2024 Coconut Grove Real Estate Values | Year-Over-Year Numbers Posted on March 7, 2024March 7, 2024 by Michael Light I am pleased to share with you my annual Coconut Grove statistics report highlighting that, yet again, Coconut Grove has outpaced a cooling national real estate market by setting new, all-time records across multiple categories! Herein, I have compiled and analyzed the 2023 statistics, per MLS data, by hand-calculating the stats to ensure they are accurate for our readers. This information allows you to see for yourself the market trends in our community. I would also like to note the reason I have been so passionate and adamant about publishing the Coconut Grove sales analytics annually for the past 10 years is that I am a Groveite through and through. I truly care about the health of our community and helping my neighbors, and future neighbors, fully understand where the Grove housing market has been and the direction it is headed. Further, the Grove holds a dear place in my heart for an array of reasons…I met my wife in the Grove 15 years ago, we got married at St. Hugh with our reception held at the historic Villa Woodbine, I am currently the Executive Director of luxury Sales at Douglas Elliman Real Estate in our Two CocoWalk office, my wife and I have lived in Coconut Grove together for 13 years and are raising our daughter and 2 rescue dogs in our home in North Grove. 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?”). Then, in 2023, our neighborhood shattered all previous years. Many people believed we had truly hit the “top” of the market in 2022 and it would be impossible to continue…well, those people were wrong. The Coconut Grove real estate market had increased year-over-year for 9 consecutive years until it exploded during the Covid bounce of 2020-2022…and then topped those numbers in 2023 by most metrics. Here are some takeaways from the 2023 numbers: Number of sales dropped 22.6% over last year, but total sales volume in ALL of the Grove went up slightly to $858,164,400; because… The average sales price in ALL of the Grove set another new, all-time high at $2,364,089, a 30% jump over 2022 and a whopping jump of 144.2% from $968,237 in 2019 (pre-Covid). The average sales price per square foot in ALL of the Grove also set another new, all-time high at $929.79, a 14.3% jump over 2022 and a ridiculous 115.3% jump over the pre-Covid 2019 high of $431.92. South Grove was the first neighborhood to EVER have both the average ($1,195.04) and median ($1,130.42) price per sq/ft over $1,100 in 2023! The average sale price in NORTH Grove jumped 37.8% year-over-year, one of the highest jumps ever recorded. Coconut Grove Real Estate – Months of Supply (February 2024) 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. Any supply that is 6-9 months is considered a stable market. Single-Family Homes: 8.5-Month Supply (Buyer’s Market) 92 Currently Available 65 Sold in Past 6 Months Condos: 8.9-Month Supply (Buyer’s Market) 104 Currently Available 70 Sold in Past 6 Months Townhomes: 6.5-Month Supply (Balanced Market) 24 Currently Available 22 Sold in Past 6 Months Below, I have laid out all of the 2023 Coconut Grove real estate statistics and then a year-over-year comparison of 2023 versus 2022. 2023 Coconut Grove Real Estate Sales by the Numbers: Total Number of Sales: 363 Total Sales Volume: $858,164,400 Average List Price: $2,567,773 Median List Price: $1,649,900 Average Sales Price: $2,364,089 (92.1% of List Price) Median Sales Price: $1,530,000 (92.7% of List Price) Average Sales Price Per SQ/FT: $929.79 Median Sales Price Per SQ/FT: $810.81 Days on Market: 71 Average / 36 Median Highest Priced Sale of 2023: Grove at Grand Bay LPH-S Closed on 08/31/2023 @ $19,250,000 ($2,023.55 per sq/ft) Lowest Priced Sale of 2023: 3245 Virginia St. #18 Closed on 06/26/2023 @ $255,000 ($496.11 per sq/ft) Download: 2023 ALL Coconut Grove Real Estate Sales Data 2023 vs. 2022 ALL Coconut Grove Sales Year-Over-Year Numbers: Total Number of Sales: DOWN 106 (-22.6%) | 363 in 2023 vs. 469 in 2022 (800 in 2021) Total Sales Volume: UP $2,393,354 (+0.3%) | $858,164,400 in 2023 vs. $855,771,046 in 2022 ($1,452,047,154 in 2021) Average List Price: UP $670,891 (+35.4%) | $2,567,773 in 2023 vs. $1,896,882 in 2022 ($1,913,996 in 2021) Median List Price: UP $250,900 (+17.9%) | $1,649,900 in 2023 vs. $1,399,000 in 2022 ($1,172,500 in 2021) Average Sales Price: UP $539,417 (+30.0%) | $2,364,089 in 2023 vs. $1,824,672 in 2022 ($1,815,059 in 2021) Median Sales Price: UP $180,000 (+22.7%) | $1,530,000 in 2023 vs. $1,350,000 in 2022 ($1,100,000 in 2021) Average Sales Price Per SQ/FT: UP $176.65 (+14.3%) | $929.79 in 2023 vs. $813.28 in 2022 ($636.63 in 2021) Median Sales Price Per SQ/FT: UP $155.80 (+14.5%) | $810.81 in 2023 vs. $708.44 in 2022 ($552.64 in 2021) Coconut Grove Neighborhoods 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 Mr. C Hotel are both located in Center Grove and Kennedy Park is located in North Grove). 2023 vs. 2022 NORTH Coconut Grove Sales by the Numbers: Total Number of Sales: 125 in 2023 | 155 in 2022 (281 in 2021) Average List Price: $3,438,991 in 2023 | $2,368,218 in 2022 ($2,080,521 in 2021) Median List Price: $2,300,000 in 2023 | $1,975,000 in 2022 ($1,349,000 in 2021) Average Sales Price: (+37.8%) $3,109,000 in 2023 | $2,255,965 in 2022 ($1,954,750 in 2021) Median Sales Price: (+14.6%) $2,100,000 in 2023 | $1,833,000 in 2022 ($1,300,000 in 2021) Average Sales Price Per SQ/FT: (+14.6%) $996.95 in 2023 | $869.96 in 2022 ($649.80 in 2021) Median Sales Price Per SQ/FT: (+6.4%) $863.42 in 2023 | $811.79 in 2022 ($596.97 in 2021) Days on Market: 90 Average | 54 Median in 2023 (50 Average | 30 Median in 2022) Highest Priced Sale of 2023: Grove at Grand Bay LPH-S Closed on 08/31/2023 @ $19,250,000 ($2,023.55 per sq/ft) Lowest Priced Sale of 2023: 2539 S. Bayshore Dr. #228E Closed on 10/18/2023 @ $265,000 ($815.38 per sq/ft) 2023 vs. 2022 SOUTH Coconut Grove