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ubcnewsworld
Real Estate & Rentals
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Top Coral Gables Realtor Ashley Cusack Issued Report Showing Market Resilience The report presents, through extensive trend analysis, conclusive evidence that the market fundamentals for luxury homes in Coral Gables priced at between $3M and $5M are solid. Home inventory is down over 10% in the last year, the price per square foot has increased by almost 40%, and average time on the market is down by 20% during the same time period. "Every time I turn on the news lately, it seems like I hear doom and gloom about the real estate market, but I have to tell you that I disagree,” said Cusack. “While it does not feel as white-hot as it did in the third and fourth quarters of 2021, the Miami market has not stopped moving!” Attention is first drawn to the home inventory levels, with the highest level of 22 homes for sale in Coral Gables in September 2021, which was the highest number during the last 15 months. Inventory levels dropped to an all-time low of 8 homes in January 2022 but have remained relatively stable for the next 6 months at an average of 14 homes. On the sales side, home closings are up over 9% for the same time period, and pending sales are up by an impressive 111%. These numbers demonstrate strong sales performance, especially when considering the declining inventory environment. “There are definite fluctuations, but these numbers do not scare me like the stats that I see on the news,” Cusack added. “I understand that the rapid increase in mortgage rates might give buyers pause, but with companies and people still moving down to South Florida, our luxury market simply has not stalled.” See the full report at: https://ashleycusack.com/the -sky-is-not-falling/
