COCONUT GROVE JOURNAL OF REAL ESTATE 2022 MIDYEAR IN REVIEW
Immensely Happy for Our Sellers. We Just Sold 3316 Devon Court in South Grove It was offered at $11,500,000
DEAR GROVEITES, The 2022 midyear Coconut Grove sales performance was superior to the pre-pandemic market. However, single-family home market behavior and future trends depend on price. It is still a seller’s market under the $3M price point. It is a buyer’s market above it. COCONUT GROVE SINGLE-FAMILY HOME MARKET / MIDYEAR MARKET PERFORMANCE January 1 to June 30 Market Activity throughout the years Single-Family Homes Median Sold Price Sq. Ft. Median Sold Price $ Volume Sold # Homes Sold
January to June 2016 $850,000 $412 $154,993,400 99
Facts · Seven years is the average number of years that Groveites hold on to a Grove property.
January to June 2017 $1,220,000 $437 $168,162,612 103
January to June 2018 $1,037,500 $455 $157,964,805 104
· The median sold and square footage price more than doubled in these last 7 years. · 66% of all transactions in 2022 were cash transactions.
COCONUT GROVE CONDO MARKET PERFORMANCE January 1 to June 30 Market Activity throughout the years Condos Median Sold Price Sq. Ft. Median Sold Price $ Volume Sold # Condos Sold
January to June 2016 $380,000 $372 $57,912,198 91
Facts · Fifty-two percent (52%) of all transactions were cash transactions in 2022. · The 10% highest sales define the luxury market. · The most active luxury building in Coconut Grove
COCONUT GROVE SINGLE-FAMILY HOME MARKET / FOR SALE VERSUS SOLD PER PRICE POINT
January to June 2017 $444,000 $372 $59,436,819 83
January to June 2018 $488,071 $405 $91,063,479 115
during Q1 and Q2 was Grove at Grand Bay with the highest sold price ($8,400,000) and the highest sold price per square foot ($1,894 per sq. ft). · The median sold price per square foot in the luxury market was $1,675.
60
53
50 40
30
30 20 10 # Homes Sold Q1 + Q2 2022 # Homes for Sale as of July 1, 2022
30 21
11
13 6
4
0 $0 to $1M
$1M to $3M
$3M to $6M
$6M to $10M
10 1 $10M+
The highest sale was our listing located at 3316 Devon Court in South Coconut Grove. We represented the sellers. It was offered at $11,500,000. The midyear condo market has also performed better than last year. It is a seller’s market for properties offered up to the $10M price point. It is a buyer’s market above it. The highest condo sale was $8,400,000 for a unit located at Grove at Grand Bay.
Pandemic January to June 2019 $1,120,250 $446 $134,090,526 100
January to June 2020 $1,230,000 $476 $112,351,111 80
· 30 homes were under contract at the beginning of July 2022. Most transactions should close in the next 30 days. · 54 homes sold during Q3 2021.
January to June 2021 $1,650,000 $653 $479,613,211 194
January to June 2022 $2,000,000 $862 $244,969,409 92
· Q3 2022 sales performance should be similar to pre-pandemic sales performance.
Pandemic January to June 2019 $560,000 $410 $76,623,041 103
January to June 2020 $540,000 $364 $69,616,000 79
· The lowest sold price for a condo was $165,000 for a studio located at Dixie Grove Residences in North Grove. · As of the beginning of July 2022, only 68 condos were available for sale.
COCONUT GROVE CONDO MARKET / FOR SALE VERSUS SOLD PER PRICE POINT
80
January to June 2021 $800,000 $475 $203,940,500 171
· As of today, only 7 condos have contracts pending. This indicates of a cooling in demand. · Based on this data, we forecast the Q3 2022 Coconut Grove condo market will underperform compared with last year.
77
70 60
50
50 40
30
30 20
21
13
10 # Condos Sold Q1 + Q2 2022 # Condos for Sale as of July 1, 2022
January to June 2022 $857,500 $676 $204,723,340 144
0
9 4
$0 to $1M
$1M to $3M
$3M to $6M
5
$6M to $10M
0
3 $10M+
MARKET FORECAST
Current global instability creates uncertainty, and some buyers stay on the sidelines. The decrease of pending sales in both the single-family and condo market confirms the market is cooling off. The low available inventory may keep sales prices stable in the short term, but the inflation rate and high mortgage interest rates will certainly have an impact in the long term. At this pivotal moment, working with a hyperspecialized realtor is essential to maximize the profit of a sale. Call us if you want a detailed analysis of your property’s market value.
ALBA BIONDI 305 323 2595
ISABELLE ANDREWS 305 546 5421
Alba Biondi
Isabelle Andrews