Sales by the Numbers: Total Number of Sales: 31 in 2023 | 40 in 2022 (112 in 2021) Average List Price: $5,042,430 in 2023 | $4,239,297 in 2022 ($3,792,882 in 2021) Median List Price: $3,175,000 in 2023 | $3,172,500 in 2022 ($2,287,450 in 2021) Average Sales Price: (+8.4%) $4,409,871 in 2023 | $4,069,500 in 2022 ($3,602,096 in 2021) Median Sales Price: (+3.8%) $3,010,000 in 2023 | $2,900,000 in 2022 ($2,286,060 in 2021) Average Sales Price Per SQ/FT: (+14.6%) $1,195.04 in 2023 | $1,042.48 in 2022 ($764.06 in 2021) Median Sales Price Per SQ/FT: (+16.1%) $1,130.42 in 2023 | $973.45 in 2022 ($671.69 in 2021) Days on Market: 126 Average | 99 Median in 2023 (40 Average | 21 Median in 2022) Highest Priced Sale of 2023: 3323 Poinciana Ave. Closed on 10/19/2023 @ $18,000,000 (LAND SALE) Lowest Priced Sale of 2023: 4145 Bonita Ave. Closed on 04/10/2023 @ $1,120,000 ($1,258.43) 2023 vs. 2022 CENTER Coconut Grove Sales by the Numbers: Total Number of Sales: 157 in 2023 | 201 in 2022 (289 in 2021) Average List Price: $1,546,931 in 2023 | $1,209,295 in 2022 ($1,239,859 in 2021) Median List Price: $1,079,500 in 2023 | $850,000 in 2022 ($729,000 in 2021) Average Sales Price: (+25.9%) $1,477,797 in 2023 | $1,173,432 in 2022 ($1,184,823 in 2021) Median Sales Price: (+28.6%) $1,050,000 in 2023 | $816,563 in 2022 ($700,000 in 2021) Average Sales Price Per SQ/FT: (+18.2%) $884.52 in 2023 | $748.28 in 2022 ($614.85 in 2021) Median Sales Price Per SQ/FT: (+21.8%) $767.86 in 2023 | $630.58 in 2022 ($499.68 in 2021) Days on Market: 49 Average | 20 Median in 2023 (48 Average | 18 Median in 2022) Highest Priced Sale of 2023: Two Park Grove #UPH-A Closed on 07/13/2023 @ $17,500,000 ($2,526.35 per sq/ft) Lowest Priced Sale of 2023: 3245 Virginia St. #18 Closed on 06/26/2023 @ $255,000 ($496.11 per sq/ft) 2023 vs. 2022 WEST Coconut Grove Sales by the Numbers: Total Number of Sales: 49 in 2023 | 75 in 2022 (119 in 2021) Average List Price: $2,160,277 in 2023 | $1,630,657 in 2022 ($1,384,312 in 2021) Median List Price: $1,499,000 in 2023 | $1,237,562 in 2022 ($1,200,000 in 2021) Average Sales Price: (+30.1%) $2,049,373 in 2023 | $1,575,181 in 2022 ($1,329,108 in 2021) Median Sales Price: (+12.2%) $1,375,000 in 2023 | $1,225,000 in 2022 ($1,140,000 in 2021) Average Sales Price Per SQ/FT: (+6.6%) $784.52 in 2023 | $736.28 in 2022 ($540.77 in 2021) Median Sales Price Per SQ/FT: (-0.4%) $684.37 in 2023 | $686.81 in 2022 ($494.14 in 2021) Days on Market: 58 Average | 40 Median in 2023 (50 Average | 31 Median in 2022) Highest Priced Sale of 2023: 3258 Bird Ave. Closed on 06/30/2023 @ $16,000,000 (BULK SALE – 8 TOWNHOMES) Lowest Priced Sale of 2023: 3741 Thomas Ave. Closed on 10/30/2023 @ $575,000 ($735.29 per sq/ft) 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 786-566-1700 or via email at michael@miamiluxuryhomes.com. Looking for past Coconut Grove market statistic articles? Here they are: 2022 Coconut Grove Market Report 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 Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on February 28, 2024. 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.
Douglas Elliman’s Q4 2023 Miami Mainland, Coral Gables & Miami Beach Market Reports Posted on January 27, 2024 by Michael Light Douglas Elliman has released the 4th quarter 2023 Elliman Reports for Miami Coastal Mainland, Coral Gables and Miami Beach & Barrier Islands. Produced in conjunction with Miller Samuel to provide you with the most comprehensive and objective market insight available, the Douglas Elliman Reports are recognized as the industry standard for providing the state of the residential real estate market, which includes an extensive suite of tools to help readers objectively identify and measure market trends, provide historical context to current information and provide comprehensive analysis of the results. Download Douglas Elliman’s Q4 2023 Market Reports: Douglas Elliman’s Q4 2023 Miami Coastal Mainland Market Report Douglas Elliman’s Q4 2023 Coral Gables Market Report Douglas Elliman’s Q4 2023 Miami Beach & Barrier Islands Market Report Miami Coastal Mainland Q4 2023 Sales Overall Highlights “Price trend indicators pressed higher across the market.” +10% Median Sales Price – Median sales price remained at a record high for the 3rd time. -9% Closed Sales – Sales declined annually for the 7th straight quarter. +9.1% Total Inventory – Listing inventory rose year over year for the 5th time in 6 quarters. Aventura All price trend indicators showed mixed year-over-year results. Listing inventory increased annually for the 5th time. Brickell Median sales price increased year over year. Listing inventory increased annually for the 2nd time. Coconut Grove Condo price trend indicators surged annually. Condo listing inventory increased annually for the 1st time in 3 quarters. Single family price trend indicators showed mixed annual results. Single family listing inventory increased annually for the 2nd time in 3 quarters. Downtown Miami Condo price trend indicators increased annually. Condo listing inventory increased annually for the 5th time. Single family price trend indicators reached record highs. Single family listing inventory declined annually for the 3rd time. Palmetto Bay Price trend indicators increased annually. Listing inventory declined annually for the 3rd time. Pinecrest Price trend indicators showed mixed annual results. Listing inventory declined annually for the 2nd time. South Miami Price trend indicators surged year over year. Listing inventory declined annually for the 3rd time. DOWNLOAD: Douglas Elliman’s Q4 2023 Miami Coastal Mainland Market Report Highlights *Please note that Miami Coastal Mainland includes Aventura, Brickell, Coconut Grove, Downtown Miami, Palmetto Bay, Pinecrest and South Miami. Coral Gables Q4 2023 Sales Overall Highlights “Listing inventory expanded across most submarkets but remained sharply below pre-pandemic levels.” Coral Gables Single Family Year Over