAPSHOT||1/1/21 – 3/14/21||1 /1/21 – 3/14/22||Variance %|
|Average# of Homes For Sale||154||65||-58%|
|Average# of Homes Sold||142||105||-26%|
|Average Price Per Sq. Ft.||587||824||40%|
|Median Sold Price||$1,150,000||$1,700,000||48%|
|Average Days on Market||100||66||-34%|
Many factors can be attributed to the difference in property value, but these numbers remind me that Coral Gables is truly a standout location and offering. Others clearly agree.