The Coconut Grove Condo Report and Market Analysis July 2016
The Coconut Grove Condo Report | Luxury Condos for sale in Coconut Grove
For those who don’t know Coconut Grove, please have a look at the below video in which we drive you through the Grove. All the way at the end of this article we included some really useful links for you, explaining the reasons people love living in Coconut Grove and what is happening in the Grove.
This report focuses solely on Coconut Grove Condos, a very sought-after real estate product in Coconut Grove which despite its large demand offers little supply.
Click here for the Coconut Grove Real Estate Report 2016 for homes
A drive through Coconut Grove
The Coconut Grove Real Estate Update Video (The market explained in less than 2 minutes)
The Coconut Grove Condo Report – Inventory levels in 2015 – 2016
Inventory of Coconut Grove condos for sale shows very different numbers than condo markets elsewhere in Miami. While most Miami condo markets are dealing with an oversupply of condos, the Grove is showing a very low number of inventory. The desirability of Coconut Grove luxury condos is high while the supply kept unchanged for a long period of time. As can be seen from the graph below, Coconut Grove condos below the 2 million Dollar mark are showing the signs of a very balanced market with the tendency to become a seller’s market. The luxury segment of $2M+ Coconut Grove condos is showing a light buyer’s market. The influx of three new ultra-luxury condos into Coconut Grove might have something to do with the slightly increased inventory of Coconut Grove luxury condos.
Rule of Thumb
- Below 6 months of inventory: More demand than supply, creating a seller’s market
- Between 6 and 9 months of inventory: A neutral market with a balanced relation between supply and demand
- More than 9 months of inventory: More supply than demand, creating a buyer’s market
The Lowest, Average and Highest Sales Prices per Sq.Ft in Coconut Grove
Below you see the graph that compares the average of the 10 lowest sales prices per Sq.Ft, the overall sales price per Sq.Ft and the average of the 10 highest sales prices per Sq.Ft.
Coconut Grove saw steady price levels in the last few quarters. No severe price changes happened in the lower or higher price brackets within the market
Coconut Grove Condos Real Estate Report | The Average Sales Prices per Sq.Ft for the different price ranges
Below you can see what Coconut Grove Condos of different price ranges are selling for per Sq.Ft.
The Coconut Grove Condo Report | The Average Sales Prices per Sq.Ft over the last 4 years
Looking at the general growth of the market over the last years (made easier for the eye with the help of trend lines*) we see increasing prices for Coconut Grove Condos. In Coconut Grove the property prices between $500K and $1M increased by nearly 21% from the mid $300s to the lower-mid $400s. Properties in the $1 – $2M range increased from $530 to $700 per Sq.Ft which is a 32% increase. The ultra-luxury segment didn’t see a sale happening in each quarter but the trend line shows a 20% increase in prices.
*Especially in the luxury segment of the market prices might differentiate substantially from month to months due to limited sales or a sporadic sale of a property with features that are driving prices up (eg a private beach). Using automatically generated trend lines offers the reader a better idea of where the market is heading.