Year +26.6% Median Sales Price +1.6% Closed Sales -18.1% Total Inventory +3 Days of Marketing Time Single family listing inventory fell annually for the 2nd time in 6 quarters. Coral Gables Condos Year Over Year +12% Median Sales Price +12.2% Closed Sales +73.3% Total Inventory -3 Days of Marketing Time Condo median sales rose for the 2nd time in 3 quarters. DOWNLOAD: Douglas Elliman’s Q4 2023 Coral Gables Market Report Highlights *Please note that this only includes the City of Coral Gables. Miami Beach & Barrier Islands Q4 2023 Sales Overall Highlights “While listing inventory increased, it remains far below pre-pandemic levels.” +13% Median Sales Price – All price trend indicators increased collectively year over year for the 2nd time. +3 Months of Supply -12.5% Closed Sales – Sales declined annually for the 7th straight quarter +12.6% Total Inventory – Listing inventory rose year over year for the 5th consecutive quarter. +15 Days of Marketing Time 6.7% Discount Off List Price Sunny Isles Beach Median sales price increased year over year for the 5th time. Listing inventory rose annually for the 5th straight quarter. Bal Harbour Median sales price increased year over year for the 6th time in 7 quarters. Listing inventory rose annually for the 4th straight quarter. Bay Harbor Islands All price trend indicators surged year over year. Listing inventory rose annually for the 5th straight quarter. Surfside Condo sales increased year over year for the 1st time in 5 quarters. Condo listing inventory rose year over year for the 5th straight quarter. Single family median sales price increased year over year for the 1st time in 3 quarters. Single family listing inventory was unchanged year over year. North Bay Village Median sales price increased year over year for the 1st time in 3 quarters. Listing inventory declined annually for the 1st time in 5 quarters. Miami Beach Islands Median sales price increased year over year for the 5th time. Listing inventory rose annually for the 5th straight quarter. North Beach Median sales price increased year over year for the 4th time. Listing inventory rose annually for the 4th straight quarter. Mid-Beach Median sales price increased year over year for the 4th time. Listing inventory rose annually for the 4th straight quarter. South Beach Median sales price increased year over year for the 2nd time. Listing inventory rose annually for the 3rd time in 4 quarters. Key Biscayne Condo sales increased year over year for the 1st time in 8 quarters. Condo listing inventory increased annually for the 1st time in 8 quarters. Single family price trend indicators increased year over year. Single family sales stabilized annually for the 1st time in 9 quarters. Fisher Island Price trend indicators declined year over year. Listing inventory expanded year over year for the 2nd time. DOWNLOAD: Douglas Elliman’s Q4 2023 Miami Beach & Barrier Islands Market Report Highlights *Please note that Miami Beach & Barrier Islands includes Bal Harbour, Bay Harbor Islands, Fisher Island, Key Biscayne, Miami Beach Islands, Mid-Beach, North Bay Village, North Beach, South Beach, Sunny Isles Beach and Surfside. If you, or someone you know, are interested in purchasing and/or selling real estate in Miami, Coral Gables or Miami Beach or simply would like to learn more about the real estate market in South Florida, please contact Michael Light, Broker Associate and Executive Director of Luxury Sales at Douglas Elliman Real Estate as well as Founder/Owner of The Light Group. You may reach Michael directly at his office at (305) 350-9842, on his cell at (786) 566-1700 or via email at michael@miamiluxuryhomes.com. If you are interested in the Delray Beach, Palm Beach, Naples, Sarasota, Tampa and/or St. Augustine market reports, CLICK HERE.
Inside The Expected “Messi Effect” On Miami’s Economy, Including Real Estate Posted on July 21, 2023 by Sarah Elles Boggs Miami is no stranger to being in the limelight. This also is not the first time we’ve bathed in the glow of the limelight as we welcome an athletic prodigy. In 2004, we welcomed Shaq to the Miami Heat, in 2010 it was Lebron James “taking his talents. to South Beach” and ushering in the era of the Big 3 for the Miami Heat. These are very exciting times! In addition to the celebrations, and sports wins and boasting to the rest of the world about our athletic prowess as a city, there is also a positive effect on the local economy. This time, the celebration is a bit different. Shaq, Lebron, and Bosh were all amazing boons for Miami. And while the NBA is wildly popular in the United States, other countries haven’t quite caught on at the same level. This time it is Messi, an international superstar in an international sport, and arguably the GOAT at soccer football. So what can we expect from the “Messi Effect?” Ticket Sales David Beckham has dedicated his career to bringing an MLS team to Miami for the last ten years. Through so much adversity and doubt, his faith in the mission has gone undeterred. He has been successful in forming the Inter Miami CF in 2018, with games beginning in 2020. Before this monumental addition, you could venture up to DRV PNK Stadium in Fort Lauderdale and watch the home team play for as little as $30. Although they usually didn’t win, you have to recognize that it takes a new club a bit of time to get their feet wet, so to speak. It also adds fuel to Miami’s fire to now have such a star player on the roster, as we are incredibly competitive and love to see the home team win. For the Messi opener tonight versus Mexico’s Villa Azul, tickets are now starting at $265 per person, and venturing up to the $110,000-range. While the price tag will likely level off below the $110,000 price tag for the most expensive seats, the increase in both volume and cost are expected to remain remarkably strong throughout Messi’s tenure with the club. Tourism and Merchandise Aligning with the increased cost of tickets to