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As I do every year (and I am a bit late this 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. Once again, Coconut Grove outpaced a cooling national real estate market by setting new, all-time records across multiple categories.
I am a Groveite through and through. I met my wife in the Grove 13 years ago, was married in the Grove (St. Hugh), my reception was in the Grove (Villa Woodbine), I have lived in the Grove for the past 13 years, and I am the Executive Director of Luxury Sales at Douglas Elliman in our Grove office at Two CocoWalk. I have put together this report for the past 9 years because I care about the health of our community and helping people understand where the Grove housing market has been and is headed.
The overall market in South Florida exploded in 2021 and continued in 2022 due to an enormous influx of buyers from New York, Chicago and L.A. because of our favorable tax rates, Covid and “the way that Florida is being run” – (that last one being the most popular answer when asking buyers “why Florida?”).
The Coconut Grove real estate market had increased year-over-year for 8 consecutive years until it exploded in 2020 and then basically shattered every metric ever tabulated in 2021…and then did it again in 2022 by most metrics. Here are some takeaways from the 2022 numbers:
Months of supply means how long it would take for the market to absorb all real estate, if no additional real estate came to market. This stat determines whether it is a Buyer’s Market or Seller’s Market. When looking at statistics, having a 6-month supply or less favors sellers while more than 6 months favors buyers.
Single-Family Homes: 8.3-Month Supply (Buyer’s Market)
83 Currently Available
60 Sold in Past 6 Months
Condos: 5-Month Supply (Slight Seller’s Market)
62 Currently Available
75 Sold in Past 6 Months
Townhomes: 5.2-Month Supply ( Slight Seller’s Market)
20 Currently Available
23 Sold in Past 6 Months
Below, I have laid out all of the 2022 Coconut Grove real estate statistics and then a year-over-year comparison of 2022 versus 2021.
Download: 2022 ALL Coconut Grove Real Estate Sales Data
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 Mr. C Hotel are both located in Center Grove and Kennedy Park is located in North Grove).
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 Light 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 email@example.com.
Looking for past Coconut Grove market statistic articles? Here they are:
2021 Coconut Grove Market Report
2020 Coconut Grove Market Report
2019 Coconut Grove Market Report
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
Learn more about The Light Group
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