2020 Coconut Grove Real Estate Values | A Look Back at 2019 Statistics

 
As I do every year, I compile and analyze all of the sales in Coconut Grove (per MLS data – which takes me several weeks) over the previous year and look at where our community is trending. The start to 2020 has been super busy for me, so it took a bit longer to compile and now disseminate all of the data…my apologies for the delay.

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 has recently avoided re-zoning to make way for an all-boys school), I have lived in the Grove for the past 10 years, and I am the Senior Director of Luxury Sales at Douglas Elliman in our Grove office at Two CocoWalk. I have put together this report for the past 7 years because I care about the health of our community and helping people understand where the Grove housing market has been and is headed.

When the media/news outlets report on real estate stats, often it is on a ‘macro’ level – speaking about a city or county – as opposed to looking at the ‘micro’ level – looking more narrowly at neighborhoods and communities. They do this because it is just easier to pull statistics on a larger scale, but usually skews numbers by lumping different areas together, which is never good with real estate stats. Ask yourself this, if you were going to sell your house, would you care what sold two towns over, 5 miles away…or would you care about sales on your block or within your immediate neighborhood?

The overall market in South Florida is slowing down and stabilizing in certain areas of Miami, and the same is true for Coconut Grove. Although the Coconut Grove market has increased year-over-year for the past 7 consecutive years, price trend indicators showed a correction in 2019. Here are some takeaways from the 2019 numbers:

• Total sales volume fell $35,357,693, from an all-time high of $511,592,369 in 2018 to $476,234,676 in 2019 – This signifies that total sale volume has finally leveled off after 7 years of increases.
• The median sales price in ALL of the Grove jumped another 3.1% in 2019.
• West Coconut Grove seemed like the big winner seeing all 4 major pricing indicators rise in 2019: average & median sales prices rose (+13.4% & +26.8%) along with average & median sales price per sq/ft (+2.1% & +1.9%).
• Coconut Grove hit 492 total sales in 2019, setting a new all-time high.

In 2019, we saw another Coconut Grove real estate record set:

1. 2131 S. Bayshore Dr. set the new, all-time price-per-square-foot record when it closed at $942.86 per sq/ft, becoming the highest such sale EVER for an off-water home in Coconut Grove. This sale shattered the previous record of $818.09 held by 3503 Banyan Circle in Camp Biscayne, which closed on 05/22/2017.

Coconut Grove Real Estate – Months of Supply

With the market changing, I thought this would be a good time to add a specific category that helps describe if a market favors buyers or sellers – months of supply. Months of supply means how long it would take for the market to absorb all real estate, if no additional real estate came on the market. When looking at statistics, having a 6-month supply or less favors sellers while more than 6 months favors buyers.

Single-Family Homes: 9-Month Supply (Slight Buyer’s Market)
148 Currently Available
104 Sold in Past 6 Months

Condos: 15-Month Supply (Buyer’s Market)
221 Currently Available
91 Sold in Past 6 Months

Townhomes: 6-Month Supply (Stable – Seller’s Market)
54 Currently Available
52 Sold in Past 6 Months

*Though 2 out of 3 show a buyer’s market, all 3 are the lowest of any area that I keep stats on in Miami-Dade County. For comparison, Miami Beach currently has a 24-month supply of condos and a 30-month supply of single-family homes.

Below, I have laid out all of the 2019 Coconut Grove real estate statistics and then a year-over-year comparison of 2019 versus 2018.

2019 Coconut Grove Real Estate Sales by the Numbers:

• Total Number of Sales: 492
• Total Sales Volume: $476,234,676
• Average List Price: $1,043,411
• Median List Price: $798,500
• Average Sales Price: $968,237 (93.5% of List Price)
• Median Sales Price: $747,500 (93.9% of List Price)
• Average Sales Price Per SQ/FT: $431.92
• Median Sales Price Per SQ/FT: $393.70
• Days on Market: 176 Average / 99 Median
• Highest Priced Sale of 2019: 3811 Bayside Ct. Closed on 05/31/2019 @ $9,000,000 ($920.81 per sq/ft)
• Lowest Priced Sale of 2019: 2630 SW 28th St. #10 Closed on 01/22/2019 @ $138,000 ($343.28 per sq/ft)

Download: 2019 ALL Coconut Grove Closed Real Estate Sales

2019 vs. 2018 ALL Coconut Grove Sales Year-Over-Year Numbers:

• Total Number of Sales: UP 22 (+4.7%) | 492 in 2019 vs. 470 in 2018 (430 in 2017)
• Total Sales Volume: DOWN $35,357,693 (-6.9%) | $476,234,676 in 2019 vs. $511,592,369 in 2018 ($474,227,625 in 2017)
• Average List Price: DOWN $140,554 (-11.9%) | $1,043,411 in 2019 vs. $1,183,965 in 2018 ($1,202,413 in 2017)
• Median List Price: UP $39,040 (+5.1%) | $798,500 in 2019 vs. $759,460 in 2018 ($777,000 in 2017)
• Average Sales Price: DOWN $120,257 (-11.0%) | $968,237 in 2019 vs. $1,088,494 in 2018 ($1,102,855 in 2017)
• Median Sales Price: UP $22,500 (+3.1%) | $747,500 in 2019 vs. $725,000 in 2018 ($747,000 in 2017)
• Average Sales Price Per SQ/FT: DOWN $14.59 (-3.3%) | $431.92 in 2019 vs. $446.51 in 2018 ($430.20 in 2017)
• Median Sales Price Per SQ/FT: DOWN $2.40 (-0.6%) | $393.70 in 2019 vs. $396.10 in 2018 ($397.48 in 2017)

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).

