MLS Data: Coral Gables Only Has 2.3 Months of Sub-$600K Condo Supply!

Are you sick of paying $1,500 per square foot for condominiums in or near Coral Gables? If so, you better act quickly because the City Beautiful is down to just 2.3 months of condo supply priced below $600,000.

That means when Merrick Manor sells its last handful of one-bedroom condos, most of which are available for $599,999 or less, Coral Gables will essentially be out of newer product for the foreseeable future.

Multiple Listing Service (MLS) data shows that Coral Gables ended September 2023 with only 2.3 months of supply. A balanced market is one with between six and nine months of supply. This underscores why inventory levels are much more important than interest rates, despite the continued focus on the latter.

Nationally, a “perfect storm” of tight supply, high interest rates and stubbornly elevated prices is hampering housing affordability, according to Business Insider. With no immediate fix for these conditions, waiting on the sidelines does not make sense in our local market.

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.” The building is surrounded by three championship golf courses and is just 20 minutes from Miami Beach.

Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.

For more information about the residences at Merrick Manor, visit the new Sales Gallery in Suite 117 on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday.