2019 Coconut Grove Real Estate Values | What do the 2018 Statistics Tell Us?

 
Well, 2018 is over and we are almost a month into 2019 already. As I do every January, I compile and analyze all of the sales in Coconut Grove (per MLS data – which takes me several weeks) over the last year and look at where our community is trending.

As most of you know, I am a Groveite through and through. I met my wife in the Grove, was married in the Grove (St. Hugh), my reception was in the Grove (Villa Woodbine – which sadly may be torn down to make way for an all-boys school), I live in the Grove (North Grove), and I am the Senior Director of Luxury Sales at Douglas Elliman in our Grove office on SW 27th Avenue.

As always, the media loves to report, regardless of ACTUAL market conditions, that the Miami market is failing/falling/crashing/(insert scary language here). Well, the market may be slowing down and stabilizing in certain areas of Miami, but like always, Coconut Grove showed increases in many key pricing indicators in 2018. Here are some takeaways from the 2018 numbers:

• Total sales volume jumped $37,364,744, from $474,227,625 in 2017, to a whopping $511,592,369 in 2018 – This signifies the first time in Coconut Grove history that sales volume broke the $500M barrier!
• The average sales price per sq/ft in ALL of the Grove jumped another 3.8% in 2018
• Center Coconut Grove seemed like the big winner seeing all 4 major pricing indicators rise in 2018: average & median sales prices rose (+10.3% & +9.9%) along with average & median sales price per sq/ft (+10.7% & +3.3%)
• North & South Grove ($517.90 & $509.04) BOTH averaged over $500 per sq/ft for the first time ever

In 2018, we saw a very significant real estate record set:

1. 3550 Matheson Avenue became the highest sale in Coconut Grove history when it closed for $19,750,000 on 03/01/2018. The sale also set the record for the highest price-per-square-foot ever paid for a waterview home in the Grove when it closed at $1,791.55 shattering the previous record from 2017’s sale of PH02-N at Grove at Grand Bay which closed at $1,494.02.

A further look back…

In 2013, the average closed sales price per sq/ft for the entire Grove was $314.07. In 2018, that number was $446.51. That is an increase of 42.2% over the past 5 years!

In 2013, the total sales volume for the entire Grove was $406,166,357. In 2018, that number was $511,592,369. That is an increase of 26% over the past 5 years and the first time sales volume ever broke the $500M mark for Coconut Grove!

Below, I have laid out all of the 2018 Coconut Grove real estate statistics and then a year-over-year comparison of 2018 versus 2017.

2018 Coconut Grove Real Estate Sales by the Numbers:

• Total Number of Sales: 470
• Total Sales Volume: $511,592,369
• Average List Price: $1,183,965
• Median List Price: $759,460
• Average Sales Price: $1,088,494 (91.9% of List Price)
• Median Sales Price: $725,000 (95.5% of List Price)
• Average Sales Price Per SQ/FT: $446.51
• Median Sales Price Per SQ/FT: $396.10
• Days on Market: 145 Average / 99 Median
• Highest Priced Sale of 2018: 3550 Matheson Ave. Closed on 03/01/2018 @ $19,750,000 ($1,791.55 per sq/ft)
• Lowest Priced Sale of 2018: 3615 Thomas Ave. #8 Closed on 05/17/2018 @ $90,000 ($193.13 per sq/ft)

Download: ALL 2018 Coconut Grove Closed Sales

2018 vs. 2017 ALL Coconut Grove Sales Year-Over-Year Numbers:

• Total Number of Sales: UP 40 (+9.3%) | 470 in 2018 vs. 430 in 2017 (465 in 2016)
• Total Sales Volume: UP $37,364,744 (+7.9%) | $511,592,369 in 2018 vs. $474,227,625 in 2017 ($402,149,863 in 2016)
• Average List Price: DOWN $18,448 (-1.5%) | $1,183,965 in 2018 vs. $1,202,413 in 2017 ($929,258 in 2016)
• Median List Price: DOWN $17,540 (-2.3%) | $759,460 in 2018 vs. $777,000 in 2017 ($689,000 in 2016)
• Average Sales Price: DOWN $14,361 (-1.3%) | $1,088,494 in 2018 vs. $1,102,855 in 2017 ($864,838 in 2016)
• Median Sales Price: DOWN $22,000 (-3.0%) | $725,000 in 2018 vs. $747,000 in 2017 ($655,000 in 2016)
• Average Sales Price Per SQ/FT: UP $16.31 (+3.8%) | $446.51 in 2018 vs. $430.20 in 2017 ($396.32 in 2016)
• Median Sales Price Per SQ/FT: DOWN $1.38 (-0.4%) | $396.10 in 2018 vs. $397.48 in 2017 ($364.21 in 2016)

Coconut Grove Neighborhood Map

To local Groveites looking to sell, and buyers purchasing property in Coconut Grove, I have broken down the statistics of the different areas of the Grove. 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).

