What is happening in the Condo Market in Coconut Grove?
The 2nd 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 the 1st Quarter of 2025, month by month.
Actives... are up considerably and Months of Supply is also, while Closed Sales decreased and Days on Market decreased also. Pricing held steady. While Price/Sqft and Median Price Sold both increased. We want to point out that the # of Active Listing increasing month over month from April to June is a market phenomenon we discovered as we dove deeper into the #'s.
What we found is that most Listings when taken are set to Expire at end of 1st Quarter or March 31st, so what you see is that a lot of Listings drop off the market around this date and then as the days and weeks go by they get relisted and start coming back on the market which is why you see this ramping up of Active Listings from April to June. However, we will also point out that Active Listings for Condos in Coconut Grove has been increasing since the start of the year so we may have a double whammy effect here. Now we compare this 2nd Quarter to the 1st Quarter to see if we can spot any trends... Actives... are up considerably from 112 to 192, Months of Supply also increased from 5 to 7, however these were the only two negatives we can spot.
The other Key Indicators performed well, quarter over quarter. It seems like the 2nd Quarter performed better than the 1st with the exception of the large increase in Active Listings, but the #'s overall look good. In our last graph we show where the market stands and what price range is the activity in the market. Active Listings = 192, Closed Sales = 77, Months of Supply = 7 Months. They say a normal market or balanced market is 6-9 Months, so 7 is great especially given the higher Median Price of $1.430 Million. The most Active Price Range we see is with the largest # of Actives is from $1-$3.0 Million with 100 Actives followed by under $1-Million with 46.
We can clearly see that under $ 3 Million Dollar's is where most of the Activity takes place in with 67 out of the 71 Closed Sales for the Quarter. Above $5 Million even though there are not many Listings only 20 there is still Sales taking place which is a good sign of a strong market. On that topic... Highest Priced Closed Sale was a 4-Bedroom at 1 Park Grove for $12,500,000 in May and Lowest Priced Closed Sale was a small 1 Bedroom for $300,000.
Lets now jump into our market summary... In summary, we can see that right now the condo market in Coconut Grove is pretty healthy. Even though most of the activity is taking place at $3-Million and under we see activity in every price range up to $20 Million which is a good indicator. One big negative we see is that Active Listings increased by a large amount and going into the slow summer season we just have to see how the market reacts, but given what we see here it should continue to perform well.
With Days on Market at only 48 Days that means it only takes less than 2 months to get your condo sold which given the High Median Price of close to $1.5 Million that is very strong and indicative of the demand for Condos in Coconut Grove. For Buyers of condos in Coconut Grove it appears that the market moves rather fast here especially below $3 Million but now there is more inventory for you to look through so this may help you out a bit, however as we say with Condos you really have to go building by building to check levels of inventory.
If you are a Seller in this market you have the advantage that the market is moving fast under $ 3-Million however now there is a lot more inventory for Buyers. Given this we suggest to price your home a bit below the market to attract the most attention possible when coming on the market as you don't want to sit on the market especially with more listing's coming on the market daily.
Also, there is a lot of negative press towards older buildings especially those that need their 30 or 40 year Recertification and a lot of Buyers are staying away and it just makes it that much more difficult to sell your condo. We see very little demand for older buildings as we have covered in detail in other videos and we truly do not see this changing anytime soon. Well, that's our 2nd Quarter for 2025 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.