Aside from new listings and significant sales, I like to keep my blog readers in tune with any new trends in the Coconut Grove real estate market. Today I created the chart above to show which segments of the market were on pace with last year and which ones seem to be slowing down. Here are my takeaways from the above numbers:
- For the $1 million and below price point, it appears that we are on track to sell the same number of homes in 2016 as we did in 2015.
- We will likely exceed the number of ultra-luxury sales in 2016 compared to 2015, however, much of the activity in this segment of the market occurred at the beginning of the year and there hasn’t been a new pending sale over $2,000,000 in a few months.
- We have seen a slow-down in sales this year for homes that are priced between $1,000,000 – $2,000,000. I cannot pinpoint an exact reason for this, but I have noticed that homes in this price range are asking on average $700/square foot which is well above the average sale price/square foot in Coconut Grove.
I think it is normal in any real estate market for certain segments to fluctuate in activity. Because our market has been steady this year, I believe 2016 will see similar year end numbers to 2015.