Today we’re taking a look at the current pending inventory in Coconut Grove. Reviewing the pending home sales of our Coconut Grove market gives us “real-time” data on what segments are moving, what price points are attractive to buyers, and helps us predict where things will land in the coming months. I wanted to share with you some interesting facts about our pending sales right now in Coconut Grove.
As you can see in the below pie chart, the single-family home market up to $2,000,000 dominates the activity right now. Although there have been several ultra-luxury homes to come on the market in the Grove over the past few weeks, we have not seen these properties selling at the same pace as the lower priced segments. As noted above, the average “list price / square foot” of the pending sales is $509.00, and assuming properties are selling 10% off list price (which is the historic average in Coconut Grove), that would put these closed sales at an average of $459.00 which is slightly below 2019’s figure.
One big shift in the condo market we’ve seen over the past few months is the drastic reduction in the number of units going under contract, particularly condos priced over $1,000,000. In fact, there are currently only 4 pending condo sales that are listed over $1,000,000 in Coconut Grove. Grove Isle continues to be the highest in demand right now, with other buildings such as Park Grove and Grove at Grand Bay also seeing pending sales.
If you’re thinking of buying or selling a home in the Grove and want to work with someone who knows the numbers and tracks the market, please reach out to me at 305-342-1623 or via email at [email protected]