The State Of The Coconut Grove Real Estate Market
The real estate market in Coconut Grove has been nothing less than scorching hot since January 1. The properties that have the “it factor” in terms of location or style are going under contract within a matter of days. One example is the property located at 3849 Leafy Way in South Coconut Grove listed for $2,150,000. This home went pending just 3 days after hitting the MLS (listed by the Cherry Group of One Sothebys). Low inventory levels are causing a frenzy when A+ homes come on the market. Across Coconut Grove we are also seeing buyers act quickly with strong offers because they have lost out on previous opportunities.
Another trend we are seeing in the Grove is a reduction in the number of $1,000,000 and under homes. In the North Grove, there are 37 homes currently for sale and just 7 are listed below $1,000,000. In the South Grove, there are 64 homes for sale and 16 are listed below $1,000,000. These numbers concern me because if the trend continues, I think it could eventually affect the health of our market here.
Lastly, we are seeing the average “list price per square foot” increase in both North and South Coconut Grove. In the North Grove the average “list price/sq. ft.” is running at $488.00 and in the South Grove it is currently $550.00. These figures are significantly above the average list price for homes during 2013 which came in at $393.00/sq. ft.
Coconut Grove real estate is changing on a daily basis. If you are considering selling and would like a no pressure valuation of your home, please don’t hesitate to call me. I can be reached on my cell anytime at 305-342-1623 or you can fill out a contact form here.
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