Real Estate Trends Jan 2022: Scarce Coral Gables & Coconut Grove Inventory
The graph below shows the Coconut Grove & Coral Gables Residential Real Estate Trends Jan 2022.
Inventory all across the metropolitan Miami area continue to reflect strong demand and limited supply. We are still in a prolonged seller’s market. The Coconut Grove and Coral Gables drop in inventory is dramatic as while the pace of sales continues its torrid pace. Key stats as follows:
- Total # of properties for sale dropped by 66% from Jan 2021 to Jan. 2022
- Total # of units sold decreased by 26% from Jan 2021 to Jan 2022
- Months of inventory (the pace of market) increased as there were almost 4 months worth of inventory during Jan 2021 to 2 months worth of inventory during Jan 2022
We have very strong relationships with sellers who are holding on listing their property due to Covid19 or because they don’t want to go through the hassle of showing their property on a regular basis. With the right buyer, we can make off market deals happen to solve a problem for both the seller and buyer.
Many buyer ask us whether it’s the right time to purchase a home. We think so. First, the interest rates are at an all time low and rising. Now is the time to take advantage of more favorable lending. In addition, we’re seeing extreme inflation in the market. Everything is going up including rents. One way to hedge against inflation is to purchase real estate.
Many neighborhood are seeing a complete transformation. We’re seeing people move into South Florida from California and the North East (NY, Boston, etc). That’s not helping buyer. The demand keeps going up due to migration. The fact that many people don’t need to go to the office is accelerating the influx of people to South Florida.
Finally, ask Gilbert Ocampo! He’s our managing broker. You can reach him at 786-271-0971 to schedule a free consultation or via email at gilberto@jmkre.com.
