2015 Coconut Grove Real Estate Statistics

 
The Coconut Grove real estate market is booming and has risen rapidly in the past few years, with the median sales price jumping 17.5% from 2014 to 2015 and a staggering 28.9% from 2013. In fact, I was interviewed by the Wall Street Journal (WSJ) last week for their article “Miami’s Coconut Grove Grows from Birkenstocks to Billionaires,” wherein the WSJ brags about the remarkable growth of the housing market in the Grove.

Furthermore, the Coconut Grove real estate market in 2015 saw 492 closed sales – down 92 from 2014; however, the average Coconut Grove closed sales price in 2015 was $934,114 which equals $397.55 per square foot and was 94% of the average list price.  The most expensive closed sale of 2015 in the Grove was LeBron James’ former Coconut Grove waterfront home which sold for $13,400,000 at $1,100.35 per square foot. This sale shattered the average Coconut Grove sales price per square foot by $702.80. The buyers of 3590 Crystal View Court were Timo and Nathalia Kipp, the owners of Mayfair in the Grove.

Below, I have laid out all of the 2015 Coconut Grove real estate statistics and then a year-over-year comparison of 2015 versus 2014.

2015 Coconut Grove Real Estate Sales by the Numbers:

• Total Number of Sales: 492
• Average List Price: $994,135
• Median List Price: $699,000
• Average Sales Price: $934,114 (94% of List Price)
• Median Sales Price: $675,000 (96.6% of List Price)
• Average Sales Price Per SQ/FT: $397.55
• Median Sales Price Per SQ/FT: $366.58
• Days on Market: 90 Average / 58 Median
• Highest Priced Sale of 2015: 3590 Crystal View Ct. Closed on 08/25/2015 @ $13,400,000 ($1,100.35 per sq/ft)
• Lowest Priced Sale of 2015: 3300 Plaza St. Closed on 09/08/2015 @ $61,000 ($42.90 per sq/ft)

Download: ALL 2015 Coconut Grove Closed Sales

2015 vs. 2014 Coconut Grove Sales Year-Over-Year Numbers:

• Total Number of Sales: DOWN 92 | 492 in 2015 vs. 584 in 2014
• Average List Price: UP $164,382 (+19.8%) | $994,135 in 2015 vs. $829,753 in 2014
• Median List Price: UP $104,000 (+17.5%) | $699,000 in 2015 vs. $595,000 in 2014
• Average Sales Price: UP $154,126 (+19.8%) | $934,114 in 2015 vs. $779,988 in 2014
• Median Sales Price: UP $100,500 (+17.5%) | $675,000 in 2015 vs. $574,500 in 2014
• Average Sales Price Per SQ/FT: UP $40.09 (+11.2%) | $397.55 in 2015 vs. $357.46 in 2014
• Median Sales Price Per SQ/FT: UP $45.85 (+14.3%) | $366.58 in 2015 vs. $320.73 in 2014

Coconut Grove Neighborhood Map

To local Groveites and investors interested in purchasing property in Coconut Grove, whether as a personal or business investment, I have broken down the statistics of the different areas of the Grove since Coconut Grove is locally referred to in parts, i.e. North, South, Center and West (for example, CocoWalk and the Mayfair Hotel & Spa are both located in Center Grove and Kennedy Park is located in North Grove).

2015 vs. 2014 NORTH Coconut Grove Sales by the Numbers:

• Total Number of Sales: 152 in 2015 / 157 in 2014
• Average List Price: $1,281,061 in 2015 / $1,226,231 in 2014
• Median List Price: $982,000 in 2015 / $935,000 in 2014
• Average Sales Price: $1,198,928 in 2015 / $1,150,489 in 2014 (UP 4.2%)
• Median Sales Price: $947,500 in 2015 / $910,000 in 2014 (UP 4.1%)
• Average Sales Price Per SQ/FT: $443.86 in 2015 / $432.65 in 2014 (UP 2.6%)
• Median Sales Price Per SQ/FT: $394.65 in 2015 / $377.61 in 2014 (UP 4.5%)
• Days on Market: 79 Average / 53 Median in 2015
• Highest Priced Sale of 2015: 3590 Crystal View Ct. Closed on 08/25/2015 @ $13,400,000 ($1,100.35 per sq/ft)
• Lowest Priced Sale of 2015: Coco Palm Condo Unit 9 Closed on 04/24/2015 @ $88,000 ($173.57 per sq/ft)

