How did the Coconut Grove Real Estate Market perform in Quarter 1 2017?
The Coconut Grove Real Estate Market in Quarter 1 2017
This is a simple update on the Coconut Grove Real Estate Market (Homes only) for the first quarter of 2017. We provide you with simple tables and a narrative that will provide sellers and buyers alike with a quick and easy understanding of the Coconut Grove Housing market.
Sold Coconut Grove Homes per Price Range
Quarter 4 2016
Sold Coconut Grove Homes per Price Range
Quarter 1 2017
Quarter 1 of 2017 saw slightly more sales (3) than the last quarter of 2016. In the new year we also see that relatively less homes were sold in the ranges below $2M while more homes were sold in the $2M+ price range.
The average sales prices per SF per Price range
Quarter 4 2016
The average sales prices per SF per Price range
Quarter 1 2017
The markets below the $2M range saw a slight price increase in 2017 while the $2M – $5M market saw declining prices. The David Siddons Group has mentioned several times before that we are in a correcting market and sellers need to price their properties at market price in order to sell. As indicated in the table below right sellers are still overpricing their properties often resulting in a 20%+ reduction of the original listing price. This is mostly seen with sellers of luxury properties. We also need to note that Q4 of 2016 saw more waterfront sales than 2017 and therefore number in 2016 are somewhat inflated.
Looking at the months of inventory (Please refer to left hand table below), we see a lower inventory in the higher end of the market. This means the demand is rising compared to the supply of homes. This is positive news for sellers as this is an indication of rising prices in the near future.
Months of Inventory in Quarter 1 2017 (Taken over Jan and Feb 2017 only)
The Difference in percentage between the average listing prices and sales prices
