Dear Grovites,
The Coconut Grove real estate market continues to break records in Q3 2024 compared with the same quarter in previous years. Here are the key highlights:
The median sold price for both homes and townhouses has reached all-time highs. The median sold price per square foot has also set a record.
Cash transactions dominate the single-family home markets, condo markets, and townhouse markets, reflecting strong buyer confidence.
Low inventory remains a major factor driving price increases.
The resale condo market remains robust, though the upward trend has been slightly tempered by the activity in new building resales.
If you’re curious about the value of your property in this seller’s market, reach out to us today. We’re confident you’ll be pleased with our analysis.
Regards,
Isabelle and Alba
NUMBER OF HOMES SOLD TOTAL SALES VOLUME
MEDIAN SOLD PRICE
MEDIAN SOLD PRICE PER SQ. FT.
% OF CASH TRANSACTIONS
# HOMES FOR SALE END OF SEPTEMBER
Q3 2024 SINGLE-FAMILY HOME MARKET FACTS
• $17,500,000 was the highest sale. This home is located at 3620 Stewart Ave. in South Coconut Grove. It was built in 2023. It offers 6 bedrooms, 6 bathrooms, and 3 half-bathrooms on a 14,497 Sq. Ft. lot. The sale was a cash transaction.
• $615,000 was the lowest sale. This home is located at 3737 Frow Ave. It was built in 1985, and offers 1,295 Sq. Ft. of living space on a 5,000 Sq. Ft. lot. $475/Sq. Ft. was the sold price. The sale was a cash transaction.
• 5% is the average discount between the asking price and selling price.
# CONDOS FOR SALE END OF SEPTEMBER
Q3 2024 CONDO RESALE MARKET FACTS
• $19,500,000 was the highest sale. The condo is at “Grove at Grand Bay” located at 2669 S. Bayshore Dr. Built in 2016, it offers 6 bedrooms, 6 bathrooms and 10,065 Sq. Ft. of living space. $1,937 was the sold price per sq. ft. The sale was a cash transaction.
• $250,000 was the lowest sale. The unit is situated at 2740 SW 28 Ter. Built in 2006, the property is a studio with 440 sq. ft. of living space.
(*) This increase can be partially attributed to the addition of 32 new units at the newly developed Mr. C condominium. This building has expanded the available inventory in the area by 23%.
THIRD QUARTER COCONUT GROVE CONDO MARKET THROUGHOUT THE YEARS 2021–2024 THIRD
Q3 2024 TOWNHOUSE MARKET FACTS
• $2,750,000 was the highest sale. This 4-bedroom, 3.5-bathroom townhouse is located at 29072 Coconut Ave. It was built in 2022, and offers 3,108 sq. ft. of living space. The sale was not a cash transaction.
• $850,000 was the lowest sale. The 2-bedroom, 1.5-bathroom townhouse is located at 3207 Bird Ave. It was built in 1978, offers 1,200 Sq. Ft. of living space. $708/Sq. Ft. was the sold price. The sale was a not cash transaction.