Messi’s Inter Miami matches, the economic impact on the city as a whole will benefit. When large sports events occur in any city, there is a spike in tourism. There is an increase in the amount of money spent in restaurants and recreational outlets, local goods and services as well as sales for local merchandise. Additional infrastructure is also usually needed in order to accommodate the boon of visitors who descend upon the host city for the event. This is evidenced already in the recent renovation of DRV PNK Stadium as well as Freedom Park Stadium, the $1 billion future home of the club that is currently beginning construction. The anticipated delivery date is 2025. These factors not only generate tax revenue, but also new jobs for the local residents, who then increase their spending habits, creating a full-circle economic strengthening effect. The economic strengthening phenomenon is evident in the competition between cities and politicians when jockeying for hosting privileges of things like the Super Bowl, Copa America, Formula 1, The Olympics and the World Cup. Miami is very fortunate to have the formula down, and easily is able to garner such events with relative ease, enjoying regular hosting privileges for the Super Bowl and Formula 1 as well as the recent Copa America. upcoming World Cup feathers in our cap. Last year’s debut of Miami Race Week drew $350 million into the local economy in one week alone. With a worldwide superstar Messi as a regular spectacle on the pitch, these benefits will be more consistent than one large week before returning to normal. This will become the new normal at least until his contract ends (and is hopefully renewed). Real Estate With Florida’s favorable tax climate, there are many who would prefer to own a piece of Miami that they can use when they wish and then rent out when they are home. Bringing in a sports superhero such as Messi increases this demand. We saw it when Lebron joined the Miami Heat in 2010 as well as when Shaq hung his hat here in 2004. People recognize the need for additional rental opportunities and want to be part of both the visiting and the earning aspect of the spectacle. The thing that is different this time is that with Lebron and Shaq, they each had an immense fanfare with people from the United States. Messi however has a more international and global appeal, as football is more popular in these areas than in the US. This is set to reignite the international appeal of Miami, and bring back the foreign investors that may have waned a bit in recent years. We have already seen an increase in web traffic and phone calls from people in various countries in South America, and with our position in the Knight Frank Global Connection, we are very happy to see so many new faces interested in taking part in Miami’s continued evolution and revitalization. The Knight Frank Global Connection is an invitation-only network of brokers from around the world whose mission it is to make foreign real estate purchases attainable to the global elite. We are very proud to have the opportunity to represent Miami within this network. Whether Messi and the Inter Miami win tonight or not, this is a large win for the club, for the MLS, for the city of Miami and South Florida as a whole. “Today a new journey and a new chapter starts. There will always be a before and after Lionel Messi,” Inter Miami FC Co-Owner Jorge Mas told the crowd at Messi’s welcome event on Sunday. “We are recipients of a legacy of the greatest player in the world that started at Newell’s Old Boys. Went to Barcelona and ended at PSG, but today it sits in the hands of Inter Miami and its fans. This is our moment to change the football landscape in this country.”
2023 Coconut Grove Real Estate Values | Year-Over-Year Numbers Posted on March 15, 2023April 11, 2023 by Michael Light 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: Total sales volume in ALL of the Grove fell sharply from 2021’s record number of $1,452,047,154 to $855,771,046 in 2022; BUT… The average sales price in ALL of the Grove set another all-time high at $1,824,672 , an 88.5% jump from $968,237 in 2019 (pre-Covid). The average sales price per square foot in ALL of the Grove also set another new, all-time high at $813.28, a 27.8% jump over the previous high of $636.63 in 2021 and completely destroying the pre-Covid 2019 high of $431.92 by a staggering 88.3%. South Grove was the first neighborhood to EVER break the $1,000 per sq/ft average when it hit $1,042.48 in 2022! Average days on market in ALL of the Grove hit its lowest number ever with properties only being on the market for 48 days before going under contract. Coconut Grove Real Estate – Months of Supply (February 2023) 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. 2022 Coconut Grove Real Estate Sales by the Numbers: Total Number of Sales: 469 Total Sales Volume: $855,771,046 Average List Price: $1,896,882 Median List Price: $1,399,000 Average Sales Price: $1,824,672 (96.2% of List Price) Median Sales Price: $1,350,000 (96.5% of List Price) Average Sales Price Per SQ/FT: $813.28 Median Sales Price Per SQ/FT: $708.44 Days on Market: 48 Average / 23 Median Highest Priced Sale of 2022: 1800 S. Bayshore Ln. Closed on 07/29/2022 @ $15,000,000 ($2,241.82 per sq/ft) Lowest Priced Sale of 2022: 2630 SW 28th St. #46 Closed on 03/01/2022 @ $165,000 ($342.32 per sq/ft) Download: 2022 ALL Coconut Grove Real Estate Sales Data 2022 vs. 2021 ALL Coconut Grove Sales Year-Over-Year Numbers: Total Number of Sales: DOWN 331 (-41.4%) | 469 in 2022 vs. 800 in 2021 (492 in 2020) Total Sales Volume: DOWN $596,276,108 (-41.0%) | $855,771,046 in 2022 vs. $1,452,047,154 in 2021 ($541,812,781 in 2020 ($476,234,676 in 2019) Average List Price: DOWN $17,114 (-0.9%) | $1,896,882 in 2022 vs. $1,913,996 in 2021 ($1,188,287 in 2020 ($1,043,411 in 2019) Median List Price: UP $226,500 (+19.3%) | $1,399,000 in 2022 vs. $1,172,500 in 2021 ($875,000 in 2020 ($798,500 in 2019) Average Sales Price: UP $9,613 (+0.5%) | $1,824,672 in 2022 vs. $1,815,059 in 2021 ($1,101,245 in 2020 ($968,237 in 2019) Median Sales Price: UP $250,000 (+22.7%) | $1,350,000 in 2022 vs. $1,100,000 in 2021 ($811,000 in 2020 ($747,500 in 2019) Average Sales Price Per SQ/FT: UP $176.65 (+27.8%) | $813.28 in 2022 vs. $636.63 in 2021 ($459.27 in 2020 ($431.92 in 2019) Median Sales Price Per SQ/FT: UP $155.80 (+28.2%) | $708.44 in 2022 vs. $552.64 in 2021 ($410.28 in 2020 ($393.70 in 2019) Coconut Grove Neighborhoods 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 Mr. C Hotel are both located in Center Grove and Kennedy Park is located in North Grove). 