The 90-Day Miami Luxury Real Estate Report | Luxury Homes in Coral Gables, Coconut Grove, Pinecrest and Ponce Davis

Welcome to our first Miami Luxury Real Estate Report. The David Siddons Group has produced many Miami market reports, but due to the dynamic of the Miami real estate market we have decided to introduce 90-Day real estate updates for the different Miami neighborhoods.  The David Siddons Group wants to provide you with a complete overview of the market in less than 10 minutes. We provide you with the most important market data (months of inventory, number of active listings, sales and pending deals, key sales in the area and average sales prices per SF)  in combination with our signature social narrative.

This report compares the last 90 days (essentially quarter 3 of 2021 to the same periods of time in 2019 and 2020)

The 90-Day Miami Luxury Real Estate Report for the $3M-$5M Single Family Home Market

Q3 2021 | Coral Gables | Coconut Grove | Pinecrest | Ponce Davis

The Prices per SF

This 90-day report exclusively reflects data from Q3. Certain periods tend to lack the sufficient amount of sales in order to create a comprehensive report. In this case, we have chosen to extend the time frame to provide a better overview of the market

Sales Data and Months of Inventory

Some of the Most Significant Sales

The 90-Day Miami Luxury Real Estate Report for the $5M+ Single Family Home Market

Q3 2021 | Coral Gables | Coconut Grove | Pinecrest | Ponce Davis

The Prices per SF

Due to this report being a 90-day reflection of the market (Q3 of each year) not all periods reflected enough sales to make this study significant. In case there were no or just 1 sale in a certain period, we extended the time frame. 

Sales Data and Months of Inventory

Some of the Most Significant Sales

Market Observations

Inventory in these markets is extremely low especially in the $3M-$5M range. High calibre homes go under contract within days and many of these type of properties are traded off-market. These days it is even more important to work with an experienced real estate advisor as the city’s top producers share pre-market information with one another and provide their clients with an advantage.

The majority of buyers are still the relocation buyers from NYC, California (San Francisco, San Diego and Sillicon Valley), Chicago and Washington. We still see good quality homes being sold in a heart beat after receiving multiple offers. Buyers are making fast decisions and do not mind paying above asking to get the home they want. With such extremely low inventory and an even tighter rental market they want to make sure they secure their dream home around the city’s best schools.

Sellers are still hesitant to sell as they often do not know where to go to. Some owners that wanted to wait till next year to see what the market does, might now consider selling sooner as Biden’s new Capital Gain tax reform is likely to become a reality.

How much longer will this market be sustainable? The single-family home markets in these areas (The Grove, Gables, Pinecrest and Ponce Davis) have always been stable. They offer good quality homes and are surrounded by top quality schools. Demand has always been high while since 2020 the supply/demand curve is seeing extremes, which benefits the sellers.  Do we expect this market to drop? No, you might expect it to level, but we doubt it will drop. Demand is up, supply is extremely limited.  This is to say that the market won’t go down in many cases, but outlier properties that suddenly sell at 50% more than they sold 2 years ago (so called “Make-me-move” offers) will become less likely. With other words, we will see less anomalies in property prices as exceptions to the rule will cease to exist. These anomalies are caused by hysteria and this will stabilize soon.  If you want to know more about how sustainable this market is we invite you to read the below two articles, which dive further into this topic and discuss what could potentially change supply or demand in this market.