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.
The Coconut Grove home market in graphs
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
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