2022 vs. 2021 NORTH Coconut Grove Sales by the Numbers: Total Number of Sales: 155 in 2022 | 281 in 2021 (192 in 2020) Average List Price: $2,368,218 in 2022 | $2,080,521 in 2021 ($1,427,992 in 2020) Median List Price: $1,975,000 in 2022 | $1,349,000 in 2021 ($1,100,000 in 2020) Average Sales Price: (+15.4%) $2,255,965 in 2022 | $1,954,750 in 2021 ($1,303,196 in 2020) Median Sales Price: (+41.0%) $1,833,000 in 2022 | $1,300,000 in 2021 ($1,050,000 in 2020) Average Sales Price Per SQ/FT: (+33.9%) $869.96 in 2022 | $649.80 in 2021 ($473.26 in 2020) Median Sales Price Per SQ/FT: (+36.0%) $811.79 in 2022 | $596.97 in 2021 ($436.72 in 2020) Days on Market: 50 Average | 30 Median in 2022 (95 Average | 45 Median in 2021) Highest Priced Sale of 2022: 1800 S. Bayshore Ln. Closed on 07/29/2022 @ $15,000,000 ($2,241.82per sq/ft) Lowest Priced Sale of 2022: 2630 SW 28th St. #46 Closed on 03/01/2022 @ $165,000 ($342.32 per sq/ft) 2022 vs. 2021 SOUTH Coconut Grove Sales by the Numbers: Total Number of Sales: 40 in 2022 | 112 in 2021 (54 in 2020) Average List Price: $4,239,297 in 2022 | $3,792,882 in 2021 ($2,003,343 in 2020) Median List Price: $3,172,500 in 2022 | $2,287,450 in 2021 ($1,519,000 in 2020) Average Sales Price: (+13.0%) $4,069,500 in 2022 | $3,602,096 in 2021 ($1,878,919 in 2020) Median Sales Price: (+26.9%) $2,900,000 in 2022 | $2,286,060 in 2021 ($1,387,500 in 2020) Average Sales Price Per SQ/FT: (+36.4%) $1,042.48 in 2022 | $764.06 in 2021 ($538.08 in 2020) Median Sales Price Per SQ/FT: (+44.9%) $973.45 in 2022 | $671.69 in 2021 ($501.22 in 2020) Days on Market: 40 Average | 21 Median in 2022 (82 Average | 37 Median in 2021) Highest Priced Sale of 2022: 3467 N. Moorings Way Closed on 10/17/2022 @ $14,700,000 ($2,345.25 per sq/ft) Lowest Priced Sale of 2022: 4178 El Prado Blvd. Closed on 01/24/2022 @ $858,000 (Land Sale) 2022 vs. 2021 CENTER Coconut Grove Sales by the Numbers: Total Number of Sales: 201 in 2022 | 289 in 2021 (155 in 2020) Average List Price: $1,209,295 in 2022 | $1,239,859 in 2021 ($765,628 in 2020) Median List Price: $850,000 in 2022 | $729,000 in 2021 ($589,000 in 2020) Average Sales Price: (-1.0%) $1,173,432 in 2022 | $1,184,823 in 2021 ($717,214 in 2020) Median Sales Price: (+16.7%) $816,563 in 2022 | $700,000 in 2021 ($560,000 in 2020) Average Sales Price Per SQ/FT: (+21.7%) $748.28 in 2022 | $614.85 in 2021 ($447.12 in 2020) Median Sales Price Per SQ/FT: (+26.2%) $630.58 in 2022 | $499.68 in 2021 ($387.17 in 2020) Days on Market: 48 Average | 18 Median in 2022 (88 Average | 43 Median in 2021) Highest Priced Sale of 2022: 3503 Wildwood Cir. Closed on 01/28/2022 @ $8,700,000 ($1,469.10 per sq/ft) Lowest Priced Sale of 2022: 3245 Virginia St. #38 Closed on 08/31/2022 @ $220,000 ($428.02 per sq/ft) 2022 vs. 2021 WEST Coconut Grove Sales by the Numbers: Total Number of Sales: 75 in 2022 | 119 in 2021 (92 in 2020) Average List Price: $1,630,657 in 2022 | $1,384,312 in 2021 ($913,367 in 2020) Median List Price: $1,237,562 in 2022 | $1,200,000 in 2021 ($787,500 in 2020) Average Sales Price: (+18.5%) $1,575,181 in 2022 | $1,329,108 in 2021 ($862,709 in 2020) Median Sales Price: (+7.5%) $1,225,000 in 2022 | $1,140,000 in 2021 ($760,000 in 2020) Average Sales Price Per SQ/FT: (+36.2%) $736.28 in 2022 | $540.77 in 2021 ($402.47 in 2020) Median Sales Price Per SQ/FT: (+39.0%) $686.81 in 2022 | $494.14 in 2021 ($388.44 in 2020) Days on Market: 50 Average | 31 Median in 2022 (83 Average | 34 Median in 2021) Highest Priced Sale of 2022: 3316 Devon Ct. Closed on 05/25/2022 @ $10,500,000 ($944.50 per sq/ft) Lowest Priced Sale of 2022: 3615 Thomas Ave. #16 Closed on 11/09/2022 @ $182,000 ($390.56 per sq/ft) 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 michael@miamiluxuryhomes.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 Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on February 28, 2023. 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.
Miami Real Estate 2023 – Key Factors Behind South Florida’s Market Stability Posted on December 26, 2022December 29, 2022 by Sarah Elles Boggs We have done it again, in a nation of real estate markets in upheaval, Miami remains sparkling and stable coming into 2023. Francis Suarez knows it, but he’s our mayor. It is his job to make sure that Miami continues to thrive. Knight Frank knows it, and it is their job to rank global markets. The rental market is even thriving despite low inventory and rising rents. So what about Miami is making our market stand out among the rest? Just like the others, we have increasing interest rates, high inflation, supply chain problems and the added albatross that is our identity as a crypto-haven in paradise in a highly volatile crypto market. Here is our safety net, which keeps us at the top of the list. Population Growth The bottom line is that if given the choice, very few people would move to Miami in a heartbeat. We know that you are tired of reading about our amazing climate, the low taxes, diversity and accessibility, but these factors remain. People continue to migrate to the sunshine state for work, the business-friendly climate and inventory remains low, something that is not going to change anytime soon. Reason being that while there are many new construction projects in the works and under construction, they