COCONUT GROVE
2023 MID YEAR MARKET REPORT
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The purpose of this study is to help you understand the dynamics of Miami’s different markets and get an insight into Miami’s market performance and trends. When considering an investment in Miami’s real estate, the best decision is always a result of the best information.
Our highest priority for our clients is to preserve and protect their legacy. No one does more research about the Miami market than us. For forecast or projections for Miami for the remainder of the year or any other specific market, please contact us.
www.theaptteam.com
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This APT Market study was compiled from data obtained from the MLS. It was made with information of sales through June 30, 2023. While it pertains to the surveyed area’s sales, it doesn’t include any off market sales. The information contained herein is deemed accurate, but can’t be relied upon. We are not responsible or liable for input, calculation errors and/or errors of omissions and market changes. We always advise those who wish to utilize this data to corroborate such information for themselves. Equal Housing Opportunity. This is not an intention to solicit listing from other brokers.
4-5 PURPOSE OF STUDY
6-7 TABLE OF CONTENTS
8-19 COCONUT GROVE
20-21 ABOUT US
2019-2023 prices
Pre and Post Covid pricing
Jan-June 2203 vs Jan-June 2022
% change
# of beds sold
# of sales per month
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TABLE OF CONTENTS
- Coconut Grove has experienced a staggering percentage change since 2019. This makes it one of the most highest-gaining areas
-Single-family homes are recalibrating following the extreme record levels, outperforming pre-pandemic 2019 by 121%
-$1M+ single-family homes average salesprice is up 68% from 2019
- Sales transactions fell short of the frenzied Covid levels due to inventory shortage
- Condos/townhomes are up by 156% from 2019 & $1M+ condos/townhomes are 83% above 2019
COCONUT GROVE MIDYEAR HIGHLIGHTS
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COCONUT GROVE
AVERAGE SALES PRICE
Single-family homes outperformed pre-pandemic 2019 levels by 121% while the $1M category surpassed it by 68%
2019 2020 2021 2022 2023 1,313,383 $1,287,116 $2,424,618 $3,225,573 $2,902,972
SINGLE-FAMILY HOMES 2023 vs 2019 prices % 121% 4 4 4 4 4 AVG. #BEDS SOLD
JAN-JUNE PERIOD
- 112019 2020 2021 2022 2023 $1,934,214 $1,700,786 $2,971,653 $3,695,618 $3,259,149 JAN-JUNE PERIOD $1M+ SINGLE-FAMILY HOMES 2023 vs 2019 prices % 68.4% 4 4 4 4 4 AVG. #BEDS SOLD
COCONUT GROVE JAN-JUNE PERIOD
Current active: 76 Months Supply
Inventory
6.8
The average sales price per square foot for all homes in Coconut Grove has edged 2022 sales price by 6% to $932/SF and for $1M+ homes by 8.9%. Days on the market surged. Sales transactions are down from the historic levels due to increased prices due to inventory shortage.
(right) 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.
JAN - JUNE 23 SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 78 $2,902,972 $932 97 % 17.8% 10% 6.6% 6.4% JAN - JUNE 22 95 $3,225,573 $874 59 Current
Supply of Inventory based on closed sales:
JAN - JUNE 23 $1M+ SINGLE-FAMILY HOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 67 $3,259,149 $991 104 % JAN - JUNE 22 80 $3,695,618 $910 99
of
based on closed sales:
16.2% 11.8% 8.9% 70.4%
active: 79 Months
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SINGLE-FAMILY HOMES
$1M+ SINGLE-FAMILY HOMES
- 13January February March April May June $3,199,200 $2,663,375 $2,410,000 $2,452,895 $2,946,361 $3,700,236 2023 $5,045,857 $2,535,255 $2,733,600 $2,777,910 $3,903,333 $2,370,208 2022 % -36.5% 5% -11.8% --11.7% -24.5% 56.1% 2023 MID YEAR AVG. $2,902,972 2022 MID YEAR AVG. $3,225,573
January February March April May June $3,199,200 $3,818,000 $2,410,000 $2,666,471 $3,574,250 $4,185,125 2023 $6,405,313 $2,850,301 $3,042,615 $2,458,789 $4,175,000 $2,710,150 2022 % -50% 33.9% -20.7% -8.4% -14.3% 54.4% 2023 MID YEAR AVG. $3,259,149 2022 MID YEAR AVG. $3,695,618
COCONUT GROVE JAN-JUNE PERIOD
SINGLE-FAMILY HOMES
2023
AVG. SALES BY MONTH
Total number of sales: 78
2022
AVG. SALES BY MONTH
Total number of sales: 95
2023
AVG. SALES BY MONTH
Total number of sales: 67
$1M+ SINGLE-FAMILY HOMES
2022
AVG. SALES BY MONTH
Total number of sales: 80
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COCONUT GROVE JAN-JUNE PERIOD
active: 67 Months Supply
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. The ongoing shortage of inventory continues to drive up prices per square footage.
