The Coral Gables Market After Irma
The City of Coral Gables did a terrific job of cleaning up after Irma. That said, having streets piled high with debris was not conducive to listing a home, nor for driving around to show properties. The number of new listings in September 2017 was down 40% compared to September 2016. The number of homes that Pended, went under contract, was down by 50% from August 2017. The number of homes Sold in September 2017 was down 65% from August 2017. Insurers will not bind home owner’s policies required by lenders with a storm within a certain distance. During the 3rd Quarter of 2017 prices of homes have decreased by 15% compared to the same period in 2016, with Pended homes down 16%. The number of new listings show a 58% decrease compared to the 3rd Quarter of 2016.
In October, business has been brisk at the EWM Coral Gables/South Miami office. I look forward to seeing those numbers.