Coral Reef Elementary is one of the most popular public schools in Miami-Dade County. For many reasons, some of which I mentioned in a previous post (The Cost To Live Within Coral Reef Elementary Boundary) Now a month and a half into the summer season, Coral Reef Elementary real estate values has remained neutral.
This summer the average sale price per square foot for Coral Reef Elementary real estate has been $214.66. Twenty homes have sold between the beginning of June and July 21. The sale price per square foot is up just under two dollars from the month of May.
Even though the prices have been neutral the real estate market within the Coral Reef elementary boundary is very close to being a seller’s market. Based on the closed sales in June 2016, there are five months of inventory. Keep an eye on the inventory this coming month. If inventory increases while the amount of sales decrease then anticipate a slight drop in prices.
This summer the average sale price per square foot for a three bedroom home is $224.89. A four bedroom home is $222.02. A five bedroom home is $180.93.
The average square footage of a three bedroom home sold this summer is 2052. A four bedroom is 2923. A five bedroom is 3952.
Based on average size and sale price per square foot a three bedroom home within the Coral Reef elementary boundary is $461,474. The average price for a four bedroom home is $648,964. The average price for a five bedroom home is $715,035.
If you have been on the fence about whether to buy now or wait I would suggest keeping a close eye on absorption rates at the end of this month and the average sale price per square foot. If these numbers decrease then it may be worth waiting another month. If the absorption rate increases while prices remain neutral then it would be a good time to pull the trigger since the absorption rate reflects the demand for this properties and an increase in demand will likely lead to higher prices.
Thinking of buying or selling in Palmetto Bay? Contact Adrian Foley at email@example.com or directly at 305.281.1377 for all your Palmetto Bay real estate needs.