(right) By in large, the average selling prices of condos/townhomes still manage to surpass previous limits month after month.
JAN - JUNE 23 CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 125 $1,828,177 $932 97 % 36.8% 28% 6.6% 6.4% JAN - JUNE 22 198 $1,426,330 $874 59 Current active:
Supply of Inventory based on closed sales: 3 JAN - JUNE 23 $1M+ CONDOS/TOWNHOMES # CLOSED AVG. SALES PRICE AVG. SPS/SF AVG. DOM 66 $2,931,026 $991 81 % JAN - JUNE 22 100 $2,268,387 $920 67 Current
of
based on closed sales: 6 33% 29.2% 14.7% 20.8%
80 Months
Inventory
$1M+ CONDOS/TOWNHOMES
- 17January February March April May June $2,242,722 $1,687,722 $1,563,136 $1,989,728 $1,536,537 $2,181,017 2023 $1,234,505 $1,511,465 $1,035,400 $1,533,651 $1,589,800 $1,577,852 2022 % 81.6% 11.6% 50.9% 29% -3.3% -38.2% 2023 MID YEAR AVG. $1,828,177 2022 MID YEAR AVG. $1,426,330
CONDOS/TOWNHOMES
January February March April May June $2,701,429 $2,401,091 $2,245,769 $4,135,620 $2,388,231 $4,012,545 2023 $2,225,000 $2,446,282 $1,654,351 $2,585,525 $2,432,842 $2,107,484 2022 % 21% 18.4% 35.7% 59.9% -18.3% 90.3% 2023 MID YEAR AVG. $2,931,026 2022 MID YEAR AVG. $2,268,387
COCONUT GROVE JAN-JUNE PERIOD
CONDOS/TOWNHOMES
2023
AVG. SALES BY MONTH
Total number of sales: 125
2022
AVG. SALES BY MONTH
Total number of sales: 198
2023
AVG. SALES BY MONTH
Total number of sales: 66
$1M+ CONDOS/TOWNHOMES
2022
AVG. SALES BY MONTH
Total number of sales: 100
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Working with The APT Team is more than just a transaction, it is a relationship built on trust and respect. We are obsessed with helping our clients achieve their real estate dreams and create a legacy that will last for generations. We believe in the power of a handshake, even in this digital age. With over $900M+ in sales and 5 languages spoken, we know that numbers are only part of the story. What matters most is you. After all, what you own is just as important as how and why you own it. The APT Team at Douglas Elliman, where your legacy is our obsession.
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ABOUT US
© 2023. Equal housing opportunity. This is not an intention to solicit listing from other brokers. We cooperate with them fully. This advertisement does not constitute an offer in the states of NY or NJ or any jurisdiction where prior regulations or other qualifications are required
$900M+ in sales | 16+ years | 5 languages spoken THE APT TEAM AT DOUGLAS ELLIMAN Adriana Pinto-Torres & Tracy Ferrer Directors of Luxury Sales | Realtors Associates 786.493.1388 | 786.214.0099 adriana@theaptteam.com | tracy@theaptteam.com 1111 Lincoln Rd., #805 Miami Beach, FL 33139
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