2018 vs. 2017 NORTH Coconut Grove Sales by the Numbers:

• Total Number of Sales: 127 in 2018 | 156 in 2017 (126 in 2016)
• Average List Price: $1,542,612 in 2018 | $1,467,565 in 2017 ($1,283,971 in 2016)
• Median List Price: $1,130,000 in 2018 | $1,074,500 in 2017 ($897,000 in 2016)
• Average Sales Price: (+6.4%) $1,416,833 in 2018 | $1,332,103 in 2017 ($1,201,557 in 2016)
• Median Sales Price: (+6.9%) $1,050,000 in 2018 | $982,000 in 2017 ($845,000 in 2016)
• Average Sales Price Per SQ/FT: (+3.5%) $517.90 in 2018 | $500.49 in 2017 ($477.62 in 2016)
• Median Sales Price Per SQ/FT: (-1.3%) $451.15 in 2018 | $457.14 in 2017 ($430.53 in 2016)
• Days on Market: 184 Average | 154 Median in 2018 (139 Average | 95 Median in 2017)
• Highest Priced Sale of 2018: 1641 S. Bayshore Dr. Closed on 11/16/2018 @ $8,100,000 ($758.14 per sq/ft)
• Lowest Priced Sale of 2018: 2630 SW 28th St. #45 Closed on 02/22/2018 @ $140,000 ($290.46 per sq/ft)

Download: 2018 North Coconut Grove Closed Sales

2018 vs. 2017 SOUTH Coconut Grove Sales by the Numbers:

• Total Number of Sales: 67 in 2018 | 51 in 2017 (56 in 2016)
• Average List Price: $2,210,348 in 2018 | $2,442,520 in 2017 ($1,933,845 in 2016)
• Median List Price: $1,690,000 in 2018 | $1,650,000 in 2017 ($1,597,500 in 2016)
• Average Sales Price: (-8.9%) $2,033,042 in 2018 | $2,231,874 in 2017 ($1,741,387 in 2016)
• Median Sales Price: (-4.9%) $1,540,000 in 2018 | $1,620,000 in 2017 ($1,450,000 in 2016)
• Average Sales Price Per SQ/FT: (+3.4%) $509.04 in 2018 | $492.21 in 2017 ($481.66 in 2016)
• Median Sales Price Per SQ/FT: (+4.4%) $478.84 in 2018 | $458.75 in 2017 ($485.38 in 2016)
• Days on Market: 177 Average | 141 Median in 2018 (170 Average | 123 Median in 2017)
• Highest Priced Sale of 2018: 3550 Matheson Ave. Closed on 03/01/2018 @ $19,750,000 ($1,791.55 per sq/ft)
• Lowest Priced Sale of 2018: 4131 Ventura Ave. Closed on 08/17/2018 @ $540,000 ($385.71 per sq/ft)

Download: 2018 South Coconut Grove Closed Sales

2018 vs. 2017 CENTER Coconut Grove Sales by the Numbers:

• Total Number of Sales: 197 in 2018 | 149 in 2017 (189 in 2016)
• Average List Price: $759,332 in 2018 | $670,283 in 2017 ($528,617 in 2016)
• Median List Price: $535,000 in 2018 | $489,900 in 2017 ($459,000 in 2016)
• Average Sales Price: (+10.3%) $691,480 in 2018 | $627,154 in 2017 ($503,393 in 2016)
• Median Sales Price: (+9.9%) $510,000 in 2018 | $464,000 in 2017 ($440,000 in 2016)
• Average Sales Price Per SQ/FT: (+10.7%) $405.21 in 2018 | $366.03 in 2017 ($360.37 in 2016)
• Median Sales Price Per SQ/FT: (+3.3%) $352.66 in 2018 | $341.46 in 2017 ($329.49 in 2016)
• Days on Market: 123 Average | 66 Median in 2018 (117 Average | 74 Median in 2017)
• Highest Priced Sale of 2018: 3307 Devon Ct. Closed on 09/17/2018 @ $12,437,500 ($1,349.12 per sq/ft)
• Lowest Priced Sale of 2018: 3245 Virginia St. #60 Closed on 04/26/2018 @ $150,000 ($291.83 per sq/ft)

Download: 2018 Center Coconut Grove Closed Sales

2018 vs. 2017 WEST Coconut Grove Sales by the Numbers:

• Total Number of Sales: 79 in 2018 | 74 in 2017 (94 in 2016)
• Average List Price: $816,700 in 2018 | $860,228 in 2017 ($663,363 in 2016)
• Median List Price: $650,000 in 2018 | $714,000 in 2017 ($599,000 in 2016)
• Average Sales Price: (-3.7%) $769,799 in 2018 | $799,298 in 2017 ($620,735 in 2016)
• Median Sales Price: (-2.7%) $615,000 in 2018 | $632,250 in 2017 ($576,300 in 2016)
• Average Sales Price Per SQ/FT: (+4.8%) $381.78 in 2018 | $364.16 in 2017 ($311.47 in 2016)
• Median Sales Price Per SQ/FT: (+1.6%) $360.02 in 2018 | $354.40 in 2017 ($296.65 in 2016)
• Days on Market: 108 Average | 67 Median in 2018 (156 Average | 98 Median in 2017)
• Highest Priced Sale of 2018: 3525 Royal Palm Ave. Closed on 02/12/2018 @ $4,250,000 ($739.65 per sq/ft)
• Lowest Priced Sale of 2018: 3615 Thomas Ave. #8 Closed on 05/17/2018 @ $90,000 ($193.13 per sq/ft)

Download: 2018 West Coconut Grove Closed Sales

If you, or someone you know, would like to purchase or sell real estate in Coconut Grove, please contact me, Michael Light, Founder/Owner of the Miami Luxury Homes group at Douglas Elliman Real Estate. 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 Grove office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@miamiluxuryhomes.com.

Looking for past Coconut Grove market statistic articles? Here they are:

2017 Coconut Grove Market Report

2016 Coconut Grove Market Report

2015 Coconut Grove Market Report

2014 Coconut Grove Market Report

Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on January 21, 2019.  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.