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%

SINGLE-FAMILY HOMES

Coconut Grove

Single-family homes outperformed pre-pandemic 2019 levels by 121% while the $1M category surpassed it by 68%

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.

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.

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.

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%.

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

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.

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.

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.

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.

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.