Over the past few months we have seen the number of home sales in Coconut Grove come to a screeching halt. In fact, there were just 5 single-family home sales in Coconut Grove during the month of October!! That is a huge drop compared to past October sales figures. Take a look at the October sales over the past 5 years and you can see how slow the market currently is.
The world is captivated and consumed by the Presidential election and the average home-buyer or seller is no different. On our team we have noticed a decreased number of showings on our listings, as well as lower internet activity on home search sites over the past few months. Many clients have specifically told us they are waiting to make any type of real estate decision until the election is over whether that be listing their home, dropping the price or putting something under contract. All of these factors have contributed to a decrease in the number of sales.
Check out the below Internet Activity Report from Realtor.com on one of our current listings. The number of home searches has fallen as we approach election day. You can see that the number of times the property showed up in the search results during August was 3,231, whereas the number of times it showed up in search results during the month of October was just 1,676. In a normal year those numbers would be reversed because activity always picks up in the Fall but the anticipation of the election has distracted everyone.
That being said, regardless of the election results we should all look forward to the market getting back to normal next week!!
Riley Smith has been the #1 Top Producing Coconut Grove Realtor 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.
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