are not going to be delivered in 2023. The labor market is drained from having to rebuild after Hurricane Ian, delaying the active projects and increasing the labor demand. Miami’s saving grace on the mortgage rate squeeze and stable pricing is the rental market, which offers a cushion for those who need to move to Miami but cannot get into a new home at this moment. New rental buildings that were launched in the late 2010’s are now coming to completion and many of the newcomers from the beginning of Miami’s post-COVID boom have now identified and moved into their more permanent homes. According to Michael Taylor, president of construction firm Current Builders, “will still be a real estate hotspot” in 2023, with a sector that “has been booming since the pandemic” and “will not experience a slowdown” at the rate of other states. “High demand continues, as does the influx of new residents” to the state of Florida, “the opposite of what is happening nationally,” Taylor said. Available Land This seems like a questionable reason for Miami’s stability coming into 2023, especially considering that the Florida Realtor Code of Ethics was founded by necessity back in 1913 because South Florida ran out of developable land and some unscrupulous businesspeople started selling swamp lots in the Everglades, but I digress… (that is a true story though). Waterfront properties will always be in demand, but with beachfront and bayfront lots mostly built out at this point, developers have already begun to search farther north into Broward and Palm Beach Counties. New waterfront developments in Miami-Dade are still being announced and built, but are typically in the ultra-luxury bracket in 2023 since developers have the added takedown cost of buying out older buildings and demolishing them. This is an incredibly risky, expensive and time-consuming process, but pays off as the demand remains. While takedown (the process of buying a build site) and demolition are more risky, time consuming and expensive processes, they are easier in 2023 than they were a decade ago. This is due to the increased cost and sanctions imposed upon owners of aging condos and especially the condo associations and management companies of these buildings after the Champlain Tower tragedy in 2020. In order to turn an aging building to a build site, a developer must purchase at least 90% of the owners to sell. It used to be that a handful of owners would dig in their heels and refuse until the developer offered well over market value for the units, but after the Champlain Towers sanctions, many of these owners are having a difficult time being able to afford the necessary upkeep on the buildings, so are easier to convince that it is time to move on. International Appeal Miami has long been a magnet for people from around the world, and we speak about it often. Heck, nearly 60% of Miami’s residents were born in a country outside of the United States! (Another nugget from Mayor Suarez and something we will go into detail about later.) After a brief hiatus due to COVID restrictions and lingering political tensions, the foreign national migration has resumed at an increased pace. Latin Americans remain the highest percentage of those migrating to Miami, but this time around we are also seeing an uptick of new residents from European and Middle-Eastern regions. According to the Miami Association of Realtors, these are the top-10 countries searching for real estate in Miami during November of 2022: 1. Colombia 12.03% 2. China 10.47% 3. Venezuela 6.52% 4. Germany 5.76% 5. Argentina 5.40% 6. Philippines 5.02% 7. United Kingdom 4.51% 8. France 3.99% 9. Canada 3.42% 10. Mexico 3.37% All other countries 39.51% China is representing the country with the largest increase in rank, rising from #14 last year during this time and Colombia has reclaimed its crown after a contentious election threatens to drive the country into the despair that has plagued Venezuela for years. Available Office Space Lucky for us, many developers took a short break in the last decade from developing residential towers in order to fill in the gaps in the office market with some very impressive trophy office projects that are now available or coming available soon. Vacancy rates on trophy office properties in South Florida will drop beneath 5%, predicts Tere Blanca, founder, chairman and CEO of Blanca Commercial Real Estate, Inc. That should trigger local rent growth to continue outpacing national rent growth. After Ken Griffin’s Citadel packed up in Chicago and started setting up shop in Miami, launching a wave of corporate immigration, we have experienced a handful of newsworthy office transactions over recent months. Just last week Kirkland and Ellis, a mammoth law firm, also announced that they are packing their briefcases and hightailing it for the Magic City, inking a mammoth lease for 115,000 square feet of office space (six floors) in 830 Brickell. This is Vlad Doronin’s new office tower that is currently under construction next to Brickell City Centre and just around the corner from the new Citadel offices. Is this a coincidence? Likely not. While the news of struggling office markets plagues competing cities and many firms are reducing their office footprint (*cough cough, Meta, Amazon, and others*), Miami is constantly signing up new firms to work where others vacation. Bravo, Mayor Suarez! So, when you are reading year-end reports and new year forecasts for the real estate markets and business world, please know that Miami is a soft place to land and we are here to help. If you are interested in speaking more specifically about a neighborhood, project or listing, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Celebrating a Banner Year for Douglas Elliman Florida Posted on April 7, 2022 by Michael Light We are thrilled to announce that Douglas Elliman Florida has achieved another record-breaking year, closing 2021 with $14.6 Billion in total sales