Tri-City Market Update – June 2010 – Coconut Grove, Coral Gables & South Miami | Coconut Grove, Coral Gables & South Miami Real Estate

Tri-City Market Update – June 2010 – Coconut Grove, Coral Gables & South Miami

July 15th, 2010
Categories: Coconut Grove, Condos & Townhomes, Coral Gables, Market Updates, South Miami

The June numbers are in!! The below graphs outline the sale statistics, on a month-by-month basis, for the tri-city areas of Coconut Grove, Coral Gables and South Miami. As usual, I have broken down the data into categories: Single family under $500K, $500K – $1MM, over $1MM and Condominiums/Townhomes.

Historically, summer months are slower here in sunny Miami and it appears that history is repeating itself. Many of my fellow realtors have also noticed a slight decrease in activity this June over previous months.

Single Family Homes under $500,000.

0 to $500,000.

Once again the under $500,000 market is steadily moving in the right direction. As you can see, the sales and pending seem to be leveling with a gradual decrease in supply. All this adding up to the appearance of a stabilizing in this market.

Single Family $500,000 to $1MM

$500,000 to $1,000,000.

In this segment of the market, there also appears to be some sort of leveling off occurring. The inventory is roughly the same since the beginning of the year along with the sales, and pending contracts.

Single Family Homes over $1,000,000

Over $1,000,000.

Not much has changed in the over $1MM market in 2010 with an average of 10 sales per month. With 324 homes on the market, this leaves us with 32 months of inventory.

Condominium and Townhomes

All price ranges

Here in the condominium/townhome market is where we are currently seeing the most significant positive movement. Over last year this time, there is a 45.8% increase in sales, 29.8% increase in pended contracts and a decrease of 9.4% in inventory. Due to the influx of cash buyers, many of these builidngs are making a turnaround and becoming financially stable again.

If you or someone you know is looking for a real estate professional who specializes in Coconut Grove, Coral Gables and South Miami real estate, give me a call at 305-987-2644 or send me a note here.

Written by Leigh Fortuna | Tags: Miami real estate

This entry was posted on Thursday, July 15th, 2010 at 6:24 am and is filed under Coconut Grove, Condos & Townhomes, Coral Gables, Market Updates, South Miami. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.