What is happening in the Condo Market in Coconut Grove?
The 1st Quarter of 2025 for the real estate market is in the books and today we are looking at the Condo Market in Coconut Grove which is one the most desired neighborhoods in Miami. In our first graph, we have up the 1st Quarter of 2025, month by month.
Lets go across the board... Actives Listings = 112. Is down from the previous first two months, very rare considering that all other neighborhoods are seeing large increases. Closed Sales = 17. Down from February but very similar to January. Months of Supply = 6. About the same as February. Days on Market = 70. Slightly lower. Median Price/Sqft = $606/Sqft Median Price Sold = $949,000. Both are lower than previous two months.
These #'s are sending us Mixed Signals as even though the # of Actives decreased dramatically, Closed Sales slowed and prices decreased while Months of Supply and Days on Market also decreased. Let's take a look at our next graph to see where the market ended for the 1st Quarter including what price range most of the activity is taking place in for both Active Listings and Closed Sales. Active Listings = 112. Total Closed Sales = 55. Months of Supply = 6 Months.
They say a normal market or balanced market is 6-9 Months, anything below truly favors Sellers so at 6 Months we can say it's an indication of a Sellers market. What Price Range can we spot most of the Activity... We see that there is a large # of Actives from $1 - $3.0 Million price range with 60 Actives followed by under $1 Million with 33. It shows us that under $ 3 Million Dollar price range not only has the majority of Actives but it also has a majority of the Closed Sales, at 53 out of the 55 Closed Sales for the Quarter. One area of concern is Above $3 MIllion we only saw 2 Closed Sales for the entire Quarter but yet there are 19 Actives so we will watch this for you. For Buyers looking for condos in Coconut Grove the market moves rather fast here especially below $1 Million and in the $1- 3 Million dollar range also.
If you are searching in the under $3 Million price range this is the most competitive price range but there seems to be enough inventory for you to look through with 93 Actives right now. Above $3 million there is less Sales Activity so this could give you the edge but not much listed for sale either. As we say with Condos though you really have to go building by building to check levels of inventory as one building could have a lot for sale while next door may have zero or very little. If you are a Seller in this market you do have the advantage that the market is moving fast especially under $ 3-Million however it gets to be a bit more challenging above the $ 3 Million dollar mark.
At those levels we suggest to price your home at market or even a bit below just to attract the most attention possible when coming on the market especially with all the economic headwinds in the world right now you don't want to sit on the market especially if you need to sell.
In summary, we can see that right now the condo market in Coconut Grove is a tale of two markets. Under $3 Million it is a very Strong Sellers market and the market is moving fast but above $3Million we see much less Sales Activity and we are a bit concerned as this is also coming at a really bad time, as we are now dealing with a very volatile and unstable stock market and interest rates due to the trade wars regarding tariffs which we feel we will negatively impact the real estate market in our April sales #'s and in the coming months as well and maybe for the rest of 2025.
We are going to have to keep a really close eye on this as these are all very serious headwinds the real estate market in general is facing right now. Well, that's our 1st Quarter for 2025 Real Estate Market Update for the Condo Market in Coconut Grove.
I am Jose Laya, and I was born and raised in Miami, and as I start my 19th year in the real estate market I can proudly say that Our goal in making these videos is to provide you with value and help as many people as we can by sharing with you real market data to give you a better insight into the local market.
If you ever have any questions feel free to reach out.
Thank you for watching and we will see you soon.