COCONUT GROVE
Sales transactions fell short of the frenzied Covid levels
Condos/townhomes are up by 156% from 2019
$1M condos/townhomes average sales price is up 29%
PAGE | 02 MID YEAR HIGHLIGHTS
SINGLE-FAMILY HOMES
COCONUT GROVE
Single-family homes outperformed pre-pandemic 2019 levels by 121% while the $1M category surpassed it by 68%
2019 2020 2021 2022 2023 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 2019 2020 2021 2022 2023 $1,313,383 $1,287,116 $2,424,618 $3,225,573 $2,902,972 % 2023 VS 2019 PRICES 121%
2019 2020 2021 2022 2023 $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 2019 2020 2021 2022 2023 $1,934,214 $1,700,786 $2,971,653 $3,695,618 $3,259,149 % 68.4% $1M+ SINGLE-FAMILY HOMES 4 4 4 4 4 4 4 4 4 4 AVG # BEDS SOLD 2023 VS 2019 PRICES AVG # BEDS SOLD
The average sales price per square foot for all homes in Coconut Grove has edged 2022 sales price by 6% to $932/SF. Days on the market surged. Sales transactions are down from the historic levels due to increased prices due to inventory shortage.
80 $3,695,618 $910 61 67 $3,259,149 $991 104 16 2% 8.9% 70.4% % AVG SALES PRICE AVG SPS/SF AVE DOM # CLOSED 11.8% $1M+ SINGLE-FAMILY HOMES MONTHS SUPPLY OF INVENTORY based on closed sales: 6 81 CURRENT ACTIVE: 76 Jan-June 23 Jan-June 22 95 $3,225,573 $874 59 78 $2,902,972 $932 97 17.8% 6.6% 6.4% Jan-June 23 % Jan-June 22 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 14.8% SINGLE-FAMILY HOMES CURRENT ACTIVE:79 MONTHS SUPPLY OF INVENTORY
on closed sales: 6
based
COCONUT GROVE
Market is readjusting from the elevated thresholds and yet, June 2023 prices are trending upwards for the overall single-family home and the $1M+ home sector.
COCONUT GROVE
Jan Feb March April May June $6,000,000 $4,000,000 $2,000,000 $0 2022 2023
SALES PRICE
Jan Feb March April May June $3,199,200 $2,663,375 $2,410,000 $2,452,895 $2,946,361 $3,700,236 $5,045,857 $2,535,255 $2,733,600 $2,777,910 $3,903,333 $2,370,208 2023 2022 % -36.5% 5% -11.8% --11.7% -24.5% 56 1% 2023 MID YEAR AVG. 2022 MID YEAR AVG. $2,902,972 $3,225,573 Jan Feb March April May June $7,500,000 $5,000,000 $2,500,000 $0 2022 2023 Jan Feb March April May June $3,199,200 $3,818,000 $2,410,000 $2,666,471 $3,574,250 $4,185,125 $6,405,313 $2,850,301 $3,042,615 $2,458,789 $4,175,000 $2,710,150 2023 2022 % -50% 33.9% -20 7% -8 4% -14.3% 54.4% 2023 MID YEAR AVG. 2022 MID YEAR AVG. $3,259,149 $3,695,618
SINGLE-FAMILY HOMES
SINGLE-FAMILY HOMES
AVG
BY MONTH JANUARY VS. JUNE
ALL
$1M+
AVE. # OF SALES BY MONTH 2023 TOTAL # OF SALES 78 AVE # OF SALES BY MONTH 2022 TOTAL # OF SALES 95 Jan 8 March April May June Jan March April May 10 Feb 9 19 18 14 21 Feb 10 12 24 June ALL SINGLE-FAMILY HOMES 13 15 AVE # OF SALES BY MONTH 2023 TOTAL # OF SALES 67 AVE # OF SALES BY MONTH 2022 TOTAL # OF SALES 80 Jan 5 March May June Jan March May 10 Feb 9 17 14 12 16 Feb 9 11 20 June 11 13 $1M+ SINGLE-FAMILY HOMES April April
COCONUT GROVE
The single-family home sector in Coconut Grove continues showing signs of appreciation after the pandemic-sales boom in the $1M-$2M, $5M-$10M and $10+ brackets, especially the $5M-$10M range enjoying the biggest % gains. Relocating families and residents from tax burdened states are gobbling up homes in the area. Inventory shortage for homes, especially new build and under $2M category which is in practical purposes the entry level for ready to move in, has been driving the prices upward per square foot. The speed of the market has decreased since the previous intense period.
