Coconut Grove Market Report Q3 2022

COCONUT GROVE JOURNAL OF REAL ESTATE 2022

Q3

MARKET REPORT

Be sure to hire an expert in the Coconut Grove market.

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

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Alba Biondi/ 305 323 2595 Isabelle Andrews / 305 546 5421 theteam@groveexperts.com GroveExperts.com Alba Biondi & Isabelle Andrews Over $100 Million In Sales We speak English, Spanish, French, and Italian.

HELLO GROVITES, The third quarter 2022 coconut Grove real estate market delivered mixed messages. The market is swinging back to pre-Covid activity after months of frenzied growth. The quarterly increase of properties for sale and declining sales volumes signal a cooling of pricing across all product types.

However, the Coconut Grove market still offers a supply-constrained landscape. How long will the low inventory of available properties limit a price correction? It will depend on future global financial market behavior.

Coconut Grove beauty still seduces buyers. It takes their breath away.

In this shifting market, our real estate knowledge and experience help our clients stay ahead of broader market behavior to make the right decisions with their real estate investments.

Contact us if you are thinking of selling.

Best regards, Isabelle and Alba

THIRD QUARTER COCONUT GROVE SINGLE-FAMILY HOME MARKET THROUGHOUT THE YEARS 20919-2022 NUMBER OF HOMES SOLD TOTAL SALES VOLUME MEDIAN SOLD PRICE MEDIAN SOLD PRICE PER SQ. FT. % OF CASH TRANSACTIONS # HOMES FOR SALES END OF SEPTEMBER MEDIAN ASKING PRICE

Q3 2019 47 $61M

Q3 2020 54 $82M

$1,212,500 $1,106,500 $434 $508.50 44% 33%

185 141 $1,498,000 $1,995,000

Q3 2021 84 $256M

Q3 2022 35 $113M

$1,650,000 $651 59%

$2,050,000 $1,003 71%

58 $3,280,000

91 $3,250,000

Q3 2022 SINGLE FAMILY-HOME MARKET FACTS

• $15,000,000 was the highest sale. This waterfront home is located at 1800 S. Bayshore Drive. It was built in 2022, offers 6,691 Sq. Ft. of living space on a 10,328 Sq. Ft. lot. $2,242 / Sq. Ft. was the sold price. The sale was a cash transaction.

• $570,000 was the lowest sale. The home is located at 3545 Florida Avenue. It was built in 1973, offers 1,056 Sq. Ft. of living space on a 5,000 Sq. Ft. lot. $540 / Sq. Ft. was the sold price. The sale was a cash transaction

• $2,050,000 was the median Coconut Grove sold price. A home located at 1644 S. Bayshore Drive represents the median priced home. It was built in 1938, offers 2,429 Sq. Ft. of living space on a 6,120 Sq. Ft. lot. $844 / Sq. Ft. was the sold price. The transaction was a cash transaction.

• 5% was the average discount between asking price and sold price.

COCONUT GROVE SINGLE-FAMILY HOME MARKET - FOR SALE VERSUS SOLD PER PRICE POINT. Chart Title 45

42

40 35

30

HOMES

30 25

22

20 15

5 0

11

8

10

2

1

1

0-$1M

$1M-3M

$3M-$6M

## HOMES HOMESSOLD SOLDQ3 Q32022 2022

9 2

$6M-$10M

0

$10M+

##HOMES 1,1,2022 HOMESFOR FORSALE SALEAS ASOF OFOCTOBER OCTOBER 2022

THIRD QUARTER COCONUT GROVE CONDO MARKET THROUGHOUT THE YEARS 2019 - 2022 Q3 2019 Q3 2020 53 55 $32M $50M

$330,000 $500,000 $374 $371 28% 49%

# OF CONDOS SOLD TOTAL SALES VOLUME MEDIAM SOLD PRICE MEDIAN SOLD PRICE PER SQ. FT. % OF CASH TRANSACTIONS

Q3 2021 80 $95M

Q3 2022 47 $48M

$859,000 $571 57%

$769,500 $602 59%

Q3 2022 CONDO MARKET FACTS

• $6,200,000 was the highest sale. The waterfront condo is at “The Fairchild” located at 3581 E. Glencoe Street. Built in 2020,

it offers 4 bedrooms, 5.5 bathrooms and 2,988 sq. ft of living space. $2,075 was the sold price per sq. ft. The sale was not a cash transaction.

• $220,000 was the lowest sale. The unit is situated at 3245 Virginia Street. Built in 1966, the property is a one-bedroom con do with 514 sq. ft. of living space.

• $769,500 was the median Coconut Grove sold price. The unit located at 2955 Bird Avenue represents the median priced condo. It was built in 2016 and offers 2 bedrooms and 2.5 bathrooms in 1,350 sq. ft. of living space.

• 6% was the average discount between asking price and sold price.

Chart Title 35

33

30

CONDOS

25

25

23

20 15

12

10

8

5 0

1 0-$1M

$1M-3M

$3M-$6M

CONDOSSOLD SOLDQ3 Q32022 2022 ## CONDOS

1

3

$6M-$10M

3 0 $10M+

CONDOS FOR SALE OCTOBER 1, 2022 ## HOMES FOR SALE ASAS OFOF OCTOBER 1, 2022

OUR ACTIVE LISTINGS

3835 PARK AVE, SOUTH GROVE

3564 AVOCADO AVE, SOUTH GROVE

3991 KUMQUAT AVE, COCONUT GROVE

3141 JEFFERSON ST, NORTH GROVE

6 B E D S | 6.5 B AT H S | 5,514 S Q F T | $5,350,000

3 B E D S | 3 B A T H S | 2 ,0 4 6 S Q F T | $ 2 , 4 9 9 , 0 0 0

4 B E D S | 4 B A T H S | 2 ,9 4 0 S Q F T | $ 2 , 4 9 9 , 0 0 0

3 B E D S | 2 B A T H S | 1 ,1 9 9 S Q F T | $ 2 ,1 3 3 , 0 0 0

The Coconut Grove Real Estate Podcast: Market Trends and Distinguished Guests Scan and Listen Reach out to us if you would like us to cover an aspect of the Grove market in a new episode. Enjoy!

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Alba Biondi & Isabelle Andrews