A Comprehensive analysis of Coconut Grove Luxury Homes – Quarter 2, 2015
The Comprehensive Analysis of Luxury Homes in Coconut Grove
The comprehensive analysis outlines the Coconut Grove luxury real estate market. This research focuses on the Coconut Grove luxury homes and it includes only those truly luxury properties with a sales price of $2M or more.
Average sales prices per Sq.Ft for luxury homes in Coconut Grove – Q1 and Q2 2015
North Coconut Grove
In the first half year of 2015, 4 luxury properties sold in North Coconut Grove. Two of these homes were waterfront and two were non-waterfront. The average price per Sq.Ft in North Coconut Grove increased compared to 2014 for both waterfront and non-waterfront homes. The North Grove has long been the more affordable part of Coconut Grove, but in 2015 we see that the North Grove is catching up with its Southern counterpart.
In the overview below you can see the actual sales prices (per Sq.Ft) and the amount of luxury homes sold in North Coconut Grove. In the North Grove, prices have grown significantly over the past years and it seems more and more multi-million dollar properties are being sold year after year.
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South Coconut Grove
The South Coconut Grove luxury market seems to be more steady in price levels than the North Grove. While prices in South Coconut Grove declined slightly in 2014, the South Grove luxury market is showing an increase in average sales prices in the first half year of 2015.
In the overview below you can see the actual sales prices (per Sq.Ft) and the amount of luxury homes sold in South Coconut Grove.
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Months of inventory for luxury homes in Coconut Grove
The luxury property market always sees higher inventory levels than the more affordable properties, therefore the number of months indicated here might be higher than what you normally see in our analytical reports. The Coconut Grove luxury market however, shows declining inventory levels in 2015 compared to the last half year of 2014. The market offers lower month of inventory, which is a favorable sign for sellers.
Looking at the inventory levels of luxury properties elsewhere in Miami, Coconut Grove shows a lower level of inventory for luxury properties (see graph below in section “Comparing the Coconut Grove Luxury Real Estate Market“).
Closed sales and Pending sales of Coconut Grove Luxury Homes in Q2 2015
In the overview below you can see which Coconut Grove luxury properties sold and which ones where under pending sales in Q2 2015
Comparing the Coconut Grove Luxury Real Estate Market with Luxury Real Estate in other areas
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