Coconut Grove Q1 2024 sales activity again demonstrates a strong seller’s market at most price points.
Single-family home and condo market facts* :
The median sold price nearly doubled in the single-family home market and more than doubled in the condo market compared with five years ago. Cash transactions still dominate the market.
The available inventory of homes for sale is half the number available five years ago. Six percent is the average discount between the asking and selling price in both markets.
*Condo market analysis does not include condo sales made by developers for new construction. It only registers resale transactions.
How will the Grove market behave in the next few months? The graphs below, showing the inventory for sale compared with what has sold, provide insights into future market trends. If you are thinking about introducing your property to the market, call us. We will give you a detailed today-and-tomorrow market analysis for your property’s price point. We are looking forward to meeting you.
Warm regards,
Isabelle and Alba
Q1 SINGLE-FAMILY HOME MARKET THROUGH THE YEARS
% OF CASH TRANSACTIONS INVENTORY AS OF APRIL 1ST
Months of supply is “the most important metric” in residential real estate. It is calculated using units for sale at the end of the month and the average number of sales over the previous three months. In general, a six-month supply is considered healthy.
The market under the $5 million price point offers six months or less of available inventory. This is a strong seller’s market. Buyers do not expect a softening market soon.
The $5M+ market offers 36 homes for sale with six homes sold during Q1 2024. This represents 18 months of inventory. New construction properties are introduced at that price point. A saturation of that market is to be expected, and selling prices will be at best flat.
Q1 COCONUT GROVE CONDO MARKET THROUGH THE YEARS *
NUMBER OF CONDOS SOLD
MEDIAN SOLD PRICE
% OF CASH TRANSACTIONS
INVENTORY AS OF APRIL 1ST
The resale market under the $4 million price point is a strong seller’s market. Twenty-three condos were for sale with an asking price above $4M. Only four units sold in the resale market during Q1 2024. These units compete with new construction projects. A price softening is to be expected in this segment of the market.