volume – more than doubling our previous record set in 2020, with over 7,259 total transactions and closing $40 Million in daily sales! In such a competitive Florida real estate market, our achievements speak to the dedication, expertise, knowledge and perseverance demonstrated by each of the real estate professionals within our 22 offices across Florida from Miami to Palm Beach to Ponte Vedra and everywhere in between. Douglas Elliman (Coast to Coast) Not only did Douglas Elliman have a record year in Florida, but the brokerage shattered its national sales reporting $51.2 Billion in sales last year, up from $29.1 Billion the year prior. The firm also reported an overall 32,405 transaction for 2021 – a record, up from 22,686 the year prior. Douglas Elliman is the leading luxury real estate firm from coast to coast operating in New York, The Hamptons, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas, with approximately 6,500 agents and 100 offices nationwide. The Light Group at Douglas Elliman The Light Group is also proud to announce that our small team was in the top 4% of the entire company nationwide last year! We could not have done this without the amazing support of our clients, and we want to say THANK YOU! We are so grateful for the opportunity that our clients have given us, and we will continue to work hard to help you turn what you love into where you live! Please do not hesitate to contact us if you are interested in buying or selling in Florida. You may reach Broker and Executive Director of Luxury Sales, Michael Light, directly at 786.566.1700 or via email at michael@miamiluxuryhomes.com.
2022 Coconut Grove Real Estate Values | A Look Back at the 2021 Numbers Posted on February 19, 2022February 20, 2022 by Michael Light 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…and holy cow, has the trend skyrocketed to numbers that I had to triple check because they were hard to believe! I am a Groveite through and through. I met my wife in the Grove 12 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 12 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 8 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 due to an enormous influx of buyers from New York, Chicago and L.A. because of our favorable tax rates and triggered by Covid and “the way our city is being run” – (I lumped many, many different people into that one sentence as that was a very common 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. Here are some takeaways from the 2021 numbers: Total sales volume in ALL of the Grove set a new all-time high at $1,452,047,154, shattering the previous high of $541,812,781 from 2020. The average sales price in ALL of the Grove also set a new all-time high at $1,815,059, a 64.8% jump from the previous high of $1,101,245 from 2020. The average sales price per square foot in ALL of the Grove also set a new all-time high at $636.63, besting the previous high of $459.27 from 2020. South Coconut Grove saw the biggest jump EVER with its average sales price jumping a staggering 91.7%. Coconut Grove Real Estate – Months of Supply (February 2022) 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: 2.4-Month Supply (Very Heavy Seller’s Market) 46 Currently Available 115 Sold in Past 6 Months Condos: 1.7-Month Supply (Very Heavy Seller’s Market) 42 Currently Available 147 Sold in Past 6 Months Townhomes: 2-Month Supply ( Very Heavy Seller’s Market) 14 Currently Available 42 Sold in Past 6 Months *All 3 categories above are the lowest of any period in Coconut Grove’s history* Below, I have laid out all of the 2021 Coconut Grove real estate statistics and then a year-over-year comparison of 2021 versus 2020. 2021 Coconut Grove Real Estate Sales by the Numbers: Total Number of Sales: 800 Total Sales Volume: $1,452,047,154 Average List Price: $1,913,996 Median List Price: $1,172,500 Average Sales Price: $1,815,059 (94.8% of List Price) Median Sales Price: $1,100,000 (93.9% of List Price) Average Sales Price Per SQ/FT: $636.63 Median Sales Price Per SQ/FT: $552.64 Days on Market: 89 Average / 41 Median Highest Priced Sale of 2021: 3500 Curtiss Ln. Closed on 08/12/2021 @ $48,000,000 ($2,560.68 per sq/ft) Lowest Priced Sale of 2021: 3615 Thomas Ave. #2 Closed on 06/04/2021 @ $108,900 ($233.69 per sq/ft) Download: 2021 ALL Coconut Grove Closed Real Estate Sales 2021 vs. 2020 ALL Coconut Grove Sales Year-Over-Year Numbers: Total Number of Sales: UP 308 (+62.6%) | 800 in 2021 vs. 492 in 2020 (492 in 2019) Total Sales Volume: UP $910,234,373 (+168%) | $1,452,047,154 in 2021 vs. $541,812,781 in 2020 ($476,234,676 in 2019) Average List Price: UP $725,709 (+61.0%) | $1,913,996 in 2021 vs. $1,188,287 in 2020 ($1,043,411 in 2019) Median List Price: UP $297,500 (+34.0%) | $1,172,500 in 2021 vs. $875,000 in 2020 ($798,500 in 2019) Average Sales Price: UP $713,814 (+64.82%) | $1,815,059 in 2021 vs. $1,101,245 in 2020 ($968,237 in 2019) Median Sales Price: UP $289,000 (+35.6%) | $1,100,000 in 2021 vs. $811,000 in 2020 ($747,500 in 2019) Average Sales Price Per SQ/FT: UP $177.36 (+38.6%) | $636.63 in 2021 vs. $459.27 in 2020 ($431.92 in 2019) Median Sales Price Per SQ/FT: UP $142.36 (+34.7%) | $552.64 in 2021 vs. $410.28 in 2020 ($393.70 in 2019) Coconut Grove Neighborhoods 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 Mr. C Hotel are both located in Center Grove and Kennedy Park is located in North Grove). 