Which Price Point Is Getting The Most Action In Coconut Grove?
This morning I ran the most recent numbers for active, pending and closed home sales in Coconut Grove. As you can see, the highest number of listings and sales are in the $1-$2 million price point. Although you can’t necessarily see it from this chart, the highest demand is for the $1,000,000 and below price point. I know this from working in the Grove day in and day out, speaking with potential buyers and talking with other top agents about their client’s needs. The reason there haven’t been more sales in this segment is simply because of the lack of supply.
So far in 2015 there have been 140 single family home sales (28 currently under contract). With just 2 months left in the year, it appears that we will see roughly the same number of homes sold in 2015 as we did in 2014, and possibly less. The stagnant market is a result of several factors in my opinion:
(1) Values have risen at a rapid pace and many buyers haven’t adjusted yet
(2) Low inventory levels
(3) Decrease in international buyers
As you know, market conditions can change rapidly. Stay tuned to our blog every day to get the latest Coconut Grove real estate information!