The Incredible Demand for Coconut Grove Homes for Sale | 80 People Visited our Open House this Weekend

Single Family Homes for Sale in Coconut Grove Florida are Experiencing a Sellers Market

The $1M – $2M market for single-family homes in Coconut Grove is on fire. Those who are buying notice the scarcity of good quality homes and sellers are aware they are sitting on gold! We already mentioned the potential of the $1M – $2M Coconut Grove single-family home market in our 2020 Miami real estate report and we were right on point. Coconut Grove (along with Coral Gables) is a focal point for tax relocation buyers coming into South Florida. The neighborhood’s high-end real estate and proximity to Miami’s best private schools, urban core and airport is a selling point for local as well as relocation buyers.

This market has performed very well over time and this year we see a large demand for homes in this price range, a favorable outlook for sellers. The number of good quality homes in this price point can typically be counted on one hand. With the Covid-19 situation we are now experiencing a lack of new inventory as sellers are hesitant to list and open their homes to the public. Looking at the numbers below we see that the sales in 2020 have surpassed those in 2019 and that in times of Covid-19. At the same time there has been a significant reduction of new listings which favors a sellers market. Home prices are higher compared to last year and good quality homes sell fast and for  top dollar.

Coconut Grove Homes for Sale in the $1M – $2M Price Range

The David Siddons Group is Experiencing a Very High Demand for Coral Gables and Coconut Grove Homes

In the months between April and June I received around 100 registrations per week of which 10% was very serious and ready to buy or to fly into Miami once travel restrictions would loosen up. With other words the demand has always been present, but due to logistics and safety measures these buyers could not visit any properties.  These buyers are families who are focused on the primary markets of Coconut Grove and Coral Gables and we simply don’t have enough supply to satisfy the outrageous demand.

I do have to mention that I have one of Miami’s most visited real estate websites and a digital presence that started many years before the Pandemic hit us. Ranking high for Coconut Grove and Coral Gables real estate related keywords I do tend to receive more traffic from potential buyers. As many Miami realtors do not have this web presence or just started going digital they were not able to capture the many potential buyers who were shopping online for Coral Gables or Coconut Grove homes for sale

We listed 1531 E Glencoe St. and sold it within 3 weeks just 4% under asking price. This sale set a new record for the dry lot market at $806 per SqFt.