< $1M HOMES 18 $765,555 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 11 $733,527 -4 1% -38.9% Current active: 9 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 4 9 based on closed sales $1M-$2M HOMES 35 $1,29,755 $818 64 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 28 $1,534,071 95 28% -38 7% 4% 48% Current active: 9 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 1.9 based on closed sales $2M-$5M HOMES 39 $3,213,026 $940 48 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 33 $3,310,515 $906 100 3% -15 4% -3 6% 108% Current active: 42 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 7.6 based on closed sales $5M-$10M HOMES 10 $6,480,000 $1,093 91 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 5 $7,947,500 $1,699 112 22 6% -50 1% 55% 23% Current active: 11 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 13 2 based on closed sales $10M+ HOMES 2 $35,250,000 $945 49 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 2 $14,212,250 $2,089 249 -51% same 121% 408% Current active: 10 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 30 based on closed sales
$851
COCONUT GROVE
ALL CONDOS & TOWNHOMES
The condo and townhome market is starting to recalibrate after the pandemic, but it is still outperforming the pre-pandemic levels. The average sales price is now 156% higher compared to 2019. In the $1M+ condo/townhome sector, average sales prices is up 83%.
$2,000,000 $1,500,000 $1,000,000 $500,000 $0 COCONUT GROVE JAN VS. JUNE PERIOD AVG SALES PRICE %
2019 2020 2021 2022 2023 $3,000,000 $2,000,000 $1,000,000 $0 2019 2020 2021 2022 2023 $1,601,185 $1,828,092 $2,498,751 $2,268,387 $2,931,026 % 83% AVG # EDS SOLD ES 2023 VS 2019 PRICES 3 3 3 3 2 AVG # EDS SOLD
CURRENT ACTIVE:104
MONTHS SUPPLY OF INVENTORY based on closed sales: 5 81
Jan-June 23 Jan-June 22
CURRENT ACTIVE: 67
MONTHS SUPPLY OF INVENTORY based on closed sales: 6
Price trend indicators has Coconut Grove performing at record levels. Pace of market for all condos has slowed from frenzied 2022. Average sales prices are up. Average sale price per square foot have expanded. The ongoing shortage of inventory continues to drive up prices.
COCONUT GROVE 161 $1 426 330 $948 61 108 $1,828,177 $958 88 32.9% 1% 44.2% Jan-June 23 % Jan-June 22 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 26% ALL CONDOS/TOWNHOMES
100 $2,268,387 $920 67 66 $2,931,026 $1,056 81 33% 14 7% 20.8% % AVG SALES PRICE AVG SPS/SF AVE DOM # CLOSED 29.2% $1M+ CONDOS/TOWNHOMES
COCONUT GROVE
The average selling prices of condos/townhomes are gradually returning to earth following the stratospheric rise in 2022. Although they have decreased compared to 2022, they have still managed to surpass previous limits.
Jan Feb March April May June $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 2022 2023 AVG SALES PRICE BY MONTH
VS. JUNE Jan Feb March April May June $1,668,500 $1,603,000 $1,830,560 $2,132,260 $2,026,642 $1,907,800 $1,445,348 $1,526,045 $2,314,198 $1,732,462 $2,289,645 $2,324,333 2023 2022 % 16.8% 5% -20.8% 23% -11.4% -17 9%% 2023 MID YEAR AVG. 2022 MID YEAR AVG. $1,906,207 $1,995,313 Jan Feb March April May June $4,000,000 $3,000,000 $2,000,000 $1,000,000 $0 2022 2023 Jan Feb March April May June $2,089,750 $2,233,143 $2,286,188 $2,390,121 $3,101,432 $2,097,765 $2,253,636 $1,816,333 $2,744,301 $2,093,250 $2,934,048 $3,168,875 2023 2022 % -7.2% 22.9% -16 6% 14% 5.7% -33.8% 2023 MID YEAR AVG. 2022 MID YEAR AVG. $2,395,704 $2,555,178 ALL CONDOS/TOWNHOMES $1M+ CONDOS/TOWNHOMES
JANUARY
COCONUT
AVE. # OF SALES BY MONTH 2023 TOTAL # OF SALES 108 AVE # OF SALES BY MONTH 2022 TOTAL # OF SALES 161 Jan 12 March April May June Jan 20 March April May 24 9 Feb 23 19 25 20 23 Feb 39 26 29 June ALL CONDOS/TOWNHOMES Jan 7 March May June Jan 15 April May 16 6 Feb 16 16 14 17 11 Feb 31 20 21 June March April AVE. # OF SALES BY MONTH 2023 TOTAL # OF SALES 76 AVE # OF SALES BY MONTH 2022 TOTAL # OF SALES 114 $1M+ CONDOS/TOWNHOMES
GROVE
COCONUT GROVE CONDOS
The condos & townhomes priced under $5 million are still thriving. Price gains in sales prices and sales price per square foot have been experienced in the 0-$1M, $1M-$2M and $2M-$5M tiers, putting a downward pressure on number of sales. The entry level category into Coconut Grove's condos and townhomes is still at record levels with a months supply of inventory of 1.4 months. Sales transactions declined from the heightened levels seen during the Covid pandemic.
