The #'s are in for the 3rd Quarter and today we are looking at what is happening in the Coconut Grove Condo Market?
Here is a snapshot of where the market stands for the 3rd Quarter. 192 Listings, 72 Closed Sales, and 8 Months of Supply the #'s Look good. Next... we clearly see that up to $3-Million Dollars we have strong sales activity then above $3 million the # drops off dramatically showing a slow down at the higher end, something we have seen specifically in the condo market in the other neighborhoods we cover also, so please take note.
The highest priced closed sale was in 2 Park Grove for a 4-Bedroom condo at $6.9-Million or $2,100/sqft Now we compare the 3rd Quarter to the previous 2 Quarters to see if we can spot any trends... Most of the key indicators for the 2 & 3 Quarters are similar except for Median Price Per Sqft which is lower but similar to the 1st Quarter while Median Price Sold is higher. Overall the #'s look good. Months of Supply - they say a balanced market or a normal market has 6-9 Months of Inventory so far this year it has remained in this range while pricing seems to be holding. Also, with a Median Price Sold of $1.5-Million, 49 Days on Market is very good and shows the demand for real estate in Coconut Grove. Overall the #'s look good here in Coconut Grove.
If you are a Seller in Coconut Grove, the #'s are in your favor especially if your condo is under $3 Million. We will caution you a bit as above $3 Million sales are moving quite slow with only 5 Sales for the quarter, and as we said it is not specific to Coconut Grove we have seen this in other areas. Please note that this market will reward you if your condo is in turnkey condition, if it is not you will have to discount it even further to get it sold or update it before listing.
Lastly, since there are a lot of older buildings in the Grove we do want to say there is still a lot of negative press about older buildings and many Buyers are staying away from them, so please be patient. For Buyers - the data here favors Sellers especially below the $3 Million dollar level, however keep in mind that with Condos you have to go building by building as one may have a lot up for sale but the one next door may not. Interest rates just moved to below 6.5% which is a great help to you..
In summary, the #'s for the 3rd Quarter Condo Market in Coconut Grove look good especially under $3 Million, while Actives are up, Days On Market is only 49 Days which is low given the high Median Price Sold of $1.5 Million. Above $3-Million Dollars sales are much slower and it feels stuck. Overall pricing seems to be holding and months of supply is staying in a good range which we always like to see.
Now that we are starting the 4th Quarter and interest rates are now under 6.5% we need to see if this jumpstarts the market especially at the higher end. As I start my 20th year in the Miami real estate market I can proudly say that our goal in making these videos is to help as many people as we can by sharing real market data to give you a better insight into the local market.
We thank you for watching, and We'll see you soon.