COCONUT GROVE JOURNAL OF REAL ESTATE A COMPREHENSIVE ANALYSIS OF THE YEAR 2018 Be sure to hire an expert in the Coconut Grove market. You deserve local expertise and the finest national and international marketing. This is what we provide. Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 #1 Top Producers EWm Coconut Grove Office theteam@groveexperts.com GroveExperts.com
Alba & Isabelle
Over $85 million in Sales
THE GROVE EXPERTS REPORT THE YEAR 2018 IN REVIEW
The 2018 single-family home market wrapped up as one of the most active years for Coconut Grove real estate with $294,344,355 in total sales volume, an 11% increase over the previous year, and 186 homes sold, a 6% increase over last year. Of the number of homes sold, 45% of the transactions were paid in cash. Volume of pending sales in January 2019 shows that the market will remain strong for at least the next couple of months. Available inventory for sale has also increased by 16% in January 2019 over the same time last year, an indicator that the performance of some segments of the market will level out or decline. Interestingly, the resale condo market outperformed 2017 with also an 11% increase in total $ volume sold and number of apartments sold (105 condos sold for $115,254,231 in total sales volume). The condo market offers 24 months of inventory available for sale. The year 2019 will experience a price correction across the board. We want this edition of the Coconut Grove market report to be useful and informative. Should you have any questions about the value of your property, please do not hesitate to call us. This journal can also be found on our website GroveExperts.com
Waterfront Single-Family Home Coconut Grove Market
# HOMES SOLD $ VOLUME SOLD HIGHEST SALE LOWEST SALE MEDIAN SOLD PRICE MEDIAN PRICE SOLD PER SQ/FT
South Coconut Grove Single-Family Home Market
# HOMES SOLD $ VOLUME SOLD HIGHEST SALE LOWEST SALE MEDIAN SOLD PRICE MEDIAN PRICE SOLD PER SQ/FT
North Coconut Grove Single-Family Home Market
# HOMES SOLD $ VOLUME SOLD HIGHEST SALE LOWEST SALE MEDIAN SOLD PRICE MEDIAN PRICE SOLD PER SQ/FT
YEAR 2017
YEAR 2018
4 $31,600,000 $12,400,000 $5,300,000 $6,950,000 $824.50
8 $58,902,500 $19,750,000 $2,200,000 $5,010,000 $835
YEAR 2017
YEAR 2018
73 $127,058,112 $5,245,000 $520,000 $1,430,000 $458
91 $142,679,105 $5,200,000 $475,000 $1,300,000 $469
YEAR 2017
YEAR 2018
81 $99,182,969 $3,500,000 $450,000 $1,025,000 $442
62 $82,208,750 $8,100,000 $390,000 $1,040,000 $449.50
West Coconut Grove Single-Family Home Market
# HOMES SOLD $ VOLUME SOLD HIGHEST SALE LOWEST SALE MEDIAN SOLD PRICE MEDIAN PRICE SOLD PER SQ/FT
Center Coconut Grove Single-Family Home Market
FUTURE MARKET TRENDS: AVAILABLE INVENTORY VERSUS SOLD INVENTORY
SINGLE-FAMILY HOME PRICES FOR SALE AS OF 01.02.2019 SOLD IN 2018
Coconut Grove Condo Market
YEAR 2017
YEAR 2018
17 $6,687,500 $630,000 $206,000 $365,000 $300
20 $7,976,000 $700,000 $220,000 $362,500 $307.50
Five homes sold in Center Grove for $2,578,000 in total sales volume.
The single-family home market below the $1M price point is a seller’s market with 8 months of inventory for sale. The single-family home market above the $1M price point is a buyer’s market. It offers 10 to 22 months of inventory for sale. This large amount will put pressure on prices in 2019. The condo market is a buyer’s market. For more details, go to our GroveExperts.com blog.
90 80 70 60 50 40 30 20 10 0
81 43 52 36 0-$1M
$1M-$1.5M
# Units Total Volume Sold Under $1M Sold $1M-$1.5M Sold $1.5M-$2M Sold $2M-$3M Sold $3M+
43 32 25 $1.5M-$2M
23 $2M-$3M
11
4 6
6 $3M-$4M
$4M-$6M
32
7 2
$6M-$10M $10M+
Sold in 2018 105 $115,254,231
Inventory 1/10/2019 199 $399,260,077
69 10 7 13 6
83 31 20 22 43
A list of all Coconut Grove single-family homes and condos sold in 2018 is available at groveexperts.com All material in this journal is intended for information purposes only and has been compiled from sources deemed reliable. Though information is believed to be correct, data sources are subject to errors, omissions, changes, or withdrawal without notice. This is not intended to solicit property already listed. Equal Housing Opportunity practice.
THINkING ABOuT SEllING? CAll uS. WE ARE EXPERTS IN THE COCONuT GROVE REAl ESTATE mARkET. You deserve local expertise and the finest national and international marketing. This is what we provide.
Alba & Isabelle
Over $85 million in Sales
We speak English, Spanish, french, and Italian. Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 #1 Top Producers EWm Coconut Grove Office theteam@groveexperts.com GroveExperts.com
Be sure to hire an expert in the Coconut Grove market. You deserve local expertise and the finest national and international marketing. This is what we provide.