As we come to the half-way point of 2016, I wanted to give my blog readers a quick recap of the real estate market here in Coconut Grove. The first interesting figure is that there have been just 55 single-family homes sold in North and South Coconut Grove (this excludes single-family homes that sold for land value) since January 1st. This number is extremely low compared to the sales from previous years. Last year at the same time we already had 90 sales on the books which means that sales have dropped by 38% in 2016. With the slow down we are seeing sellers become more frustrated and having to make price adjustments in order to get their property to move.
The total volume this year for homes sold comes in at $77,417,250 with an average “sale price/square foot” of $463.00. Values have remained stable over the past 6 months however I do believe that we will see them start to fall in the near future.
There have been about 15 properties which sold for land value and recorded on the MLS. They sold for approximately $90/square foot. Note that prices for land can vary dramatically based on location and size.
If you are curious about the value of your home in today’s changing market, please feel free to contact me at 305-342-1623. The Riley Smith Group has been the #1 Top Producing Coconut Grove Realtor for over 7 years and knows the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.