Mid Year 2020 Report

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Coconut Grove 2020 midyear market report

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Isabelle Andrews / 305 546 5421 Alba Biondi / 305 323 2595 theteam@groveexperts.com GroveExperts.com

Isabelle & Alba

Over $100 Million in Sales

Dear Grovites, Coconut Grove’s real estate market performance for the second quarter of 2020 tempered the solid performance of the first quarter, likely as a result of the ongoing CV-19 pandemic. Fewer homes are being put on the market for sale, and fewer homes are being purchased.

The pandemic has caused sellers to delay bringing their homes to market, with a notable 29% decrease in the number of homes available for sale compared with the same time last year (126 homes available July 1, 2020, compared with 178 at the same time last year).

As a likely consequence, a total of 80 single-family homes sold during the first six months of this year compared with 100 homes during the second quarter of last year, which translated into a decrease in total sales volume from $134,090,526 last year to $112,351,111 for this year (a 16% decrease).

Cash transactions represented 31% of all transactions versus a 40%+ average during previous quarters.

The condo market experienced a 9% decrease in the number of units sold (80 condos this year versus 88 condos last year), but, interestingly, the total sales volume increased by 6%, as the luxury market attracted qualified buyers.

Cash transactions represented 44% of all condo sales.

Available inventory drives the market based on the simple rules of supply and demand. Since fewer single-family homes priced under $1M are available for sale, this segment of the market is a “Seller’s Market.” Since both single-family homes priced over $1M and the condo market continue to have a high number of properties available, these two segments remain a “Buyer’s Market.” Whether these market trends continue will depend on the following factors:

• Length of the pandemic • Access to credit • Interest rates • Stock market behavior Despite these market trends, what remains clear is that your property must stand out during these challenging times. Our deep knowledge of the Coconut Grove market, our outstanding national and international customer service, along with our years of experience and savoir faire, ensure that buyers from all over the world will notice your property.

Please contact us for a private and confidential meeting in person or online. We are happy to arrange a Zoom meeting or talk with you through another online meeting platform of your choice.

Q2 2020 SALES PERFORMANCE VERSUS AVAILABLE INVENTORY AS OF 07/01/20 Months of inventory is a measure of how fast all the existing homes on the market would last assuming a) no more listings are added, and b) the rate at which homes sell is constant based on the average of the last 3 months of sales.

Price Range # Homes Sold # Homes for Sale # Months of Inventory

0-$1M 14 28 6 months

$1M-$1.5M 8 26 10 months

$1.5M-$2M 6 15 8 months

$2M-$3M 2 31 4 years

$3M+ 2 26 3 years+

COCONUT GROVE REAL ESTATE MARKET REPORT SECOND QUARTER 2020 Home Sales 31 -46% below Q2 2019

Condo Sales 31 -57% below Q2 2019

$ Volume Home Sold $47,732,511 -42% below Q2 2019

$ Volume Condo Sold $28,839,250 -51% below Q2 2019

Median Home Sold Price $1,165,000 +3% above Q2 2019

Median Condo Sold Price $425,000 -24% below Q2 2019

Inventory 126 -29% below Q2 2019

Inventory 210 Same number as last year

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Alba Biondi / 305 323 2595 Isabelle Andrews / 305 546 5421 theteam@groveexperts.com GroveExperts.com

Isabelle & Alba

Over $100 Million in Sales