2021 vs. 2020 NORTH Coconut Grove Sales by the Numbers: Total Number of Sales: 281 in 2021 | 192 in 2020 (159 in 2019) Average List Price: $2,080,521 in 2021 | $1,427,992 in 2020 ($1,350,959 in 2019) Median List Price: $1,349,000 in 2021 | $1,100,000 in 2020 ($1,149,000 in 2019) Average Sales Price: (+50.0%) $1,954,750 in 2021 | $1,303,196 in 2020 ($1,241,543 in 2019) Median Sales Price: (+23.8%) $1,300,000 in 2021 | $1,050,000 in 2020 ($1,040,000 in 2019) Average Sales Price Per SQ/FT: (+37.3%) $649.80 in 2021 | $473.26 in 2020 ($483.65 in 2019) Median Sales Price Per SQ/FT: (+36.7%) $596.97 in 2021 | $436.72 in 2020 ($435.19 in 2019) Days on Market: 95 Average | 45 Median in 2021 (154 Average | 101 Median in 2020) Highest Priced Sale of 2021: 3591 Rockerman Rd. Closed on 05/26/2021 @ $15,750,000 ($2,047.05 per sq/ft) Lowest Priced Sale of 2021: 2630 SW 28th St. #23 Closed on 05/30/2021 @ $155,000 ($321.58 per sq/ft) Download: 2021 NORTH Coconut Grove Closed Real Estate Sales 2021 vs. 2020 SOUTH Coconut Grove Sales by the Numbers: Total Number of Sales: 112 in 2021 | 54 in 2020 (49 in 2019) Average List Price: $3,792,882 in 2021 | $2,003,343 in 2020 ($1,727,041 in 2019) Median List Price: $2,287,450 in 2021 | $1,519,000 in 2020 ($1,299,000 in 2019) Average Sales Price: (+91.7%) $3,602,096 in 2021 | $1,878,919 in 2020 ($1,605,041 in 2019) Median Sales Price: (+64.8%) $2,286,060 in 2021 | $1,387,500 in 2020 ($1,225,000 in 2019) Average Sales Price Per SQ/FT: (+42.0%) $764.06 in 2021 | $538.08 in 2020 ($458.62 in 2019) Median Sales Price Per SQ/FT: (+34.0%) $671.69 in 2021 | $501.22 in 2020 ($435.30 in 2019) Days on Market: 82 Average | 37 Median in 2021 (106 Average | 54 Median in 2020) Highest Priced Sale of 2021: 3500 Curtiss Ln. Closed on 08/12/2021 @ $48,000,000 ($2,560.68 per sq/ft) Lowest Priced Sale of 2021: 4191 Battersea Rd. Closed on 03/22/2021 @ $780,000 ($407.52 per sq/ft) Download: 2021 SOUTH Coconut Grove Closed Real Estate Sales 2021 vs. 2020 CENTER Coconut Grove Sales by the Numbers: Total Number of Sales: 289 in 2021 | 155 in 2020 (174 in 2019) Average List Price: $1,239,859 in 2021 | $765,628 in 2020 ($638,003 in 2019) Median List Price: $729,000 in 2021 | $589,000 in 2020 ($464,950 in 2019) Average Sales Price: (+65.2%) $1,184,823 in 2021 | $717,214 in 2020 ($598,390 in 2019) Median Sales Price: (+25.0%) $700,000 in 2021 | $560,000 in 2020 ($445,000 in 2019) Average Sales Price Per SQ/FT: (+37.5%) $614.85 in 2021 | $447.12 in 2020 ($404.42 in 2019) Median Sales Price Per SQ/FT: (+29.1%) $499.68 in 2021 | $387.17 in 2020 ($373.52 in 2019) Days on Market: 88 Average | 43 Median in 2021 (104 Average | 60 Median in 2020) Highest Priced Sale of 2021: 3323 Devon Ct. Closed on 09/08/2021 @ $33,000,000 ($3,960.63 per sq/ft) Lowest Priced Sale of 2021: 2740 SW 28th Ter. #303 Closed on 06/16/2021 @ $170,000 ($386.36 per sq/ft) Download: 2021 CENTER Coconut Grove Closed Real Estate Sales 2021 vs. 2020 WEST Coconut Grove Sales by the Numbers: Total Number of Sales: 119 in 2021 | 92 in 2020 (110 in 2019) Average List Price: $1,384,312 in 2021 | $913,367 in 2020 ($933,300 in 2019) Median List Price: $1,200,000 in 2021 | $787,500 in 2020 ($796,500 in 2019) Average Sales Price: (+54.1%) $1,329,108 in 2021 | $862,709 in 2020 ($872,832 in 2019) Median Sales Price: (+50.0%) $1,140,000 in 2021 | $760,000 in 2020 ($779,500 in 2019) Average Sales Price Per SQ/FT: (+34.4%) $540.77 in 2021 | $402.47 in 2020 ($389.88 in 2019) Median Sales Price Per SQ/FT: (+27.2%) $494.14 in 2021 | $388.44 in 2020 ($366.74 in 2019) Days on Market: 84 Average | 34 Median in 2021 (98 Average | 53 Median in 2020) Highest Priced Sale of 2021: 3525 Royal Palm Ave. Closed on 06/21/2021 @ $6,100,000 ($1,220.00 per sq/ft) Lowest Priced Sale of 2021: 3615 Thomas Ave. #2 Closed on 06/04/2021 @ $108,900 ($233.69 per sq/ft) Download: 2021 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 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 michael@miamiluxuryhomes.com. Looking for past Coconut Grove market statistic articles? Here they are: 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 Disclaimer: The statistics referenced herein were retrieved from the Multiple Listing Service (MLS) on February 18, 2022. 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.
South Florida is Dubbed NYC’s “6th Borough” After COVID-19 Exodus Posted on June 14, 2021June 15, 2021 by Michael Light Florida’s Department of Highway Safety and Motor Vehicles has proven what everyone in real estate has been talking about over the past year…New Yorkers have fled to South Florida in droves during the COVID-19 pandemic. At least 33,565 people exchanged their New York driver’s licenses for Florida driver’s licenses between September 2020 and March 2021. This is an increase of 32% from the prior-year same time period. Of the 33,565 people who moved to South Florida, 14,045 moved to the Palm Beach area, while 8,422 moved to Broward and 8,033 to Miami-Dade County. Although Miami only accounts for about 24% of those New Yorkers, it has still majorly impacted our market here in Miami, especially when you combine them with the thousands flocking from Chicago, Los Angeles and Connecticut. According to the NY Post, Florida officials claim a major reason people have ditched NYC and headed to the Sunshine State is because they wanted their kids to go back to full-time, in-person schooling (New York schools in-person learning has been closed until recently). But, I think a lot of people had been on the verge of moving down here for tax reasons and COVID closures & lockdowns in their city just pushed them over the edge to make a decision. Whatever the reason…everyone is moving to South Florida! If you are considering making the move, inventory is at an all-time low! In the beginning of this surge, we were seeing massive demand for single-family homes while the condo market slowed. As most of the single-family home inventory was absorbed, buyers had no choice but to turn back to condos causing that inventory to also shrink to historic lows leading to multiple offer/over asking price scenarios throughout the city. If you, or someone you know, are looking to buy or sell in Miami or Miami Beach, please contact Michael Light, Broker at Douglas Elliman Real Estate, to discuss more about the current state of our market. It is important to speak to a real estate expert who is truly knowledgeable about the local markets. You may reach Michael directly at 786-566-1700 or via email at michael@maimiluxuryhomes.com.