Coral Gables, FL Market TrendsBETA

The average asking price for multifamily properties in the metro area was $85,271 per unit for the month. This shows a drop of 1.6% year-over-year, and a decline of 0.6% from the end of the fourth quarter of 2011. Asking prices for multifamily properties reached a three-year high in June 2006 at $144,599 per unit. The current median asking price is 39% lower. The lowest asking price over the past three years was $83,348 in October 2011.

The average asking price for office properties in the metro area was $184.97 per square foot for the month. This shows a drop of 3.9% year-over-year, and a decline of 2% from the end of the fourth quarter of 2011. This month, asking prices for office properties are at their lowest in three years. The previous three-year low was $186.20, set last month.

For industrial properties in the metro area, the average asking price was $93.47 per square foot for the month. This is down 8% from the previous year, and down 1.3% from the end of the fourth quarter of 2011. Asking prices for industrial properties have fallen to a new three-year low this month. The previous three-year low was last month at $93.64.

Asking prices for retail properties have gone up versus past quarter, rising 1.9% to $190.65 per square foot. For the year, asking prices have fallen 3.1% on the year. Asking prices for retail properties hit a three-year peak in April 2007 at $263.26 per square foot. In comparison, the median asking price is now 10.8% lower. On the other hand, the lowest asking price in the past three years was seen in November 2011 at $184.77.

Sale prices per unit for multifamily properties increased to $45,554, a growth of 2.9% compared with the last quarter. But for the previous 12 months, sale prices have dipped by 2.9%. The median sale price per unit for multifamily properties in the metro area is down for the year despite a five month rising streak. The highest median sale price over the past three years, which was $74,897, was set in April 2009. In comparison, the current median sale price is down by 39.2%. However, the current price is 4% higher than the three-year-low set in November 2011.

In the past two months, the median sale price per square foot for office properties in the metro area has gone up 0.5%. Earlier, there was a four-month period that ended in February when sale prices fell 3%. Sale prices per square foot for office properties are $112.30, representing a 2.2% decrease from the end of the prior quarter. The average sale price for the preceding 12 months has dropped by 12.7%. Over the past three years, the median sale price was at its highest in April 2009 at $187.20. In comparison, the median sale price is now 40% lower. However, the current price is 0.5% higher than the three-year-low set in February 2012.

Over the past two months, the median sale price per square foot for industrial properties in the metro area has fallen 0.1%. This follows a five-month period ending in February when sale prices rose 4.1%. Compared to last quarter, the average sale price per square foot for industrial properties rose by 2.4% to $64.09. For the past year, however, sale prices are down 1.3%. The highest median sale price during the past three years was $88.90, set in April 2009. In comparison, the median sale price is now 27.9% lower. However, the current price is 4% higher than the October 2011 figure, which was the three-year low.

The median sale price per square foot for retail properties in the metro area has been falling for two straight months, dropping 0.8% during that time. Earlier this year, the median sale price rose 5.6% during the four-month period ending in February. Sale prices per square foot for retail properties have seen an increase to $127.39, up 2.6% compared with the last quarter. However, this is not a trend for the preceding year, as sale prices have dipped by 8.4%. Over the past three years, the median sale price reached its highest of $155.79 in April 2009. The current median sale price is 18.2% lower. However, the current price is 4.7% above the lowest price of the past three years, which was set in November 2011.

The number of multifamily properties available in the metro area has fallen five months in a row month-over-month, declining 9%. The number of available multifamily properties has reached a new three-year low in the Miami Metro Area this month. Last month marked the previous low. In the past year, the Miami Metro Area has seen a 18.6% decline in the number of available multifamily properties.

For four consecutive months, the number of office properties available has seen a month-over-month decline, 4.2% overall. In March, available office properties in the Miami Metro Area reached a new three-year low. Last month marked the previous low. Over the past year, the number of office properties available has dropped by 11.7% in the Miami Metro Area.

