The Coconut Grove Real Estate Market in 2018 | Are We More Bullish Than Last Year?

With so many new listings, highly trafficked open houses and relocating families looking for Miami homes, we are experiencing a really good 2018. We sold for $40M so far of which $15M closed in June. In our opinion the market has really taken up and Coconut Grove is seeing really low levels of inventory. To see whether this is not just a feeling, we looked at the data in order to see if the numbers support our market impressions of Coconut Grove.

Increasing Prices per SF in Coconut Grove

Coconut Grove recorded price increases across most of its price ranges. The market of properties below $2M saw its prices per SF increase. The luxury-end of the market has softened and specially now in the summer we see less buyers for these properties (the summer is generally very slow for real estate). We are seeing slight price reductions with the exception of homes in the $3M – $5M range.

Also read our most recent reports about:

The Pinecrest Real Estate Market
The High Pines / Ponce Davis Real Estate Market
The Coral Gables Real Estate Market

The Coconut Grove Real Estate Market in 2018
The Coconut Grove Real Estate Market in 2018

Do you want to know more about the Miami real estate market? Contact me directly at +1.305.508.0899

The entire Miami real estate market cannot be seen as such. There are different products, in different areas that all perform differently!  The condo market for example is currently seeing a completely different movement than the single-family market. The levels of inventory are very different between condos and homes which makes a world of difference for future prices.

Do not read Miami real estate reports that talk about the entire market! Contact David Siddons directly to talk about YOUR AREA and YOUR PRODUCT

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Extremely Low Amount of Months of Inventory in Coconut Grove in 2018

Months of inventory is an indicator to show the absorption rate. It shows you how fast current inventory will sell based on prior data. Months of inventory is arguably the best indicator for future price changes.

  • A balanced market shows between 6 and 9 months of inventory (In luxury markets we often say 12 to 18 months are balanced)
  • Below 6 months of inventory we speak about a sellers market. A sellers market means there is more demand than supply and prices are likely to go up
  • More than 9 months of inventory indicates a buyers market. This market is characterized by more supply than demand and prices either remain stable or will need to be adjusted (depending on how many months of inventory of course)

 

From the graph below you can see that the Coconut Grove market has shown very low levels of inventory in both 2017 as well as in 2018. We are predominantly experiencing a neutral market, which means the market is very balanced and healthy. This is rather normal for the Grove. This section of Miami saw slight increases of inventory in 2015/2016, which were followed with some minor price corrections and the market is now in balance again.

The Coconut Grove Real Estate Market in 2018

Also remarkable is that the Grove’s distribution of price ranges remained rather stable. Looking at the three tables we see a very steady distribution.

The Coconut Grove Real Estate Market in 2018
The Coconut Grove Real Estate Market in 2018
The Coconut Grove Real Estate Market in 2018

Yes, we can be bullish on the Coconut Grove Real Estate Market in 2018

With slowly but steadily increasing prices per SF and very low months of inventory we can say that the overall impression we have as realtors matches the market data. We see many buyers looking for Grove properties and our listings are receiving a lot of traction. Needless to say, properties should be well priced and marketed.

Are you looking to buy or sell a Coconut Grove home? Contact me today for more information and check the video below to see who I am and how I work

David Siddons | David@siddonsgroup.com | +1.305.508.0899

FAQ

These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!

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