The current market conditions in Coconut Grove are like nothing we have ever experienced before. Prices are rising faster than at any other time in history and inventory is the lowest it has ever been. Realtors are navigating bidding wars at every turn and desperately searching for off-market opportunities. Banks and appraisers are overwhelmed causing a high amount of delays and even some cancellations. All that being said – buyers are still coming here in droves; sellers are cashing in on the rising prices and deals are being made every day.
We are excited to present the 2021 Quarter 1 report for single-family homes in Coconut Grove. By comparing the current data to past years, you can really see why there is such a frenzy in the market.
There are currently just 60 single-family homes for sale in Coconut Grove – which is down 60% from the same time last year. The distribution of prices has also changed significantly. Today, only 31% of homes for sale are priced under $2,000,000, compared to 60% under $2,000,000 at the same time last year.
As evidence of just how busy the market is, we have already sold 48% of last year’s total sales. When you combine the sold homes (77) with the pending sales (73) the Grove is on track to sell the most number of homes in any year in its history. Of the 77 closed sales , 7 were sold at or above list price.
The average sale price per square foot of homes has risen to $560.00 from $491.00 in 2020 which is the highest dollar increase we have ever seen in one year. Homes this quarter have a list-to-sell ratio of 95% compared to the typical percentage we see here in Coconut Grove of 90%.
It’s impossible to predict when things quiet down, but with the number of buyers we are seeing out there and such limited inventory, we believe it is going to be quite some time before the market cools off.
If you’re wondering whether now is the right time to buy or sell, reach out to us today! The Riley Smith Group has been the top producing team in Coconut Grove for over 10 years and has the knowledge and experience to help you navigate our unique market.