The inventory of Coconut Grove townhouses has fallen sharply over the past 12 months and right now it is at the lowest level in over 15 years. There are just 50 townhouses listed for sale, and 10 of those are currently under contract (7 of which went pending in less than 30 days). The inventory ranges in price from $389,000 to $1,425,000 with an average “list price/square foot” of $438.00. The townhouses that are the highest in demand right now are those that are newer construction or completely renovated.
Townhouses in Center Grove typically appeal to buyers who want to live in the Grove for less than the cost of a single-family home, as well as to those buyers who are looking for a low maintenance property. Over the past few months we have seen rising single-family home values and snow-birds wanting to make Miami their permanent residence. All of these factors have contributed to an increased demand. There were 96 townhouses sold in 2020 which was up by 14 from the previous year.
If you are a townhouse owner, now is a very good time to sell. With high demand and low supply, sellers have the clear advantage. If you are curious about the value of your townhouse in today’s market, please reach out to us today!
Things have changed, take a look back at some of my townhouse market updates from past years:
November 4, 2008: 167 townhouses for sale with average “sale price/square foot” at $252.00
December 29, 2011: Townhouse prices range from $144,900 to $539,000