Homes for sale in Coconut Grove – How they compare to Homes for sale in Coral Gables?
Homes for sale in Coconut Grove vs Homes for Sale in Coral Gables
Which ones offer better value?
Coral Gables and Coconut Grove are amongst Miami’s most desirable locations for young professionals and families. Both Coral Gables and Coconut Grove are safe, centrally located and provide for excellent schools and real estate opportunities.
For those who don’t know Coral Gables or Coconut Grove, I invite you to have a look at the videos below or to check out the provided links to get a better idea of two of Miami’s safest and most desired residential areas.
A drive through Coconut Grove
A drive through Coral Gables
Interesting Links and Related News
The Coconut Grove Real Estate Report 2016
The Coconut Grove Neighborhood Blog
The Coconut Grove Real Estate Reports
Coconut Grove Neighborhood News
Coconut Grove – A Top 10 Selection of properties
What is the best gated community in Coconut Grove
Coconut Grove Pre-construction Condos
Coconut Grove resale Condos
Interesting Links and Related News
The Coral Gables Real Estate Report 2016
The Coral Gables Neighborhood Blog
The Coral Gables Real Estate Reports
Coral Gables Neighborhood News
Coral Gables – A Top 10 Selection of properties
What is the best gated community in Coral Gables
What is the best neighborhood in Miami for you?
Homes for Sale in Coral Gables vs Homes for Sale in Coconut Grove – What do the numbers say?
Besides personal preference for a certain type of real estate or neighborhood it is important to look at the market data to see what your budget allows you to invest and how healthy this real estate market really is.
The Lowest, Average and Highest Sales Prices per Sq.Ft
Below you see the graphs that compare the average of the 10 lowest sales prices per Sq.Ft, the overall sales price per Sq.Ft and the average of the 10 highest sales prices per Sq.Ft.
This allows you to see how the lower-end and the higher-end of the two different markets relate to one another. It can be noted that Coral Gables is generally a little bit more affordable than Coconut Grove, although the higher-end of the market shows higher sales prices in Coral Gables. This might be partly due to a higher amount of waterfront property sales in Coral Gables. Coral Gables is richer in Waterfront and Gated communities than the Grove which makes their high-end of the market less affordable. The Coconut Grove prices saw a small decline in prices as a limited amount of waterfront homes sold in the last half year of 2015 and the first of 2016.
The Average Sales Prices per Sq.Ft for the different price ranges
Below you can see what homes of different price ranges go for per Sq.Ft. Again, Coral Gables shows more affordable prices per Sq.Ft except for the ultra-luxury market of $2M+ homes
The Average Sales Prices per Sq.Ft over the last 4 years
Looking at the general growth of the market over the last years (made easier for the eye with the help of trend lines*) we see increasing prices in both Coconut Grove as well as in Coral Gables. Coral Gables has seen a more steady growth and prices didn’t jump quite as much as in Coconut Grove. In Coconut Grove the properties prices between $500K and $1M increased by nearly 70% from the mid $200s to the lower-mid $400s. In Coral Gables the biggest rise happened in the same price range but was limited to an approximate increase of 35%.
*Especially in the luxury segment of the market prices might differentiate substantially from month to months due to limited sales or a sporadic sale of a property with features that are driving prices up (eg a private beach). Using automatically generated trend lines offers the reader a better idea of where the market is heading.
Months of Inventory in Coral Gables and Coconut Grove
Probably the most important indicator to predict a real estate future. The inventory in real estate, expressed in months of inventory, tell you something about the relationship of supply and demand.
Rule of Thumb
- Below 6 months of inventory: More demand than supply, creating a seller’s market
- Between 6 and 9 months of inventory: A neutral market with a balanced relation between supply and demand
- More than 9 months of inventory: More supply than demand, creating a buyer’s market
We can see below that inventory levels in both markets are quite steady. Coral Gables shows more of a seller’s market in the lower-end of the market, a balanced market to a light buyer’s market in the $1M – $2M range and a buyers market in the luxury segment of the market. Homes in higher price segments always show a higher inventory as they simply have a smaller market to sell to.
Coconut Grove has shown an increased inventory in 2016, with the lower-end of the market being neutral and the $1M – $2M market being a buyer’s market. The luxury segment saw a sharp decline in inventory to 19 months.
David’s Conclusions
I have lived for 8 years in Coconut Grove (Crystal Ct) and now live in Coral Gables (Jeronimo Dr). I know the areas, different community, streets and numbers like nobody else. I have to say that choosing one is like choosing a favorite child! I still love both neighborhoods immensely and its hard to choose, it really depends on budget. Coconut Grove (particularly North Grove gives excellent access to Brickell). The Gables is far more polished with sidewalks, generally a better calibre of homes and really more choice. Under $1m I would certainly say Gables has better value. If you want a bigger lot then Gables also wins. If you want accessibility to Miami’s urban core then Grove wins. Best schools? It’s a tie!
Contact me today, describe your personal needs and I will be able to guide you on all things Coral Gables Real Estate or Coconut Grove Real Estate. Also use our search page to see whats available as well as our ‘best of page’. You will also find a ton of information on each respective neighborhood page: Coconut Grove or Coral Gables.
