Is it time to my sell your Coconut Grove Home?

Should you sell your Coconut Grove home or hold on to it?

The Coconut Grove real estate market has seen an enormous and constantly increasing demand in the last few years and therefore prices have grown considerably. Many clients or owners of Coconut Grove homes are now asking themselves: “Is this the best time to sell my Coconut Grove Home?”

Should you sell your Coconut Grove home? What does the market tell us?

The Coconut Grove real estate market has seen quite an intense couple of years. Coconut Grove homes were a hot asset and Coconut Grove homes for sale often sold within a few days after being listed resulting in steeply increasing prices.

Today, we see that Coconut Grove homes have reached record prices, prices that match or even surpass the record prices of the 2006 / 2007 market.  As can be seen in the graph below, the average of the 5 most expensive sales in 2015 is showing a steep increase compared to other years. Although the average sales prices per Sq.Ft shows a steady increase, the higher end of the market seems to have peaked.

Looking at the average inventory levels over the years, we see that right after the market crash of 2006 / 2007, the inventory rose to a record number of months in 2008/2009, which reflects in the declining prices.  In the years following 2009, inventory decreased and prices started to increase again. Please note that since 2015, the Coconut Grove real estate market saw its inventory increasing again from a balanced market (6 − 9 months of inventory) to a buyer’s market (9+ months of  inventory). A rising inventory means that there is more supply than demand,  normally resulting in a price correction.

2016 shows a steep decrease in prices,  but please keep in mind that few waterfront homes have sold so far.  As we are only in the first quarter of 2016 and few waterfront homes have sold,  numbers might appear more dramatic than they really are.

The Coconut Grove home market in graphs

Is it time to sell your Coconut Grove Home?
Is it time to sell your Coconut Grove Home?

Should you sell your home right now or hold on to it?

 

Is your home a high-end home, a home that is very well finished and on the higher end of the market? Then this might be the time to sell and to get top dollar!

Is your home very well located in a sought after street with a great lay-out and bone structure? Then this might be the time to sell your Coconut Grove home

Home in the lower or mid end of the market are ok to gold, this market still grows. Prices might still go up and people buy it for land value

Many of the more dated Coconut Grove homes get bought up for land value

See the 12 sold Coconut Grove homes with the highest price per Sq.Ft in the last 6 months

Selling your Coconut Grove Home – The Gray Area

Whether you should sell or hold on to your house depends on many factors and of course if you don’t want or cannot sell your Coconut Grove home at this moment, that does not mean you miss your chance at making a great profit on your property. The market might still go up and Coconut Grove homes are still very much in demand because of its unique location, laid back lifestyle and great real estate.

We are simply pointing at the current peak prices of Coconut Grove real estate, so in case you are thinking of selling or are looking for a great pay day ⇒ This is your chance!

We are the preferred realtors in Coconut Grove

David Siddons knows the Grove like the back of his hand. We are know for our analytics and resourcefullnes in getting the deal done. Please click not he link to see why the David Siddons Group is seen as the best realtor in Coconut Grove by our clients.

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We can provide you with the latest prices, the floor plans, the residence information and more importantly we know how this condo compares to all other Miami condos.

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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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