Coconut Grove Journal of Real Estate - 2019 Midyear In Review

COCONUT GROVE JOURNAL OF REAL ESTATE 2019 MIDYEAR IN REVIEW 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 theteam@groveexperts.com GroveExperts.com

Isabelle & Alba

Over $85 Million in Sales

hello Grovites, We are pleased to provide you with our latest edition of the Coconut Grove Journal of real Estate.

As expected, the first half of 2019 demonstrates a shift toward a buyer’s market when compared with our record-setting 2018. one hundred single-family homes have sold in Coconut Grove since January 1, 2019 for a total sales volume of $134,090,526. this represents a 4% decrease in the number of homes sold and a 15% decrease in total volume sold over last year. Additionally, the available inventory grew by 13% year over year, with 182 single-family homes available for sale as of July 2019, compared with 158 homes at the same time last year. the condo market demonstrates a similar trend.

Eighty-eight condos sold in Coconut Grove in the first half of 2019, with a total sales volume of $66,319,916. this represents a 14% decrease in units sold and a 22% sales volume decrease when compared with 2018.

By our assessment, this shift toward a buyer’s market has largely occurred in the $1 million+ single-family home and condo market. We are still seeing high demand for single-family homes and condos listed under $1 million and continue to rate this segment a seller’s market.

ultimately, in analyzing these numbers, we must remember that 2018 was the best year ever for the Grove real estate market. though the first half of 2019 favors buyers when compared with last year, we are still experiencing a very active and strong market. Buyers continue to demand homes in Coconut Grove but are exhibiting greater patience and tend to place purchase offers when they believe the property’s asking price is aligned with market value as measured by the home’s quality, location, price per square foot, and other factors. overall, we expect this flattening of the $1 million+ single-family home and condo market to continue when compared with 2018. Pending sales in July and August continue to demonstrate that buyers are unwilling to pay above market price in anticipation of a rising market, as occurred in 2018.

Your home should be listed by an experienced realtor to get the best possible sale price in these market conditions. Please call us give us a call for our professional valuation if you are considering selling your property.

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

JAnuArYJunE 2018

JAnuArYJunE 2019

3 $27,720,000 $19,750,000 $2,200,000 $5,770,000 $878

2 $13,400,000 $9,000,000 $4,400,000 n/A n/A

JAnuArYJunE 2018

JAnuArYJunE 2019

51 $80,683,305 $5,200,000 $510,000 $1,250,000 $486

43 $57,978,576 $3,400,000 $500,000 $1,240,000 $443

North Coconut Grove Single-Family Home Market # HOMES SOLD $ VOLUME SOLD HIGHEST SALE LOWEST SALE MEDIAN SOLD PRICE MEDIAN PRICE SOLD PER SQ/FT

West Coconut Grove Single-Family Home Market # HOMES SOLD $ VOLUME SOLD HIGHEST SALE LOWEST SALE MEDIAN SOLD PRICE MEDIAN PRICE SOLD PER SQ/FT

SINGLE-FAMILY HOMES SOLD VS. FOR SALE

60

FOR SALE IN JULY 2019 SOLD FROM JANUARY TO JUNE 2019

40

50

41 45

20

39 $55,229,050 $6,600,000 $505,000 $1,199,000 $446

JANUARYJUNE 2018

JANUARYJUNE 2019

12 $5,007,000 $700,000 $225,000 $406,250 $315

15 $6,932,900 $825,000 $188,100 $500,000 $336

41 33

9

16

0 0-$1M

$1M $1.5M

7

$1.5M $2M

$2M $3M

45% of homes sold for under $1M 26% of homes sold between $1 and $1.5M 16% of homes sold between $1.5M and $2M 13% of homes sold over $2M

Coconut Grove Condo Market

Sold Under $1M Sold BtW $1M-$1.5M Sold BtW $1.5M-$2M Sold BtW $2M-$3M Sold $3M+

36 $43,279,500 $2,250,000 $390,000 $1,047,750 $453

26

10

# Units Total Volume

JANUARYJUNE 2019

48

30

SINGLE-FAMILY HOMES SOLD PRICES

JANUARYJUNE 2018

Sold Jan to June 2019 88 $66,319,916

Available Inventory in July 2019 210 $384,259,398

67 12 3 4 2

105 35 12 18 40

What can you buy in Coconut Grove for under $1,000,000? Go to GroveExperts.com.

All properties for sale are listed on our website, as well as, a list of all sold properties.

1

$3M $4M

4 1

$4M $6M

4 2

$6M $10M

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.

Isabelle Andrews / 305 546 5421 Alba Biondi / 305 323 2595 Over $85 Million in Sales We speak English, Spanish, French, and Italian.

theteam@groveexperts.com GroveExperts.com The image of this flower was created by Lisa Remeny, an internationally renowned artist, Miami native, a nd longtime resident of Coconut Grove. mail@LisaRemeny.com 305.854.9485 LisaRemeny.com All material in the 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.