Our Quarterly Coconut Grove Real Estate Market Update

Our 90-Day Coconut Grove Real Estate Market Update | What is happening in the Coconut Grove real estate market?

Welcome to our quarterly Coconut Grove Real Estate Market Update. We will share the latest developments in the Coconut Grove real estate market. It will be updated monthly and is therefore ideal to start recognizing the latest trends in the market.

What is Happening in the Coconut Grove Housing Market?

Our 30 Day Coconut Grove Real Estate Market Update

$1M-$3M. The inventory is now at almost six months. This means we are still in a seller’s market but one that is near a perfectly balanced market (six to nine months). However, we do not expect to trade properties in a balanced market for much longer. The median sales price has gone down by $75K, and the median list price has gone up by $25K. While several months before, we saw properties trade for an average of 2% over the asking price, we are now experiencing sales prices that are 6% below the list price.

$3M-$5M The months of inventory in this price range have slowly increased to almost ten months. More listings are coming into the market while pending deals and closed sales are down. The median sales price has decreased since last year, while the median list price has gone up. The gap between sales prices and closed sales prices has also increased. While properties used to sell above the asking price (on average), now they sell for 10% below the asking price.

$5M-$10M Inventory in this price bracket has increased considerably as the gap between new listings and closed sales has increased. Coconut Grove does not have a particularly plentiful luxury market. Minor changes in new listings or closed sales will have an impact on the months of inventory because this is such a small data set. Sales decreased from ten to two, while new listings went from six to 15. While properties traded on average for 10% above the asking one year ago, in this quarter properties sell 5% below the asking price.

Coconut Grove Statistics and Specific Sales

Coconut Grove Real Estate Market Update

Looking at the Coconut Grove statistics page for this neighborhood will reveal the specific sales from the last 90 days. As a registered user on the site, you can go back further than 90 days. Browse the specific sales and observe what is transacting at the highest price per sqft and why. For a granular analysis of a property you are interested in selling (or buying), please call me and we can plug your subject property into the stack to see how it compares. This is an advanced one step further feature, that is not part of the website’s front-end capability, but a highly advantageous tool to assess real-time property values.

What is Causing this Shift?

The Coconut Grove housing market is experiencing a slowdown in pending and closed sales. While at the same time, more listings are entering the market. We are noticing currently  a ‘holding back’ from buyers that we had not seen before. Unsurprisingly, with higher interest rates and volatile behavior in the stock market, many buyers are more hesitant to buy off the peak of the market. Additionally, buyers look forward, and are no longer willing to pay at or above the list price unless it is a very good deal. Some less well versed sellers, on the other hand, are still holding on to their price based off the market dynamics from early spring of 2022, when buyers were extremely bullish. This stand-off between sellers and buyers has slowed down sales in this market.

There is still demand for homes, and well-priced or newer homes are selling for top dollar. Sellers, however, need to be aware that the market is shifting and price their properties accordingly to TODAYS psychology and not from 6 months ago.

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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