< $1M CONDOS & TOWNHOMES 98 $567,088 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 61 $607,777 7 1% -37.7% Current active: 15 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 1 47 based on closed sales $1M-$2M CONDOS & TOWNHOMES 62 $1,455,314 $783 47 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 38 $1,459,768 $845 72 30% -38.7% 7 9% 53% Current active: 30 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 4.7 based on closed sales $2M-$5M CONDOS& TOWNHOMES 32 $2,813,572 $990 102 AVG. SALES PRICE AVG SPS/SF AVG DOM # CLOSED 20 $3,035,075 $1,256 95 7 9% -37 5% 26 8% -6.8% Current active: 23 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 6 9 based on closed sales $5M-$10M CONDOS & TOWNHOMES 8 $6,321,875 $1,624 75 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 6 $5,995,833 $1,666 90 -5.1% -54.1% 2.4% 20% Current active: 12 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 12 based on closed sales
BUILDING NOTABLES
Grovenor House has experienced an astounding 101% increased in average sales price and its pace of market has picked up, shortening days on market by 50%.
Prices at Grove at Grand Bay South Tower have risen with buyers looking for larger 4 bed condos. Grove Hill, not mentioned, has no inventory on the market (it seldom does) and its last two sales were in July and September 2022.
GROVE AT GRAND BAY SOUTH 4 $5,937,500 AVG SALES PRICE # CLOSED 2 113 4% -50% Jan-June 23 % Jan-June 22 GROVE AT GRAND BAY NORTH 1 $5,025,000 AVG SALES PRICE AVG SPS/SF # CLOSED 2 $3,187,500 $ -36 5% 50% Jan-June 23 % Jan-June 22 GROVENOR HOUSE 7 $2,663,571 $1,069 75 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 6 $5,354,167 $1,474 59 101% -14.2% 37.8% -54% Current active: 3 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 3 based on closed sales $12,675,000 GROVE TOWER 1 $893,333 $564 180 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 3 $1,700,000 $1,417 193 90% 66% 151%% 7.2% Current active: 4 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 8 based on closed sales
BUILDING NOTABLES
The comparison between the sales of One Park Grove is not straightforward. The unit traded in 2022 was a 4 bed A line developer condo and the one traded so far this year is a 3 bed B line condo in the first residential floor. A chronic shortage of the A line in One Park Grove and Two Park Grove is skewing comps. Two Park Grove Ave. prices are on par with same time 2022. Club Residence continues to enjoy price surges. The average prices of $4.6M for Fairchild remind us that Coconut Grove residents are looking for bigger spaces.
ONE PARK GROVE $1,847 347 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 1 $3,400,000 $1,337 113 -43 3% same -27 6% -67 4% Current active: 2 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 12 5 based on closed sales TWO PARK GROVE 4 $4,256,000 $1,610 13 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 3 $4,300,000 $1,602 143 1% -25% -.52% 100% Current active: 3 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 6 based on closed sales PARK GROVE CLUB RESIDENCE 12 $1,284,583 AVG SALES PRICE # CLOSED 7 $1,560,929 21 5% -41 6% Jan-June 23 % Jan-June 22 THE FAIRCHILD 2 $4 680 000 AVG SALES PRICE # CLOSED 2 $6 437 500 37 5% same Jan-June 23 % Jan-June 22
The Ritz Carlton Tower saw an annual increase in trends, with the average sales price up by 30+% from same period last year. Condo listing inventory is at record low of 4 condos. Residence at Vizcaya only sale is not meaningful enough to provide analysis.
BUILDING NOTABLES RITZ CARLTON EXECUTIVE/HOTEL 7 $1,618,286 $806 AVG SALES PRICE AVG SPS/SF # CLOSED 1 $730,000 -54.8% -85 7% Jan-June 23 % Jan-June 22 RITZ CARLTON THE TOWER 8 $1,287,705 $767 AVG SALES PRICE AVG SPS/SF # CLOSED 7 $1,791,429 $1 000 39% -12.5% 30 3% Jan-June 23 % Jan-June 22
AT VIZCAYA 1 $4,425,000 $1,106 203 AVG SALES PRICE AVG SPS/SF AVG DOM # CLOSED 1 $2,650,000 $978 280 -40% same -11 6% 37 9% Current active: 12 MONTHS SUPPLY OF INVENTORY: Jan-June 23 % Jan-June 22 12 based on closed sales
RESIDENCES
THANK YOU
