Should I Sell My Coconut Grove House in 2017?

Is it time to sell my Coconut Grove Home?

There are many families looking for Coconut Grove homes at the moment. Being one of the safest and family friendliest neighborhoods in Miami, many buyers have their mind set on the Grove. I often approach home owners of non-listed properties to see if they would consider selling to my client. As my clients don’t always find what they are looking for on the market, I need to expand the search to off-market properties. When I reach out to those Coconut Grove home owners they always ask: “Is this really the best moment to sell my Coconut Grove home?”

Coconut Grove Market Analysis

For our 2017 mid-year Miami Real Estate Report we collected the below data. They represent the average sales prices per SF (of the lowest three sales, all sales and the highest three sales), the change in sales prices per SF compared to 2016 and the months of inventory. Our analysis is based on these data combined with our daily on-the-field professional experience.

Grove home prices
Prices changes Coconut Grove
Inventory Grove homes

Months of inventory are the months it would take to sell all current listings if no listings are entering the market. As a general rule we say that:

  • 6 Months or less (12 Months in luxury market*): Sellers market, more demand than supply with sellers having an advantage over buyers and prices are likely to increase.
  • Between 6 and 9 months (12 – 18 in luxury market*): A Neutral or balanced market.
  • 9 Months or more (18 in luxury market*): A buyers market with more supply than demand. Buyers are experiencing an advantage and prices need to be corrected in order to stabilize the market. This type of market leads to price decreases.
  • Luxury Market is the $1M+ market

Are you contemplating to sell your Coconut Grove Home?

Contact the David Siddons Group today for a personalized analysis of your property.

305.508.0899 | david@siddonsgroup.com

The Coconut Grove Home Market

All the market segments have increased in value except for the most affordable of all price ranges. Overall we can say that the Coconut Grove single-family home market is characterized by stability and low numbers of months of inventory. Dealing with the Grove market on a daily basis I can confirm that the numbers match my personal experience. Having many clients looking for Coconut Grove homes, it is hard to find a good quality home for a reasonable price. As the numbers show, the highest priced properties in the higher end of the market recorded a considerable increase in value. This means that in Coconut Grove, buyers do value very well finished homes and are willing to pay above market price for these extra features. Especially the $3M+ market in the Grove has seen a steep increase in values. Looking into this market in more detail it became clear that the overall market really increased and buyers are paying top dollar, especially for those ultra-luxury homes that offer the best in quality and prestige.

Only in the $1M -$1,5M market we see a decrease in the highest values per SF. At this moment this is the price range in which most of my clients are looking, but few quality homes can be found. Looking at the data, buyers are clearly willing to spend top dollar on well finished properties but the $1M to $1,5M dollar market offered very few, well-finished properties this year and therefore we see a decrease in top dollar amounts per SF.

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4141 Raynolds Avenue

Should I sell my Coconut Grove home?

As the numbers show this is an excellent time to sell. There is limited inventory and prices are increasing. Especially in the $1M – $2M dollar market I find it hard to find good quality homes for my clients. If you have a good home in this price range you might get top dollar. If you have a property in the high end of the market, especially those very well finished homes, this is the right time to sell as buyers are willing to pay a surplus for these homes.

Holding on to your house wont do you any damage either. I don’t think the prices will decrease soon given the low months of inventory in this market

David Siddons is a top producing real estate agent who specializes in the Coconut Grove market. He is known for his investment guides and daily blogs with Miami market updates. David values honesty and he prefers referrals from satisfied clients over quick commission checks 

CONTACT DAVID TODAY:

+1.305.508.0899 | david@siddonsgroup.com

WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...

For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

  • Analytical

    Over 100 reports produced to date

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    Over 1800 published articles and counting

  • Experienced

    Over $2 billion in real estate sales

    Reviews
David Siddons
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Akbota YerseitAkbota Yerseit
13:29 03 Jun 22
Excellent leaders!
Cathryne HaladnerCathryne Haladner
12:12 18 Sep 21
We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Jose Eduardo FilhoJose Eduardo Filho
17:17 13 Jul 21
I thank the whole team and especially Cris Buzolin who, in a very professional and competent way, helped me to sell my property safely and in the best market condition.
Idan Singh (Idan)Idan Singh (Idan)
19:53 07 Jun 21
Great Service for British Expats looking to move to the States.
Simone GarrettSimone Garrett
17:20 26 Feb 21
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.
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