Coconut Grove Real Estate Gets “B” Grade

Coconut Grove Real Estate Gets Graded

Whether I am at Greenstreet for breakfast, grabbing dinner at Fresh Market or watching the Heat game at Coral Reef, I can count on the fact that someone will come up to me and say “Hey Riley, how is the market?”. Considering that I live, eat and breathe Coconut Grove real estate, I am always happy to talk shop. On that note, today I wanted to give an overall recap on how the market is doing, just as if you had run into me at the grocery store:

  1. We need more homes priced under $1,000,000: The price point that has the highest demand is in the $0 – $1,000,000 segment; however, we are struggling because we don’t have enough inventory to satisfy the demand of the buyers. Homes for sale in this price range represent just 14% of the total listings.
  2. We have low activity in the $1,000,000+ price range: Our largest supply of homes for sale are priced over $1,000,000 but there is much less activity here. We have 11 homes “under contract” that are listed over $1,000,000, but only 5 of them went under contract in the last 60 days. This shows you how incredibly slow the market has been lately for this price point.
  3. We have had a severe drop in international buyers: The strong US dollar has made it much more expensive for international buyers to purchase homes here. The percentage of foreign buyers has been trending down for the past 2 years. Typically foreign buyers represent about 25% of the market, however, I would say that number has fallen to about 15% in 2016.
  4. Values remain strong: On the plus side, we are seeing values hold steady.
  5. We have the best location in Miami: Our real estate will always be in high demand because we have an incredible waterfront location, an eclectic mix of architecture, a charming village center and are just minutes to Brickell, downtown Miami, Miami Beach and Key Biscayne.

All in all, I would say that our Grove real estate market gets a “B” grade. There are many factors that could be better, but we are still selling homes and getting solid prices for them. Here are the latest figures:

Coconut Grove homes listed under $1,000,000:

  • 21 Active
  • 14 Homes Currently Under Contract
  • 2 Closed Sales (Last 2 Weeks)

Coconut Grove homes listed between $1,000,000 – $2,000,000:

  • 59 Active
  • 4 Homes Currently Under Contract
  • 2 Closed Sales (Last 2 Weeks)

Coconut Grove homes listed between $2,000,000 – $3,000,000:

  • 44 Active
  • 6 Homes Currently Under Contract
  • 1 Closed Sale (Last 2 Weeks)

Coconut Grove homes listed over $3,000,000:

  • 20 Active
  • 1 Home Currently Under Contract
  • 0 Closed Sales (Last 2 Weeks)

The Riley Smith Group has been the #1 Top Producing team in Coconut Grove 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.