What is happening with Coconut Grove Homes in the Real Estate Market?
The 1st Quarter of 2025 for the real estate market is in the books and today we are looking at single family homes in Coconut Grove, one of the most desired and exclusive neighborhoods in Miami. Let's jump into our first graph... Active Listings = 89. Had been steady around 70, now big increase especially for Non-Waterfront Homes.Closed Sales = 23. Great # as it had been at 9 and 10, so more than doubled for March. Months of Supply = 4. Days on Market = 20. Median Price/Sqft = $899/Sqft Median Price Sold = $1,622,000 Both decreased from the first two months of the year, so this is something we have to watch to see if prices are indeed coming down.
Overall though these #'s are showing a healthy and strong market and great for Sellers. In our next graph we take a look at where the market ended for the 1st Quarter as well as what price range most of the activity is taking place in... Active Listings = 89, 82 Non-Water and 7 Waterfront. Total Closed Sales = 42, no waterfront. Months of Supply = 6 Months. They say a normal market or balanced market is 6-9 Months, anything below truly favors Sellers so sitting at 6 Months is an indication of a Sellers market. Actives... We always start quickly looking at the graph to see if there is any one price range that has a large # of Actives and we actually see that from $1 - $10 Million price range the Actives are spread pretty evenly, 24, 28, 21. Under $1 Million there are only 4.
One area of concern is anyone looking for a Waterfront Home with access to the Bay/Ocean you really only have 7 Active Listings of which only 3 are under $10 Million while 4 are priced at $10 Million plus. While the Active Listing are spread evenly across the $1 - $10 Million price range when we look at Closed Sales we can see that a majority of the 42 Sales for the Quarter occured in the $1-$3 Million range, 26 out of 42 or 62%.
And while there are 12 Active Listings at $10 Million plus there were 0 Sales in this range. Similarly while there are only 7 Waterfront Homes listed for sale there were also 0 Closed Sales for the Quarter. For Buyers looking for homes in Coconut Grove inventory has increased which is great but be aware that the market moves rather fast here as Days on Market is really low at 20 Days, so in less than 1 month and Months of Supply has gone down to 6 Months which really is in favor of Sellers.
And if you are searching in the under $3 Million price range this is the most competitive price range here. Above $3 million there is less Sales Activity so this could give you the edge. As you can see by the numbers if under $3 Million you find a home you like submit an offer right away, above $3 Million it appears you have more inventory and the market is moving a bit slower.
If you are a Seller in this market you do have the advantage that inventory is low for single family homes in Coconut Grove under $ 3 Million while 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 market for single family homes in Coconut Grove is pretty healthy and we would call it a tale of two markets. Under $3 Million it is a very Strong Sellers market and the market is moving fast and inventory is low, but above $3 Million we see more Active Listings for sale and less Closed Sales so we are a bit concerned.
On top of that we see that even though there are only 7 Waterfront homes on the market there have been Zero Closed Sales this Quarter. This is 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. Well, that's our 1st Quarter Market Update for single family homes 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 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.