There has been a 12 month drop in the number of industrial properties available month-over-month in the metro area, representing a 11.9% downward movement. The number of industrial properties available in the Miami Metro Area for the month of March represents a three-year low. Previously, industrial properties available was at its lowest last month. The number of available industrial properties has fallen by 11.8% over the last year in the Miami Metro Area.

For the past two months, the number of of retail properties for sale has been on the rise month-over-month, increasing 0% over that period, but it was not enough to offset the 9.2% decline seen in the past year.

Demand on LoopNet for multifamily properties spiked in the Miami Metro Area market, rising 24.9% since December 2011, 7.3 percentage points more than the 17.5% increase in the national average. Demand for multifamily properties also increased by 13.1% over the past year. The yearly change ranks the Miami Metro Area twenty-fourth out of the top 48 metros.

Demand on LoopNet for office properties spiked in the Miami Metro Area market, rising 18.2% since December 2011, 3.6 percentage points less than the 21.8% increase in the national average. Demand for office properties also increased by 11% over the past year. The yearly change ranks the Miami Metro Area forty-third out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Miami Metro Area market, rising 28.4% since December 2011, six percentage points more than the 22.4% increase in the national average. Demand for industrial properties also increased by 24% over the past year. The yearly change ranks the Miami Metro Area thirty-second out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Miami Metro Area market, rising 26.6% since December 2011, seven percentage points more than the 19.6% increase in the national average. Demand for retail properties also increased by 28.4% over the past year. The yearly change ranks the Miami Metro Area fifteenth out of the top 48 metros.

The available square footage in the metro area has been rising two months in a row month-over-month for office properties, a 0.7% increase. However, this has yet to offset the drop of 13% over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

For the past five months, available square footage for sale has declined month-over-month for industrial properties. The square footage available for sale for industrial properties in the metro area represents a 3.6% decline over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The square footage available for sale in the metro area is in a five month downward trend month-over-month for retail properties. The square footage available for sale for retail properties in the metro area decreased 6.2% year-over-year and 12.6% compared to the end of the fourth quarter of 2011. The square footage available in the metro area hit a new three-year low this month. Previously, in August 2009, the low mark was set. Retail properties in the metro area have seen a 6.2% drop in square footage for sale over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The number of units available for sale marks a 24.9% decline over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

Multifamily properties in the Miami Metro Area stay on the market for 146 days, which is 25.7% shorter than last year. At the state level, time on market has fallen by 21.4% during the same time period. When put next to the highest days on market established in February 2010, it has now decreased 43.5%. The time on the market of multifamily properties has been on the rise over the past four months, increasing 9.9%.

Days on market for office properties in the Miami Metro Area fell 3.9% from last year, to 237 days. Over the same period, days on market in Florida overall have fallen by 3.5%. From June 2010, when the time on market was at its longest, it has come down 16.8%.

The time on market for industrial properties in the Miami Metro Area is down 5.6% from last year, to 257 days. During the same period, days on market in Florida have dropped 1.9%. Compared with May 2009, when time on market was its shortest, it has climbed 20.9%. The time that industrial properties stay on the market has risen 5.1% over the past four months.

Over the past year, the time that retail properties stay on the market in the Miami Metro Area has declined 18.7% to 185 days. Overall in Florida the time on market has dropped even further as a percentage, by 19.4%, to 197 during the same time period. Compared with the highest time on market set in May 2010, these properties are now turning over 27% faster.

Asking rates for office properties have risen 0.9% versus last quarter to $18.56 per square foot. For the year, lease rates have still declined 1%. Asking rates for office properties hit a three-year peak in January 2008 at $21.31 per square foot. In comparison, the median asking price is now 4.4% lower. The lowest asking lease rate in the past three years was $18.39 set in November 2011.

Asking lease rates for industrial properties rose to $8.47 per square foot, a 0.8% increase compared with the end of the last quarter. For the year, asking rates have risen by 2%. Asking lease rates for industrial properties hit a three-year peak in August 2007 at $11.46 per square foot. The current median asking lease rate is 8.4% lower. The lowest asking lease rate in the past three years was $8.29 set in February 2011.

