Coconut Grove Market Report Year 2019

COCONUT GROVE JOURNAL OF REAL ESTATE A COMPREHENSIVE ANALYSIS OF THE YEAR 2019 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 Since 2013 theteam@groveexperts.com GroveExperts.com The image of this flower was created by Lisa Remeny, an internationally renowned artist, Miami native, and longtime resident of Coconut Grove. mail@LisaRemeny.com 305.854.9485 LisaRemeny.com

Isabelle & Alba

Over $100 Million in Sales

THE GROVE EXPERTS REPORT THE YEAR 2019 IN REVIEW

2019 in Coconut Grove was a tale of two real estate markets, with a lot of buying and selling of homes priced under $1.5 million compared with notably less activity for homes priced over $1.5 million.

Single Family Home Market 70% of single family homes sold in Coconut Grove in 2019 were priced below $1.5 million. Overall, the market demonstrated lots of activity with a total of 207 single family homes sold in 2019 compared to 186 in 2018, an 11% increase. However, interestingly, the total year-over-year sales volume decreased by 22%, from $277,079,102 in 2019 compared to $294,344,355 in 2018. The decrease in total sales volume despite an increase in the total number of homes sold again emphasizes the strength of the market for single-family home priced under $1.5 million.

Looking into 2020, single family homes priced under $1.5M remain in high demand (a.k.a. a seller’s market).

There is only six months of available inventory for single family homes priced under $1.5M which means, that if you’re selling a home in this range, you do not necessarily have to accept a low offer. In comparison, there is more than 15 months inventory for single-family homes priced over $1.5M which means that buyers in this market can be more competitive when negotiating the purchase price.

Condo Market The 2019 condo market experienced a splendid recovery; however, strong sales still have not absorbed all available inventory. A total of 196 condos sold in Coconut Grove in 2019 versus 105 in 2018, an 86% increase. Additionally, the total sales volume increased by 22% over last year. That said, the condo market still has 14 months of inventory which continues to support a buyer’s market across every price point. The median price for a Coconut Grove condo in 2019 was $515,000.

Townhouse Market 2019 had less activity in the townhouse market when compared with 2018. In 2019, a total of 85 townhouses sold in Coconut Grove for $58,324,644. In 2018, a total of 98 townhouses sold for $68,907,875. Looking into 2020, the townhouse market below $1M price point is a seller’s market with only about six months of inventory. The market above $1M price point offers 12 months of inventory and is definitely a buyer’s market. The median sold price was $650,000 in 2019 versus $620,000 in 2018.

For a more detailed market analysis, go to GroveExperts. com. Our blogs analyze the new construction market, the luxury (top 10%,) and waterfront markets, and all subCoconut Grove markets.

Out of the 207 total homes sold, 41% were cash transactions.

Waterfront Single-Family Home Coconut Grove Market

# HOMES SOLD $ VOLUME SOLD HIGHEST SALE LOWEST SALE MEDIAN SOLD PRICE

South Coconut Grove Single-Family Home Market

8 $58,902,500.00 $19,750,000 $2,200,000 $5,010,000

# HOMES SOLD $ VOLUME SOLD HIGHEST SALE LOWEST SALE MEDIAN SOLD PRICE

Year 2018

Year 2018 91 $142,679,105.00 $5,200,000 $475,000 $1,300,000

Year 2019 4 $24,720,000 $9,000,000 $2,820,000 $6,450,000

Year 2019 91 $125,030,576 $4,850,000 $385,000 $1,235,000

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

# HOMES SOLD $ VOLUME SOLD HIGHEST SALE LOWEST SALE MEDIAN SOLD PRICE

SINGLE-FAMILY HOMES PRICES # of Single-Family Homes for sale as of 01.02.2020 # of Single-Family Homes Sold in 2019

Coconut Grove Condo Market

85 $113,570,626 $6,600,000 $505,000 $1,100,000

Year 2018

Year 2019

20 $7,976,000.00 $700,000 $220,000 $362,500

24 $11,315,900 $995,000 $188,100 $472,450

Three homes sold in Center Grove for $2,442,000 in total sales volume.

100 90 80 70 60 50 40 30 20 10 0

88

56 35 33 35

38 25

21

7

7

3 0 0-$1M $1M+ - $1.5M $1.5M-$2M $2M+-$3M $3M+-$4M $4M+-$6M $6M+-$10M $10M+

# Units Total Volume

# Units Total Volume

4

Sold in 2018 105 $115,254,231

For Sale Under $1M For Sale Btw $1M-$1.5M For Sale Btw $1.5M-$2M For Sale Btw $2M-$3M For Sale $3M+

A LIST OF ALL SINGLE-FAMILY HOMES AND CONDOS SOLD IN 2019 IN COCONUT GROVE IS AVAILABLE AT GROVEEXPERTS.COM

Year 2019

62 $82,208,750.00 $8,100,000 $390,000 $1,040,000

West Coconut Grove Single-Family Home Market

CENTER Coconut Grove Single-Family Home Market

Year 2018

2

3

Sold in 2019 196 $141,200,430

69 10 7 13 6

154 24 6 9 3

Inventory 1/10/2019 199 $399,260,077

Inventory 1/02/20 226 405,946,989

For Sale Under $1M For Sale Btw $1M-$1.5M For Sale Btw $1.5M-$2M For Sale Btw $2M-$3M For Sale $3M+

83 31 20 22 43

123 32 15 15 41

Isabelle Andrews / 305 546 5421 Alba Biondi / 305 323 2595 Over $100 Million in Sales Top Producer Since 2013 We speak English, Spanish, French, and Italian.

You deserve local expertise and the finest national and international marketing.

This is what we provide.

Samples of Our Listings

40 N. Shore Dr. in the Grove 5 bedrooms / 5 bathrooms Offered at $1,299,000

4036 Malaga Ave in the Grove 5 bedrooms/5 bathrooms Offered at $1,689,000

3642 N Bayhomes Dr in the Grove 3 bedrooms/2 bathrooms Offered at $749,000

321 Manor Pl in the Gables/ on the Grove side 3 bedrooms/3 bathrooms Offered at $1,065,000

4095 Hardie Ave-Rental Property in the Grove 3 bedrooms/2 bathrooms Offered at $4,800/Month

3750 Main Hwy in the Grove 3 bedrooms/3 bathrooms Offered at $1,850,000

Thinking about selling?

Call us.

We are experts in the Coconut Grove real estate market.

theteam@groveexperts.com GroveExperts.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.