Thank you to everyone who came out to our Coconut Grove Real Estate Talk last night, it was a huge success! We have been holding these events since 2008 and it is amazing to see how much the market has changed over time. During the next few weeks I will be reviewing some of the information that we discussed during the presentation for those of you who couldn’t make it. Today I will go over the numbers regarding single-family homes in Coconut Grove.
Looking at the historical figures, 2013 was an important year where we really started to see a large increase in the number of sales as well as home prices. Between 2013 – 2015, there was an increase in prices of nearly $50.00/square foot every year. Currently, we are seeing a stabilization of prices since that time. To give you an idea of how these translate into actual sale prices, in 2012 the average home sale was coming in at approximately $950,000 compared to the average home sale today which is $1,500,000.
North Coconut Grove vs. South Coconut Grove
Buyers seem to be drawn to either the North or South Grove for various reasons. We tend to see that people who are relocating from Brickell, Key Biscayne and Miami Beach want to be in the North Grove so they can maintain their connection to the city (and have less drive time to work), whereas people who are moving north from Pinecrest or whose children go to school down south prefer homes in the South Grove. You can see that prices in the South Grove are slightly higher than those in the North Grove. This is due to the fact that many of the gated communities and waterfront homes are located in the South Grove which bring the average figure up.
What does the future hold for Coconut Grove Real Estate?
Last year was a tough year for Coconut Grove in terms of the number of single-family homes sold. The Presidential election created uncertainty in the market and the strong dollar (resulting in fewer foreign buyers) were two factors that contributed to the low number of sales. The good news is that although there was a big drop in that respect, prices remained stable. Looking ahead, there has already been $81,700,000 worth of volume closed in 2017 compared to $172,000,000 during all of 2016. We are certainly on track to have a healthier amount of homes sold this year. The chart below shows first quarter sales over the past 6 years and you can see that if the trend continues the Grove should experience well over 150 closed sales in 2017.
Riley Smith has been the #1 Top Producing Coconut Grove Realtor for over 8 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.
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