Neighborhood Economics for Coconut Grove – March 2015
The Coconut Grove Real Estate Market in a Nutshell
Get a quick overview of the Coconut Grove Real Estate Market
The neighborhood economics blogs are excellent to gather a pulse on the Coconut Grove Real Estate Market as we provide the market’s key indicators. This blog focuses on the last months of Coconut Grove Real Estate Data and is derived from the MLS South Florida
Summary of Coconut Grove – March 2015
Coconut Grove has been showing a stable market situation in the last few months. Although inventory levels have increased, there are no disturbingly high amounts of listings on the market. Even more, prices haven’t been this high since June 2014. Stay tuned to see what the market will be doing in the upcoming months
The Latest overview of the Coconut Grove Real Estate market here on my site. For more information on the newest Coconut Grove homes for sale like the one depicted here above, please contact me at 305 508 0899 or david@siddonsgroup.com
Read also:
The Neighborhood Economics Coral Gables | The Neighborhood Economics Brickell
For Sale vs Sold Properties
Coconut Grove homes showed a decline in the amount of listings, as well as a decline in the amount of closed sales. The amount of days properties stay on the market before being sold has decreased, indicating that properties are selling faster than in previous months
Investing in Coconut Grove Real Estate – What is the current state of the Coconut Grove Real Estate Market?
The Months of Inventory and the Absorption Rate
The months of Inventory and the Absorption rate are basically the two most important indicators in Real Estate. The months of inventory tells us whether its a sellers or a buyers market and how saturated the market is. The absorption rate measures the inverse of Months of Inventory and represents how much of the current active listings (as a percentage) are being absorbed (sold or pended) each month. The Absorption Rate is presented as a percentage (%) of the current inventory. With 19.5 months of inventory or a 5.1% absorption rate, Coconut Grove is currently in a buyers market. The inventory has been on the rise for a couple of months now and this is something for home owner to keep a close eye on! Follow our updates to see how the market is developing
Rules of Thumb
Buyer’s market: more than 9 months of inventory based on closed sales / absorption rate of less than 16.67%
Seller’s market: less than 6 months of inventory based on closed sales / absorption rate level greater than 33.33%
Neutral market: 6 – 9 months of inventory based on closed sales
Get a glimpse of the Coconut Grove Real Estate Market by looking at key indicators such as Months of Inventory here on my “Neighborhood Economics” blog
Check which Coconut Grove homes for sale you can afford this month
The Sales Prices in Coconut Grove
Even though Coconut Grove is experiencing an increase in inventory, sales prices have reached the highest number since June 2014
The average Sales prices in the Grove in the last 4 months of 2014 and first 2 months of 2015. (Data are taken from the EWM statistics program and derived from sales of home in the luxury market – homes with a sales price of $500,000 or more)
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