I pride myself on “telling it like it is” when it comes to real estate and my blog articles are no exception. Right now the real estate market is SLOW in the Center Grove and I am not afraid of saying it. There have been only 37 townhouses closed this year compared to 50 during the same time period last year. In my opinion, the downturn can be attributed to low inventory levels. We have just 16 townhouses currently on the market in Center Grove (east of 32nd Avenue) which might be the lowest level on record. With that kind of inventory to work with I’m not surprised by the low sales figures, after all, you can’t sell what you don’t have!
I believe that there are a lot of people who would like to put their townhouse up for sale, but they have nowhere to go. Prices for single family homes in Coconut Grove have risen so dramatically that many people are priced out of the market. Although values have risen significantly for townhouses, they have basically come back to where they were prior to the crash; whereas prices for single family homes have bounced back much higher. This leaves many potential sellers playing the waiting game.
If you live in the Center Grove and are curious what your townhouse is worth, please contact me. Even if you aren’t interested in selling now, I would be happy to sit down with you and discuss your home’s value. I can be reached anytime on my cell phone at 305-342-1623 or you can send me a message here.
Below are some more statistics on the Coconut Grove townhouse market:
- Average List Price For Townhouses In Coconut Grove: $600,489
- Average Sale Price For Townhouses In Coconut Grove: $585,784
- Average Sale Price/Square Foot For Townhouses Sold In 2015: $308