2023 Mid Year Miami Market Report
We have released the 2023 Mid Year Miami Market Report. From bird's eye view to more detailed info, price ranges to property types and neighborhoods, we've got you covered. You can compare the first half of 2023 with the same period of the previous year and gain insights into the average selling price, traded properties, months supply of inventory and more.
Today, we are covering Coconut Grove real estate's market.
Key Takeaways from Coconut Grove are:
- Coconut Grove's real estate market has experienced a staggering percentage change since 2019. This makes it one of the most highest-gaining areas
- Single-family homes are recalibrating following the extreme record levels, outperforming pre-pandemic 2019 by 121%
- $1M+ single-family homes average sales price is up 68% from 2019
- Sales transactions fell short of the frenzied Covid levels due to inventory shortage
- Condos/townhomes are up by 156% from 2019
- $1M+ condos/townhomes are 83% above 2019
In the MidYear Market Report for Coconut Grove's real estate, you will also learn that:
- The average sales price per square foot for all homes in Coconut Grove has edged 2022 sales price by 6% to $932/SF and for $1M+ homes by 8.9%.
- Days on the market surged.
- Sales transactions are down from the historic levels due to increased prices due to inventory shortage.
- Market is readjusting from the elevated thresholds and yet, June 2023 prices are trending upwards for the overall single-family home and the $1M+ home sector.
- Price trend indicators has Coconut Grove condos/townhomes performing at record levels.
- Pace of market for all condos has slowed from frenzied 2022.
- Average sales prices are up.
- The ongoing shortage of inventory continues to drive up prices per square footage.
- By in large, the average selling prices of condos/townhomes still manage to surpass previous limits month after month.
The purpose of this study is to help you understand the dynamics of Miami’s different markets and get an insight into Miami’s market performance and trends. When considering an investment in Miami’s real estate, the best decision is always a result of the best information.
Our highest priority for our clients is to preserve and protect their legacy. No one does more research about the Miami market than us. For forecast or projections for Miami for the remainder of the year or any other specific market, please contact us.
This APT Market study was compiled from data obtained from the MLS. It was made with information of sales through June 30, 2023. While it pertains to the surveyed area’s sales, it doesn’t include any off market sales. The information contained herein is deemed accurate, but can’t be relied upon. We are not responsible or liable for input, calculation errors and/or errors of omissions and market changes. We always advise those who wish to utilize this data to corroborate such information for themselves. Equal Housing Opportunity. This is not an intention to solicit listing from other brokers.