Q2 2023 Coconut Grove Real Estate Market Report

COCONUT GROVE JOURNAL OF REAL ESTATE

2023

Q2

MARKET UPDATE

Isabelle Andrews & Alba Biondi Over $100 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

Q2 2023 Coconut Grove sales outperformed last quarter in both the single-family market and condo market.

The Grove market is a seller’s market at almost all price points.

The 9-month inventory level is the threshold to predict future market behavior. Market values should remain strong as the inventory available for sale remains low. It is a supply/demand business.

Cash transactions represent 55% of all sales in the single-family market and 68% of all condo sales.

Investors are seduced by the beauty and lifestyle of the Grove. Major companies have moved their headquarters to Miami, and the absence of a Florida state income tax is attracting buyers to our beautiful neighborhood.

Thinking about introducing your property to the market? Let’s meet for a confidential assessment of your property’s value and to provide guidance to enhance your property’s desirability.

COCONUT GROVE SINGLE-FAMILY MARKET REPORT Q1 AND Q2 2023 Q1 2023

Q2 2023

Inventory as of 7/01/2023

# HOMES SOLD

# HOMES SOLD

# HOMES AVAILABLE FOR SALE

UNDER $1M

3

6

7

3 Months

$1M-$2M

10

16

9

2 Months

$2M-3M

10

7

24

12 Months

$3M-$5M

3

14

18

4 Months

$5M-10M

1

3

12

12 Months

$10M+

0

1

10

10 Months

TOTAL

27

47

80

# Months of Inventory

Remarks: • Overall price statistics reflect activity in the market below the $2M price point and the $3M to $5M price points. The latter price point performance is an emerging market.

• $2,100,000 is the median sold price, which is unchanged compared to last quarter and slightly above the same quarter last year.

• $2,950,000 is the median asking price.

COCONUT GROVE CONDO MARKET REPORT Q1 AND Q2 2023 Q1 2023

Q2 2023

Inventory as of 7/01/2023

# CONDOS SOLD

# CONDOS SOLD

# CONDOS AVAILABLE FOR SALE

UNDER $1M

11

31

9

1 Month

$1M-$2M

9

14

17

4 Months

$2M-3M

3

4

11

8 Months

$3M-$5M

5

3

5

5 Months

$5M-10M

3

3

11

11 Months

$10M+

0

2

1

1 Month

TOTAL

31

57

54

# Months of Inventory

Remarks: • The $1M and below market dominates sales performance.

• It is a strong seller’s market for units priced below the $5M price point.

• $940,000 is the median sold price compared with $1,375,000 in Q1 2023. This is due to a major sell-off in the lower end of the market.

• This report does not include developers’ sales (Vita, Mr. C, etc.), which represent the $3M+ market.

VITA PRICE LIST

FACTS ABOUT ISABELLE & ALBA • Award-winning real estate agents since 2012 • Berkshire Hathaway HomeServices EWM Realty Top Producers • Coconut Grove real estate market experts: single-family homes, condos, land, and townhouses • 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

SCAN TO VIEW OUR WEBSITE

©2023 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.