Coconut Grove: A Small Fish In Miami’s Big Real Estate Pond
January 25th, 2010 categories: Coconut Grove Real Estate
Real Estate in Coconut Grove is a small fish compared to the rest of Miami’s market. See the chart below for a graph of the Dade County Florida real estate market since October of 2008 (click to view in new window).
You can see that at the end of 2009, Dade County had 24,448 properties on the market. To compare, Coconut Grove had only 575 properties currently for sale (single family homes + condos + townhouses). When you do the math, Coconut Grove makes up about 2% of Miami’s real estate market.
Over the year you can see a significant decline in homes for sale across Dade County which historically indicates a market in recovery. That being said, some people believe that there is “shadow inventory” (a large amount of short sales & foreclosures) which is waiting to hit the market over the next year which would cause the numbers of homes for sale to rise yet again. Coconut Grove has been pretty insulated from short sales and foreclosures so far and I have no reason to believe we would be heavily impacted.
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If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.