Lease rates for retail properties rose to $18.65 per square foot, a 0.6% increase compared with the end of the prior quarter. Meanwhile, asking lease rates for the year have dropped by 3.5%. In December 2007, the lease rates for retail properties were at their highest in the past three years at $24.29 per square foot. In comparison, the current median asking price is down by 10.6%. The lowest asking lease rate over the past three years was $18.52 in January 2012.

For five consecutive months, the number of office spaces available has seen a month-over-month decline, 3.4% overall. The number of office spaces available has fallen in March, reflecting a new three-year low in the Miami Metro Area. The previous low was set last month. There has been a 4.8% drop in available office spaces over the past year in the Miami Metro Area.

The number of industrial spaces available in the metro area has fallen 12 months in a row month-over-month, declining 11.6%. The number of industrial spaces available in the Miami Metro Area for the month of March represents a three-year low. Previously, industrial spaces available was at its lowest last month. The number of available industrial spaces has fallen by 11.4% over the last year in the Miami Metro Area.

Available retail spaces have fallen for the past five months month-over-month, a 3.8% decline. The number of retail spaces available in the Miami Metro Area has fallen 4.7% over the past year.

Demand on LoopNet for office properties spiked in the Miami Metro Area market, rising 25.4% since December 2011, 3.4 percentage points less than the 28.8% increase in the national average. Demand for office properties also increased by 17.9% over the past year. The yearly change ranks the Miami Metro Area forty-third out of the top 48 metros.

Demand on LoopNet for industrial properties spiked in the Miami Metro Area market, rising 22.8% since December 2011, three percentage points less than the 25.8% increase in the national average. Demand for industrial properties also increased by 20.9% over the past year. The yearly change ranks the Miami Metro Area thirty-sixth out of the top 48 metros.

Demand on LoopNet for retail properties spiked in the Miami Metro Area market, rising 25.7% since December 2011, 0.4 percentage points more than the 25.3% increase in the national average. Demand for retail properties also increased by 22.1% over the past year. The yearly change ranks the Miami Metro Area twenty-ninth out of the top 48 metros.

The square footage available in the metro area has fallen consecutively for the past four months for office properties. The square footage available for office properties in the metro area decreased 3.7% year-over-year and 2.2% compared to the end of the fourth quarter of 2011. The square footage available in the metro area for the month of March represents a three-year low. The previous low was reached in April 2009. Office properties in the metro area have seen a 3.7% drop in square footage over the past year.

The square footage available in the metro area has fallen consecutively for the past 13 months for industrial properties. The square footage available for industrial properties in the metro area decreased 16.3% year-over-year and 6.1% compared to the end of the fourth quarter of 2011. Industrial properties saw a new three-year low in square footage available for the month of March. The previous low was reached last month. The square footage available marks a 16.3% decline over the past year.

The square footage available in the metro area is in a six month downward trend month-over-month for retail properties. The square footage available for retail properties in the metro area decreased 7.4% year-over-year and 6.1% compared to the end of the fourth quarter of 2011. The square footage available for retail properties in the metro area represents a 7.4% decline over the past year.

The time on market for office properties in the Miami Metro Area is 218 days, down by 17.1% from last year. Overall in Florida the time on market has dropped by 5.3% during the same time period. Compared with April 2009, when time on market was its shortest, it has now gotten 36% longer.

Industrial properties in the Miami Metro Area are turning over more quickly compared to last year, as the time on market dropped 7.9% to 237 days. During the same time period, the time on market for these properties at the state level has fallen even more as a percentage, by 13.7%, to 248. Compared with April 2009, when time on market was its shortest, it has climbed 26.4%.

The time on market for retail properties in the Miami Metro Area has fallen 7% from last year, to 278 days. In Florida overall, the time on market fell even more as a percentage, by 10.7%, to 272. From the lowest point, which was set in April 2009, time on market has risen 37.9%.