Q4 Hire the experts in the Coconut Grove market. You deserve local expertise and the finest national and international marketing. Alba Biondi/ 305 323 2595 Isabelle Andrews/ 305 546 5421 theteam@groveexperts.com GroveExperts.com Alba Biondi & Isabelle Andrews Over $100 Million In Sales We speak English, Spanish, French, and Italian COCONUT GROVE JOURNAL OF REAL ESTATE 2022 Q4 MARKET UPDATE
The Q4 2022 Coconut Grove home market delivered outstanding numbers with a $1,700,000 median sold price (a 54% increase compared with pre-Covid times) and an impressive number of cash transactions. Sixty percent of all sales were paid in cash.
Q4 2022 market performance matched the overall 2022 yearly trend with low inventory and a very high median sold price. The single-family home market has behaved in an unusual manner in many ways:
• The number of closed sales in Q4 2022 fell 47% compared with the same quarter the previous year (2021).
The median $3,297,500 asking price at the beginning of 2023 is almost double the Q4 2022 $1,700,000 median sold price.
• The available inventory for sale is still at an all-time low with only 90 homes for sale at the beginning of 2023 compared with about 200 properties for sale on average in pre-Covid years.
Is it a seller’s or a buyer’s market?
It is a very strong seller’s market for the $2M market and below. Twenty-one properties sold during Q4 2022 with a price point below $2M. Based on inventory and the average rate of sales, this indicates approximately three months’ worth of existing inventory. Six months or less of available inventory is a seller’s market.
It is a buyer’s market for the $2M+ price point with 70 homes currently available for sale.
The 2019–2021 unexpected market frenzy is over, but the Coconut Grove real estate market is still active and healthy with qualified buyers and low inventory.
Coconut Grove market behavior in 2023 will depend on the price point. The market will stay bullish for the lower end of the market. The luxury market will have to lower its expectations to attract qualified buyers.
Our deep knowledge of the Grove market guides our clients to obtain the highest returns on their investments.
Call us for a confidential real estate conversation. COCONUT GROVE SINGLE-FAMILY HOME MARKET - FOR SALE VERSUS SOLD PER PRICE POINT. Q4 2022 COCONUT GROVE SINGLE-FAMILY HOME MARKET ANALYSIS • 12 homes sold during Q4 2022 with a $2M+ sold price. • 12 homes / 3 months = 4 homes sold each month. • 70 homes are available for sale with a $2M+ asking price. • 70 / 4 = 17.50 months of inventory. 4 TH QUARTER COCONUT GROVE SINGLE-FAMILY HOME MARKET PERFORMANCE THROUGHOUT THE YEARS 2018–2022 # OF HOMES SOLD MEDIAN SOLD PRICE % OF CASH TRANSACTIONS Q4 2019 Q4 2020 Q4 2021 Q4 2022 60 67 63 33 $1,255,000 $1,100,000 $1,207,500 $2,200,000 $1,700,000 55% 60% 66% 62% Q4 2018 39 60% HOMES 4 17 5 3 2 1 1 3 17 23 13 18 8 8 0 0 5 10 15 20 25 0-$1M $1M-$2M $2M-$3M $3M-$4M $4M-$6M $6M-$10M $10M+ Chart Title # HOMES SOLD Q4 2022 # HOMES FOR SALE AS OF JANUARY 1, 2023
Q4 2022 COCONUT
GROVE CONDO MARKET ANALYSIS
The Q4 2022 condo market like the single-family home market delivered outstanding numbers with an $885,000 median sold price (an 89% increase compared with pre-Covid times) as well as an impressive number of cash transactions. Sixty-two percent of all sales were paid in cash.
Q4 2022 market performance also matches the 2022 overall yearly trend with low inventory and a very high median sold price. The number of closed sales in Q4 2022 fell 59% compared with the same quarter the previous year (2021). The condo market like the single-family home market shows a gap between seller expectations and market performance:
• The median $1,700,000 asking price at the beginning of 2023 is almost double the Q4 2022 $885,000 median sold price.
• The available inventory for sale is still at an all-time low with only 76 condos for sale at the beginning of 2023.
Is it a seller’s or a buyer’s market?
It is a very strong seller’s market for the $2M market and below. Based on inventory and the average rate of sales, this indicates approximately five months’ worth of existing inventory. It is a seller’s market with less than six months of available inventory. It is a buyer’s market for condos above the $2M+ price point with 30 condos available for sale. Each building is a micro market with its own unique valuations.
Call us a for a confidential market analysis and an introduction to future market trends.
4 TH QUARTER COCONUT GROVE CONDO MARKET PERFORMANCE THROUGHOUT THE YEARS 2018–2022
COCONUT GROVE CONDO MARKET - FOR SALE VERSUS SOLD PER PRICE POINT.
• 5 condos with a price point over $2M sold during Q4 2022.
• 30 condos are available for sale.
• 5 condos / 3 months = 1.66 condos sold every month.
• 12+ months of available inventory in the luxury market represents a buyer’s market.
• We know the most recent projects like “Mr. C” and “Vita” on Grove Isle have generated sales in the $2M+ price point.
• These transactions are only registered with the developers and are not yet available to the public.
# OF CONDOS SOLD MEDIAN SOLD PRICE % OF CASH TRANSACTIONS Q4 2019 Q4 2020 Q4 2021 Q4 2022 34 53 86 35 $625,000 $457,500 $617,500 $894,500 $885,000 55% 60% 66% 62% Q4 2018 33 60% CONDOS 19 11 3 0 2 0 0 18 28 8 7 7 4 4 0 0 5 10 15 20 25 30 0-$1M $1M-$2M $2M-$3M $3M-$4M $4M-$6M $6M-$10M $10M+ Chart Title # CONDOS SOLD Q4 2022 # CONDOS FOR SALE AS OF JANUARY 1, 2023
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3835 PARK AVE, SOUTH GROVE 6 BEDS | 6.5 BATHS | 5,514 SQFT | $4,995,000
2843 S BAYSHORE DR #P3E, COCONUT GROVE 2 BEDS | 2 BATHS | 1,200 SQFT | $1,780,000
3141 JEFFERSON ST, NORTH GROVE 3 BEDS | 2 BATHS | 1,199 SQFT | $2,133,000
Alba Biondi & Isabelle Andrews
