Q1 2024 Coconut Grove Real Estate Market Report and Trends

COCONUT GROVE JOURNAL OF REAL ESTATE

2024

Q1

MARKET UPDATE

AND

MARKET TRENDS

Isabelle Andrews & Alba Biondi Over $150 Million In Sales

We speak English, Spanish, French, and Italian.

Hire the experts in the Coconut Grove market.

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

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

THETEAM@GROVEEXPERTS.COM

Hello, Grovites, Coconut Grove Q1 2024 sales activity again demonstrates a strong seller’s market at most price points.

Single-family home and condo market facts*: The median sold price nearly doubled in the single-family home market and more than doubled in the condo market compared with five years ago.

Cash transactions still dominate the market.

The available inventory of homes for sale is half the number available five years ago.

Six percent is the average discount between the asking and selling price in both markets. *Condo market analysis does not include condo sales made by developers for new construction.

It only registers resale transactions.

How will the Grove market behave in the next few months? The graphs below, showing the inventory for sale compared with what has sold, provide insights into future market trends.

If you are thinking about introducing your property to the market, call us. We will give you a detailed today-and-tomorrow market analysis for your property’s price point.

We are looking forward to meeting you.

Warm regards, Isabelle and Alba

Q1 SINGLE-FAMILY HOME MARKET THROUGH THE YEARS Q1 2019

Q1 2020

Q1 2021

Q1 2022

Q1 2023

Q1 2024

42

48

95

47

27

40

$1,101,500

$1,275,000

$1,455,000

$2,000,000

$2,100,000

$2,175,000

% OF CASH TRANSACTIONS

38%

31%

49%

61%

55%

60%

INVENTORY AS OF APRIL 1ST

182

141

63

60

83

91

NUMBER OF HOMES SOLD

HOMES

MEDIAN SOLD PRICE

FUTURE SINGLE-FAMILY HOME TRENDS Months of supply is “the most important metric” in residential real estate. It is calculated using units for sale at the end of the month and the average number of sales over the previous three months. In general, a six-month supply is considered healthy.

The market under the $5 million price point offers six months or less of available inventory. This is a strong seller’s market. Buyers do not expect a softening market soon.

The $5M+ market offers 36 homes for sale with six homes sold during Q1 2024. This represents 18 months of inventory. New construction properties are introduced at that price point. A saturation of that market is to be expected, and selling prices will be at best flat.

Q1 COCONUT GROVE CONDO MARKET THROUGH THE YEARS* Q1 2019

Q1 2020

Q1 2021

Q1 2022

Q1 2023

Q1 2024

38

44

65

66

31

44

$630,000

$549,500

$810,000

$815,532

$1,375,000

$1,410,000

% OF CASH TRANSACTIONS

63%

56%

63%

71%

80%

77%

INVENTORY AS OF APRIL 1ST

>190

>180

123

44

64

89

NUMBER OF CONDOS SOLD

CONDOS

MEDIAN SOLD PRICE

FUTURE CONDO RESALE MARKET TRENDS The resale market under the $4 million price point is a strong seller’s market.

Twenty-three condos were for sale with an asking price above $4M. Only four units sold in the resale market during Q1 2024.

These units compete with new construction projects. A price softening is to be expected in this segment of the market.

ALBA BIONDI, P.A.

ISABELLE ANDREWS, P.A.

3 05 . 3 23 . 259 5

3 0 5 .5 4 6.5 4 2 1

FACTS ABOUT ALBA & ISABELLE • Award-winning real estate agents since 2012 • Berkshire Hathaway HomeServices EWM Realty Top Producers • Coconut Grove real estate market experts: single-family homes, condos, townhouses, and land • Speak English, Spanish, French, and Italian fluently • Publishers of the Coconut Grove Journal of Real Estate since 2011 • Producers of the Grove podcast, a source of real estate market information

GroveExperts.com

SCAN TO QR VISIT OUR WEBSITE

©2024 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity.