Thursday Throwdown: Miami Beach vs. Coconut Grove Single-Family Homes

 
Miami Beach and Coconut Grove are 2 of the most sought-after communities in South Florida, so how do they stack up against each other in today’s single-family home real estate market?

Only a few miles apart and both offering breathtaking water views, these 2 neighborhoods are like night and day, but they both seem to be the place everyone wants to call home. And now, because of a long list of reasons, everyone is flocking from Miami Beach to Coconut Grove. And, why not…The Grove is approximately 13 feet above sea level, offers a fun laid-back friendly waterfront environment and offers lots of great restaurants, shopping, parks, marinas, entertainment and a lot of history!

So where do you get more of a bang for your buck…let’s look at the numbers.

Available Waterfront Single-Family Home Inventory

Currently, Miami Beach has 187 waterfront single-family homes listed for sale with an average list price of $9,825,298 and an average list price per square foot of $1,490.04. In Coconut Grove, there are currently only 8 waterfront single-family homes for sale with an average list price of $13,291,125 and an average price per square foot of $1,557.72.

Miami Beach Waterfront Single-Family Home Inventory

• Total Waterfront Homes Available: 187
• Average List Price: $9,825,298
• Average List Price Per Square Foot: $1,490.04

Coconut Grove Waterfront Single-Family Home Inventory

• Total Waterfront Homes Available: 8
• Average List Price: $13,291,125
• Average List Price Per Square Foot: $1,557.72

Available Non-Waterfront Single-Family Home Inventory

Currently, Miami Beach has 225 non-waterfront single-family homes listed for sale with an average list price of $2,047,639 and an average list price per square foot of $654.70. In Coconut Grove, there are currently 103 non-waterfront single-family homes for sale with an average list price of $1,912,476 and an average price per square foot of $547.97.

Miami Beach Non-Waterfront Single-Family Home Inventory

• Total Non-Waterfront Homes Available: 225
• Average List Price: $2,047,639
• Average List Price Per Square Foot: $654.70

Coconut Grove Non-Waterfront Single-Family Home Inventory

• Total Non-Waterfront Homes Available: 103
• Average List Price: $1,912,476
• Average List Price Per Square Foot: $547.97

Single-Family Waterfront Homes Closed in the Last 6 Months

In the last 6 months, 45 waterfront single-family homes have sold in Miami Beach with an average sales price of $5,353,133 and an average price per square foot of $989.25. Coconut Grove has seen 3 sales of waterfront single-family homes in the last 6 months with an average sales price of $8,016,667 and an average price per square foot of $919.55.

Miami Beach Waterfront Single-Family Homes Closed in Last 6 Months

• Total Waterfront Homes Closed in Last 6 Months: 45
• Average Sales Price: $5,353,133
• Average Sales Price Per Square Foot: $989.25

Coconut Grove Waterfront Single-Family Homes Closed in Last 6 Months

• Total Waterfront Homes Closed in Last 6 Months: 3
• Average Sales Price: $8,016,667
• Average Sales Price Per Square Foot: $919.55

Single-Family Non-Waterfront Homes Closed in the Last 6 Months

In the last 6 months, 82 non-waterfront single-family homes have sold in Miami Beach with an average sales price of $1,416,142 and an average price per square foot of $502.94. Coconut Grove has seen 79 sales of non-waterfront single-family homes in the last 6 months with an average sales price of $1,312,553 and an average price per square foot of $438.88.

Please note that I just recently set 2 records for the Coconut Grove real estate market…the first non-waterfront home to ever sell in the history of the Grove over $5M and the highest-priced-per-square-foot non-waterfront home to ever sell in Coconut Grove, at $818 per sq/ft.

Miami Beach Non-Waterfront Single-Family Homes Closed in Last 6 Months

• Total Non-Waterfront Homes Closed in Last 6 Months: 82
• Average Sales Price: $1,416,142
• Average Sales Price Per Square Foot: $502.94

Coconut Grove Non-Waterfront Single-Family Homes Closed in Last 6 Months

• Total Non-Waterfront Homes Closed in Last 6 Months: 79
• Average Sales Price: $1,312,553
• Average Sales Price Per Square Foot: $438.88

Miami Beach & Coconut Grove Single-Family Home Months of Inventory

Miami Beach & Coconut Grove Waterfront Single-Family Homes

• Miami Beach: 25 Months of available inventory
• Coconut Grove: 16 Months of available inventory

Miami Beach & Coconut Grove Non-Waterfront Single-Family Homes

• Miami Beach: 17 Months of available inventory
• Coconut Grove: 8 Months of available inventory

Interested in the South Florida Real Estate Market???

If you, or someone you know, would like more information about the real estate markets in Miami Beach and/or Coconut Grove, please contact Michael Light, Director of Luxury Sales at Douglas Elliman Real Estate. You may reach Michael directly at his office at (305) 350-9842, on his cell phone at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.

Note: The information contained herein was retrieved from the Multiple Listing Service (MLS) on August 3, 2017, and is intended for informative purposes only and, thus, should not be relied upon.