Coconut Grove 2017 Market Performance Report

Coconut Grove Journal of REAL ESTATE

2017 Performance Report

By Alba Biondi and Isabelle Andrews

theteam@groveexperts.com GroveExperts.com

The Grove Experts Report The Year 2017 in Review

The single-family home market in Coconut Grove closed out 2017 on a high note, with $264,581,881 in total sales volume, a 4% increase over the previous year.

Interestingly, though total sales volume increased last year, the total number of homes sold decreased by 7% over the previous year, with a total of 175 homes sold in 2017 (equating to a mean sales price of $1.522,896.46).

This demonstrates Coconut Grove’s continued up-market trend.

The median sold price rose compared with last year in all subneighborhoods: 13% in West Grove, 18%–20% in North and South Grove, and a stunning 81% for waterfront properties.

Of this sales volume, 46% of the transactions were paid in cash.

The single-family new construction market is expanding (defined as homes built in the last 3 years), with 23 homes sold in 2017 versus 9 the previous year. The median sold price was respectively $1,925,000 in South Coconut Grove ($505 Sq/Ft) and $2,075,000 ($490 Sq/Ft) in North Grove. One new waterfront construction sold for $7,550,000 ($769 Sq/Ft).

Single-family home market activity in 2018 will vary significantly by price point and quality of construction.

Under the $1,000,000 price point, only 7 months of inventory is available in North and South Coconut Grove, which will drive up the selling price. In the $1M–$2M market, a 1-year inventory is available, which will put pressure on the selling price. The $2M+ market offers 22 months of inventory. This will be a buyers market at that price point, as the available inventory is large.

A 2-year inventory is available for waterfront properties but market behavior is driven by the quality of properties available for sale. The selling price for such homes will likely reach levels never seen before.

22 new construction properties are available, which represents one year of inventory. Buyers of these properties demand superior design and quality.

Homes that meet buyers’ expectations will sell at a much higher price per Sq/Ft than those that do not.

The single-family market offers 15 months of inventory in West Grove. This amount of available inventory for sale will put pressure on selling prices.

If you would like to receive a condos / townhouses Coconut Grove market report, please contact us.

We want this edition of the Coconut Grove market report to be useful and informative. Should you have any questions, please do not hesitate to contact us. This journal can also be found on our website GroveExperts.com

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Coconut Grove Single-Family Market Performance Single-Family Coconut Grove Waterfront Market 4 homes sold Total Volume Sold $31,600,000 - 75% of Transactions Paid in Cash

Single-Family North Coconut Grove Market 81 homes sold Total Volume Sold $99,182,969 – 45% of Transactions paid in cash

Highest Sale: $12,400,000 Lowest Sale: $5,300,000 Median Sales Price: $6,950,000 - $824.50 Sq/Ft

Highest Sale: $3,500,000 Lowest Sale: $450,000 Median Sales Price: $1,025,000 – $442 Sq/Ft

Single-Family South Coconut Grove Market 73 homes sold Total Volume Sold $127,058,112 – 47% of Transactions Paid in Cash

Single-Family West Coconut Grove Market 17 homes sold Total Volume Sold $6,687,500 – 35% of Transactions Paid in Cash

Highest Sale: $5,245,000 Lowest Sale: $520,000 Median Sales Price: $1,430,000 - $458 Sq/Ft

Highest Sale: $630,000 Lowest Sale: $206,000 Median Sales Price: $365,000 – $300 Sq/Ft

Our Listings

3535 Anchorage Way Offered at $6,498,000

3316 Devon Court Offered at $6,400,000

3834 Kent Court Offered at $1,999,500

3855 Irvington Avenue Offered at $1,299,000

4005 Kumquat Avenue Offered at $1,129,000

2201 Tequesta Way Offered at $799,000

Yacht Harbour, Unit 8D Offered at $499,000

3064 Shipping Avenue Offered at $490,000

Yacht Harbour, Unit 14H Offered at $2,700 per month Rental

Are you thinking about selling?

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.

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