What is happening with the Real Estate Market for Homes in Coconut Grove?
The 2nd 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 = Increased month over month from April to June. We would normally say this is not good, however we dove deeper into the numbers and found that this is a market phenomena as most Listing when they are taken are set to Expire around the end of the Quarter which is March 31st.
So what we found is that right around this date a lot of Listings Expire and fall off the market, and then as the days and weeks go by they get Listed again which is why we see a ramping up of Listings. Closed Sales held steady and so did Month of Supply but Days on Market increased while Price/Sqft decreased and Median Price Sold held steady. Overall though these #'s are showing a healthy market but some mixed signals... Let us now take a look at the #'s for the 2nd Quarter and also compare them to the 1st Quarter. Active Listings = decreased from 89 to 81 while Closed Sales increased from 43 to 48 and MOnths of Supply came down to 5... Price/Sqft and Median Sold Price both increased all these Key Indicators are looking good with only one real negative which was Days on Market increasing from 26 to 42 which is still good given the high prices for Coconut Grove. Overall great #'s... Now let us look at our final graph to see where the market stands today and what price range most of the activity is. Active Listings are only 81 which is still low, adding to that... there are only 4 Waterfront homes Listed for sale, so if you want a Waterfront home maybe the Grove is not the area for you??? There were 48 Closed Sales for the Quarter and right now only 5 Months of Supply which is a sign of a very healthy market.
Now let's look at the price ranges... we see Closed Sales spread throughout each price range all the way up to $10 Million however we see Zero Closed Sales in the Quarter above $10 Million which we will note this price range is in the midst of a slowdown in all the areas we cover. Lowest Priced Home Sold was a small wood frame 2 bedroom home for $665,000, HIghest Price Sold was $9,800,000 for New Construction Home, 5 Bedroom or $1,580/sqft.
Now lets jump into our market summary... In summary we can see that right now the market for single family homes in Coconut Grove is pretty healthy and it is a Strong Sellers market with the market under $5 Million moving fast and inventory is low. With the exception of the $10 Million dollar plus market all key indicators for single family homes in Coconut Grove are doing well and selling.
For Buyers looking for homes in Coconut Grove inventory has increased since April month over month but remains low, and note that the market moves rather fast here even as as Days on Market has increased to 42 which really means a little over 1 month but given the Median Price of almost $3Million that is fast. As for trying to time the market... Focus on finding the right home for you and try and negotiate the best price possible as the market here moves fast and with not much inventory. If you are a Seller in this market you do have the advantage that inventory is low for single family homes in Coconut Grove especially under $5 Million while it gets to be a bit more challenging above the $ 5 Million dollar mark and even more so at $10 Million plus but we are seeing this across all areas.
All that being said we are still in a bit of an uncertain global economic time and interest rates remain high so 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 if you need to sell. We do want point out that this market rewards you if your home is in turnkey condition and will punish you if your home is outdated. So if you are thinking about selling and your home hasn't been updated in years, we strongly consider that you update the home to be able to sell for a higher price, and in shorter time.
We can see this in any New Construction home as Buyers are paying a premium for those and we feel this is where the market will remain for some time so please take note. Well, that's our 2nd Quarter for 2025 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 have any questions feel free to reach out.
Thank you for watching, and we will see you soon.