2019 vs. 2018 NORTH Coconut Grove Sales by the Numbers:

• Total Number of Sales: 159 in 2019 | 127 in 2018 (156 in 2017)
• Average List Price: $1,350,959 in 2019 | $1,542,612 in 2018 ($1,467,565 in 2017)
• Median List Price: $1,149,000 in 2019 | $1,130,000 in 2018 ($1,074,500 in 2017)
• Average Sales Price: (-12.4%) $1,241,543 in 2019 | $1,416,833 in 2018 ($1,332,103 in 2017)
• Median Sales Price: (-1.0%) $1,040,000 in 2019 | $1,050,000 in 2018 ($982,000 in 2017)
• Average Sales Price Per SQ/FT: (-6.6%) $483.65 in 2019 | $517.90 in 2018 ($500.49 in 2017)
• Median Sales Price Per SQ/FT: (-3.5%) $435.19 in 2019 | $451.15 in 2018 ($457.14 in 2017)
• Days on Market: 166 Average | 103 Median in 2019 (184 Average | 154 Median in 2018)
• Highest Priced Sale of 2019: 1910 S. Bayshore Ln. Closed on 12/23/2019 @ $8,500,000 ($986.31 per sq/ft)
• Lowest Priced Sale of 2019: 2630 SW 28th St. #10 Closed on 01/22/2019 @ $138,000 ($343.28 per sq/ft)

Download: 2019 NORTH Coconut Grove Closed Real Estate Sales

2019 vs. 2018 SOUTH Coconut Grove Sales by the Numbers:

• Total Number of Sales: 49 in 2019 | 67 in 2018 (51 in 2017)
• Average List Price: $1,727,041 in 2019 | $2,210,348 in 2018 ($2,442,520 in 2017)
• Median List Price: $1,299,000 in 2019 | $1,690,000 in 2018 ($1,650,000 in 2017)
• Average Sales Price: (-21.0%) $1,605,041 in 2019 | $2,033,042 in 2018 ($2,231,874 in 2017)
• Median Sales Price: (-20.5%) $1,225,000 in 2019 | $1,540,000 in 2018 ($1,620,000 in 2017)
• Average Sales Price Per SQ/FT: (-9.9%) $458.62 in 2019 | $509.04 in 2018 ($492.21 in 2017)
• Median Sales Price Per SQ/FT: (-9.1%) $435.30 in 2019 | $478.84 in 2018 ($458.75 in 2017)
• Days on Market: 137 Average | 92 Median in 2019 (177 Average | 141 Median in 2018)
• Highest Priced Sale of 2019: 3811 Bayside Ct. Closed on 05/31/2019 @ $9,000,000 ($920.81 per sq/ft)
• Lowest Priced Sale of 2019: 4141 Barbarossa Ave. Closed on 07/12/2019 @ $500,000 ($310.37 per sq/ft)

Download: 2019 SOUTH Coconut Grove Closed Real Estate Sales

2019 vs. 2018 CENTER Coconut Grove Sales by the Numbers:

• Total Number of Sales: 174 in 2019 | 197 in 2018 (149 in 2017)
• Average List Price: $638,003 in 2019 | $759,332 in 2018 ($670,283 in 2017)
• Median List Price: $464,950 in 2019 | $535,000 in 2018 | ($489,900 in 2017)
• Average Sales Price: (-13.5%) $598,390 in 2019 | $691,480 in 2018 ($627,154 in 2017)
• Median Sales Price: (-12.8%) $445,000 in 2019 | $510,000 in 2018 ($464,000 in 2017)
• Average Sales Price Per SQ/FT: (-0.2%) $404.42 in 2019 | $405.21 in 2018 ($366.03 in 2017)
• Median Sales Price Per SQ/FT: (+5.9%) $373.52 in 2019 | $352.66 in 2018 ($341.46 in 2017)
• Days on Market: 199 Average | 72 Median in 2019 (123 Average | 66 Median in 2018)
• Highest Priced Sale of 2019: 3100 Munroe Dr. Closed on 06/10/2019 @ $4,400,000 ($435.95 per sq/ft)
• Lowest Priced Sale of 2019: 3240 Mary St. #S-205 Closed on 05/24/2019 @ $150,000 ($295.86 per sq/ft)

Download: 2019 CENTER Coconut Grove Closed Real Estate Sales

2019 vs. 2018 WEST Coconut Grove Sales by the Numbers:

• Total Number of Sales: 110 in 2019 | 79 in 2018 (74 in 2017)
• Average List Price: $933,300 in 2019 | $816,700 in 2018 ($860,228 in 2017)
• Median List Price: $796,500 in 2019 | $650,000 in 2018 ($714,000 in 2017)
• Average Sales Price: (+13.4%) $872,832 in 2019 | $769,799 in 2018 ($799,298 in 2017)
• Median Sales Price: (+26.8%) $779,500 in 2019 | $615,000 in 2018 ($632,250 in 2017)
• Average Sales Price Per SQ/FT: (+2.1%) $389.88 in 2019 | $381.78 in 2018 ($364.16 in 2017)
• Median Sales Price Per SQ/FT: (+1.9%) $366.74 in 2019 | $360.02 in 2018 ($354.40 in 2017)
• Days on Market: 175 Average | 135 Median in 2019 (108 Average | 67 Median in 2018)
• Highest Priced Sale of 2019: 3779 Justison Rd. Closed on 01/14/2019 @ $3,400,000 ($625.69 per sq/ft)
• Lowest Priced Sale of 2019: 3677 Thomas Ave. Closed on 03/06/2019 @ $188,100 ($238.10 per sq/ft)

Download: 2019 WEST Coconut Grove Closed Real Estate 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 CocoWalk 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:

2018 Coconut Grove Market Report

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 February 15, 2020.  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.