Download: 2015 North Coconut Grove Closed Sales

2015 vs. 2014 SOUTH Coconut Grove Sales by the Numbers:

• Total Number of Sales: 54 in 2015 / 74 in 2014
• Average List Price: $1,741,665 in 2015 / $1,521,166 in 2014
• Median List Price: $1,470,000 in 2015 / $1,222,500 in 2014
• Average Sales Price: $1,634,435 in 2015 / $1,407,081 in 2014 (UP 16.2%)
• Median Sales Price: $1,295,500 in 2015 / $1,112,500 in 2014 (UP 16.4%)
• Average Sales Price Per SQ/FT: $451.80 in 2015 / $427.80 in 2014 (UP 5.6%)
• Median Sales Price Per SQ/FT: $426.14 in 2015 / $402.33 in 2014 (UP 5.9%)
• Days on Market: 127 Average / 71 Median in 2015
• Highest Priced Sale of 2015: 3305 S. Moorings Way Closed on 06/17/2015 @ $8,650,000 ($681.00 per sq/ft)
• Lowest Priced Sale of 2015: 4020 Matheson Ave. Closed on 06/05/2015 @ $520,000 ($515.36 per sq/ft)

Download: 2015 South Coconut Grove Closed Sales

2015 vs. 2014 CENTER Coconut Grove Sales by the Numbers:

• Total Number of Sales: 194 in 2015 / 240 in 2014
• Average List Price: $716,481 in 2015 / $490,513 in 2014
• Median List Price: $499,750 in 2015 / $422,000 in 2014
• Average Sales Price: $677,034 in 2015 / $466,535 in 2014 (UP 45.1%)
• Median Sales Price: $491,000 in 2015 / $406,250 in 2014 (UP 20.9%)
• Average Sales Price Per SQ/FT: $375.60 in 2015 / $330.05 in 2014 (UP 13.8%)
• Median Sales Price Per SQ/FT: $328.12 in 2015 / $305.10 in 2014 (UP 7.5%)
• Days on Market: 77 Average / 55 Median in 2015
• Highest Priced Sale of 2015: 3310 Devon Ct. Closed on 06/08/2015 @ $12,850,000 ($1,274.04 per sq/ft)
• Lowest Priced Sale of 2015: Mayfair Hotel Unit 329 Closed on 04/24/2015 @ $78,750 ($165.09 per sq/ft)

Download: 2015 Center Coconut Grove Closed Sales

2015 vs. 2014 WEST Coconut Grove Sales by the Numbers:

• Total Number of Sales: 92 in 2015 / 113 in 2014
• Average List Price: $676,358 in 2015 / $582,116 in 2014
• Median List Price: $631,500 in 2015 / $499,900 in 2014
• Average Sales Price: $636,542 in 2015 / $552,069 in 2014 (UP 15.3%)
• Median Sales Price: $614,500 in 2015 / $499,000 in 2014 (UP 23.1%)
• Average Sales Price Per SQ/FT: $329.58 in 2015 / $263.33 in 2014 (UP 25.2%)
• Median Sales Price Per SQ/FT: $310.08 in 2015 / $249.44 in 2014 (UP 24.3%)
• Days on Market: 112 Average / 70 Median in 2015
• Highest Priced Sale of 2015: 3630 Justison Rd. Closed on 07/21/2015 @ $1,775,000 ($279.62 per sq/ft)
• Lowest Priced Sale of 2015: 3300 Plaza St. Closed on 09/08/2015 @ $61,000 ($42.90 per sq/ft)

Download: 2015 West Coconut Grove Closed Sales

If you, or someone you know, would like more information on real estate in Coconut Grove, please contact me, Michael Light of Miami Luxury Homes. I am a resident of Coconut Grove and have direct knowledge of the Coconut Grove real estate market.  You may reach me directly at my office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.

Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on January 25, 2016.  Any closed sales not listed in the MLS are not included in the statistics referenced herein. The MLS search criteria used was 33133 zip code + map outline + city not equal to “Coral Gables.”  The statistics separated into North, South, Center and West Grove were separated according to the map shown above and may not be accurate.  In addition, the information contained herein is for informative purposes only and should not be relied upon.