The third quarter of 2019 was interesting for the Coral Gables condo market. The total number of units sold was slightly lower than the same period one year prior. There were 77 Coral Gables condos sold between July 1 and September 30. Here are the five things you need to know about the Coral Gables condo market during Q3:
1. The total sales for the third quarter is $38,081,663. That amount is a 19% decrease from the Q3 2018 total sales of $47,078,985. One explanation for this decrease is that during the third quarter of last year 10% of the units sold were new construction. Being new construction the value generated was greater than that of older unit resales. The total sales for new construction condos sold in Q3 2018 was $13,951,668. That accounts for 30% of the total sales for the period. During Q3 2019, new construction unit sales (built in the same period as the units sold in 2018) accounted for only 13% of the total sales.
2. 48% of all transactions were cash purchases.
3. The average days on market for Coral Gables condos sold during the third quarter was 132. That is 16 days faster than the average days on market for Coral Gables condos during Q3 2018.
4. The average sale price to original list price ratio of Coral Gables condos sold during the third quarter was 93%.
5. The total sales volume of 77 was down 4% year on year for the same period as 2018.
If you would like a more detailed report of Coral Gables condos sold during the third quarter of 2019 please reach out to Adrian Foley at firstname.lastname@example.org. Below is a Compass Collection created by Adrian. The collection shows all of the Q3 Coral Gables condo sales. If you would like to learn more about the Coral Gables real estate market, check out the 5 things you need to know about Coral Gables home sales in Q3 2019.