Coconut Grove Market Report Q2 2024

COCONUT GROVE JOURNAL OF REAL ESTATE 2024

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Q2

MARKET REPORT

GroveExperts.com

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Alba Biondi | 305 323 2595 Isabelle Andrews | 305 546 5421 TheTeam@GroveExperts.com GroveExperts.com

Isabelle Andrews, Alba Biondi Over $400 Million In Sales We speak English, Spanish, French, and Italian.

The Grove Keeps Striking Gold Again in Q2 2024!

Get the latest real estate data from the Grove Experts—perfect conversation for your next dinner party!

Single-Family Home Market Hits a High Note • Median Sold Price: Drumroll, please. . . the median sold price for single-family homes has skyrocketed to a jaw-dropping $2.7 million! That’s a $600,000 jump from last year.

• Cash is King: 70% of all transactions were cash transactions.

Yes, you heard that right—SEVENTY percent!

• Slim Pickings: Only 91 homes were on the market as of July 1, 2024. Compare that to the good old days when around 200 homes were up for grabs. Blame it on Miami’s post-COVID glow-up.

Resale Condo Market—Not Quite as Sparkly • Sales Dip: Only 51 condos sold this year, down from 57 last year.

• Median Price: The median sold price dipped slightly to $935,000 from $940,000 last year.

New shiny projects might be stealing the spotlight!

• Cash is King: 80% of all transactions were cash transactions.

Townhouse Market Is Also a Shining Star • Median Sold Price: $1,387,000, a daring $300,000+ over last year.

• Cash is King: 54% of all transactions were cash transactions • Inventory: 3 Months of inventory is available. The Townhouses became first pick choices when buyers are not willing to invest heavily in a single-family home.

What’s Next for The Market?

• Single-Family Homes: With less than six months of inventory, it’s still a red-hot seller’s market at almost all price points.

• Resale Condos: Inventory has surged. Thanks to new Association Reserve Rules, more condo owners, especially at the lower end of the market, might be looking to sell.

Ready to Chat? Want to dive into the new condo laws or talk about real estate commissions? Or maybe you’re thinking of selling your property and want to know how to get the best return on your investment? Let’s chat!

We’re excited to meet you.

Isabelle and Alba

C O C O N U T G R O V E S I N G L E- FA M I LY M A R K E T R E P O R T Q2 2024

Q2 2023 # Homes Sold

Q2 2024 # Homes Sold

UNDER $1M

6

7

2

Almost Sold Out!

$1M-$2M

16

15

16

3 months

$2M-$3M

7

12

16

4 months

$3M-$5M

14

17

23

4 months

$5M-$10M

3

6

24

12 months

$10M+

1

2

10

17 months

TOTAL

47

59

91

Inventory as of 7/01/2024 # Homes Available For Sale # Months of Inventory

Q2 2024 SINGLE-FAMILY HOME MARKET FACTS • $33,500,000 was the highest sale. This waterfront home is located at 3080 Munroe Dr. It was built in 2002 and offers 10,099 sq.ft. of living space on a ½+ acre lot. $3,317 / sq.ft. was the sold price. The sale was a cash transaction.

• $670,000 was the lowest sale. This home is located at 3822 Oak Ave. It was built in 1941 and offers 1,632 sq.ft. of living space on a 4,450 sq.ft. lot. $411 / sq.ft. was the sold price. The sale was a cash transaction.

• 7% is the average discount between the asking price and selling price.

COCONUT GROVE CONDO RESALE MARKET REPORT Q2 2024

Q2 2023 # Condos Sold

Q2 2024 # Condos Sold

Inventory as of 7/01/2024 # Condos For Sale

# Months of Inventory

UNDER $1M

31

26

28

3 Months

$1M-$2M

14

14

27

6 Months

$2M-$3M

4

6

13

6 Months

$3M-$5M

3

3

8

6 Months

$5M-$10M

3

2

13

20 Months

$10M+

2

0

6

-

TOTAL

57

51

95

Q2 2024 CONDO MARKET FACTS • $7,200,000 was the highest sale. This condo is at “One Park Grove” located at 2811 S. Bayshore Dr. Built in 2020, it offers 3 bedrooms, 3.5 bathrooms, and 2,546 sq.ft. of living space. $2,828 was the sold price per sq. ft. The sale was a cash transaction.

• $196,000 was the lowest sale. This unit is situated at Douglas Oaks Condo, 3680 Oak Ave. Built in 1957, the property is a one-bedroom condo with 430 sq.ft. of living space. $456 was the sold price per sq.ft.

• 4% is the average discount between the asking price and selling price.

COCONUT GROVE TOWNHOUSE MARKET REPORT Q2 2024

Q2 2023 # Townhouses Sold

Inventory as of 7/01/2024 Q2 2024 # Months of Inventory # Townhouses For Sale # Townhouses Sold

UNDER $1M

7

8

2

3 Months

$1M-$2M

6

12

14

14 Months

$2M-$3M

0

2

9

18 Months

$3M-$5M

1

1

6

-

$5M-$10M

0

1

0

-

$10M+

1

0

1

-

TOTAL

15

24

32

Q2 2024 TOWNHOUSE MARKET FACTS • $4,075,000 was the highest sale. This townhouse is at The Cloisters, 2471 Main Hwy. Built in 2004, it offers 4 bedrooms, 4.5 bathrooms, and 5,659 sq.ft. of living space. $720 was the sold price per sq.ft. The sale was a cash transaction.

• $725,000 was the lowest sale. This property is situated at 3141 Center St. Built in 1998, the property is a two-bedroom townhouse with 850 sq.ft. of living space. $853 was the sold price per sq.ft.

• 7% is the average discount between the asking price and selling price.

• 54% of all transactions were cash transactions.

ISABELLE & ALBA

YOUR NEIGHBORHOOD EXPERTS • Berkshire Hathaway HomeServices EWM Realty • Multi-award-winning real estate agents since 2012 • Coconut Grove & Coral Gables real estate experts • Speak English, Spanish, French, and Italian

Isabelle Andrews | 305 546 5421 Alba Biondi | 305 323 2595

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