Months’ Supply of Homes Continues to Decline in Coral Gables

posted on August 21st, 2011 filed under: Real Estate Market Data

The months’ supply of homes for sale in Coral Gables, Florida has continued to decline toward relatively normal levels.  Excess inventory from the real estate bubble has been completely or nearly worked off in most price ranges.

Months Supply of Homes for Sale -- Coral Gables -- Aug. 2011 (Chart, Graph)

The aggregate months’ supply number of 8.3 is still a bit on the high side, but low enough to represent a roughly even balance between buyers and sellers.

Months Supply of Homes for Sale -- Coral Gables Real Estate -- Aug 2011 (Table)

The luxury-home segment in Coral Gables continues to be extremely oversupplied, although there was a spate of closings in July, which makes the current 28.2 months’ supply look good by recent comparison, if still historically bad.  As the chart below illustrates, there is no clear trend toward year-over-year improvement in luxury home sales.

Months Supply of Homes for Sale -- Luxury Homes -- Coral Gables -- Jan 2009 to July 2011 (Chart, Graph)

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