Trends 2014 midyear Coral Gables, Coconut Grove, Pinecrest

M I D - Y E A R

U P D A T E

2014 CORAL GABLES COCONUT GROVE PINECREST

MIAMI-DADE: RESIDENTIAL MARKET PERFORMANCE After a few years of strong growth, the Miami-Dade real estate market is now on a slower, more steady rise, characterized greatly by a high number of all-cash transactions.

As an isolated case, waterfront properties overall dropped 25% in price per square foot, from $405 to $305. However, Miami-Dade’s biggest highlight is its median home price, increasing by 34% over two years.

PERCENTAGE CHANGE: From 1 st Half 2013 to 1 st Half 2014 NUMBER OF TRANSACTIONS

AVERAGE SALES PRICE

AVERAGE PRICE PER SQUARE FOOT

SINGLE-FAMILY HOMES

2013

W

CONDOMINIUMS

2014

$406,727

W

8%

$178

$450,328

2013

X

2014

$323,341

2014

X

11%

8,348

$193

2013

W

4%

8,706

2014

11%

6,361

2013

2013

W

2%

6,213

2014

26%

$371,509

$225

$165

CONDOMINIUMS

58+42+F 47++F53 51+49+F 48+52+F 47+53+F 49+51+F 2014

SINGLE-FAMILY HOMES

2013

SPOTLIGHT: THE $500K+ MARKET

% CHANGE: From 1 st Half 2013 to 1 st Half 2014

High-end real estate in Miami-Dade experienced nothing but growth when compared to the same period last year. Overall, average prices are at $1,352,000 so far this year, with prices per square foot averaging $478 (a 6% increase from last year).

number of transactions average sales price average $/sf

single-family homes: W19% condominiums: W11% single-family homes: W5% condominiums: W8% single-family homes: W53% condominiums: W15%

COCONUT GROVE Coconut Grove residences are selling quicker, remaining on the market for 131 days on average (a 13% decrease from last year’s 151). The area’s condo market has taken off, with 164 transactions this year compared to 34 transactions in the same period 3 years ago. Single-family homes are also on the rise (PPSF 2013: $314 / PPSF 2014: $390).

3310 Devon Court, Hughes Cove

NUMBER OF TRANSACTIONS

1st Half 2013

276

1st Half 2013

135

84+86

AVERAGE SALES PRICE

AVERAGE PRICE PER SQUARE FOOT

ALL RESIDENCES

1st Half 2014

283

1st Half 2013

$658,422

82+97

1st Half 2014

$779,053

W3%

W18%

79+97

THE $500K+ MARKET

1st Half 2014

165

W22%

1st Half 2013

$1,070,554

83+87

W5%

1st Half 2014

$1,128,856

1st Half 2013

$319

80+93

1st Half 2014

81+90

1st Half 2014

$371

W16%

1st Half 2013

$364

$403

W11%

CORAL GABLES As one of the best markets for single-family homes, Coral Gables is one of Miami’s most sought-after neighborhoods. With 433 closed transactions so far this year, Coral Gables is at its highest prices overall and its lowest days on market (137) in over six years. Its luxury waterfront homes, a distinctive Coral Gables market, remain stable.

1st Half 2013

1st Half 2014

$852,896

1st Half 2013

$966,803

$336

AVERAGE $/SF

AVG. SALES PRICE

426 TOTAL CLOSED SALES | X12%*

1st Half 2014

$373

W13%

W11%

1st Half 2013

1st Half 2014

$3,262,111

1st Half 2013

$3,242,716

$567

1st Half 2014

AVERAGE $/SF

AVG. SALES PRICE

45 CLOSED SALES FOR WATERFRONT, SINGLE-FAMILY HOMES | W5%*

$645

X1%

W14%

SPOTLIGHT: GATED COMMUNITIES

PERCENTAGE CHANGE: From 1 st Half 2013 to 1 st Half 2014 COCOPLUM

GABLES ESTATES

GABLES BY THE SEA

AVERAGE SALES PRICE

46+54+F 43++F57 51++F49 46+54+F 49+51+F 57+43+F

2013

2014

2013

X

2013

W

25%

$3,206,818

2014

W

3%

$2,415,300

$6,600,000

2014

14%

$6,787,500

$1,437,500

$1,642,944

AVERAGE PRICE PER SQUARE FOOT

2013

2014

2013

X

2013

W

3%

$512

2014

W

23%

$496

$752

2014

18%

$922

*Compared to first half of 2013

$366

$431

PINECREST The average days on market in Pinecrest has dropped by 22%, from 187 days in the first half of 2013 to 145 days in 2014. Predominantly a single-family home market, these residences are closing at an average price per square foot of $285 (a 9% increase from the same period last year), their highest in four years.

9601 SW 60 Court, Pinecrest

NUMBER OF TRANSACTIONS

1st Half 2013

157

87+80

AVERAGE SALES PRICE

ALL RESIDENCES

1st Half 2014

144

1st Half 2013

$908,458

76+95

1st Half 2014

$1,136,110

X8%

W25%

87+88

THE $500K+ MARKET

1st Half 2013

110

W2%

AVERAGE PRICE PER SQUARE FOOT

1st Half 2014

111

1st Half 2013

$1,170,374

73+88

1st Half 2014

$1,396,311

W19%

1st Half 2013

$257

86+93

1st Half 2014

89+96

1st Half 2014

$280

W9%

1st Half 2013

$267

W8%

$288

facebook.com/onesothebysrealty @ONESIR @ONESIR google.com/+onesothebysrealty pinterest.com/onesothebys youtube.com/onesothebys