Coconut Grove is a village neighborhood within the City of Miami. It is located along Biscayne Bay to the south of Brickell and east of U.S 1. Coconut Grove roughly corresponds to ZIP code area 33133. Miami-Dade County tax records indicate there are almost 5,000 single family homes located in this area with 158 currently available for sale. Available homes range from the palatial 1920’s La Brisa in south Grove, currently listed at $65,000,000, to a charming fully renovated Village West home at $299,000. The median sales price is $1,000,000, down from $1,350,000 in April 2014; however the average selling price per square foot continues a slow climb.
The total number of sales for Coconut Grove single family homes typically ranges between 6 to 16 per month, and have remained relatively stable since 2012. All of the other indicates are showing steady improvements, but the absorption rate (MSI) is hovering above a “balanced” market, slightly higher than in the summer of 2014.
At a Glance:
Here are the Highlights:
April Property sales were 11, equal to 11 in April of 2014 and -8.3% lower than the 12 sales last month. April 2015 sales were at their lowest level compared to April of 2014 and 2013. April YTD sales of 35 are running -22.2% behind last year’s year-to-date sales of 45.
The Median Sales Price in April was $1,000,000, down -25.9% from $1,350,000 in April of 2014 and down -30.4% from $1,437,500 last month. The Average Sales Price in April was $1,157,864, down -22.0% from $1,484,091 in April of 2014 and down -42.2% from $2,004,896 last month. April 2015 ASP was at a mid range compared to April of 2014 and 2013.
Inventory & MSI
The Total Inventory of Properties available for sale as of April was 86, down -16.5% from 103 last month and down -18.9% from 106 in April of last year. April 2015 Inventory was at a mid range compared to April of 2014 and 2013.
A comparatively lower MSI (# of months needed to sell all of the inventory at the monthly sales pace) is more beneficial for sellers while a higher MSI is better for buyers. The April 2015 MSI of 7.8 months was at a mid range compared with April of 2014 and 2013.
The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer’s market, a downward trend a move towards more of a Seller’s market. The DOM for April was 59, down -45.4% from 108 days last month and down -30.6% from 85 days in April of last year. The April 2015 DOM was at its lowest level compared with April of 2014 and 2013.
Selling Price per Square Foot
The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the ‘mix’ of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The April 2015 Selling Price per Square Foot of $410 was down -14.9% from $482 last month and up 7.9% from $380 in April of last year.
Selling Price vs Listing Price
The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer’s market exists, a ratio at or above 100% indicates more of a Seller’s market. The April 2015 Selling Price vs List Price of 93.1% was up from 91.1% last month and down from 94.5% in April of last year.
Inventory / New Listings / Sales
This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in April 2015 was 15, down -42.3% from 26 last month and down -48.3% from 29 in April of last year.
For the full .pdf report with graphics, click here to download: Market Action Report Coconut Grove SFH 2015-Apr
Melanie Dawn Molina Wood is a licensed real estate agent and Sales Director with Coldwell Banker Residential Real Estate. She is a Certified International Property Specialist and an accredited LEED Green Associate. For more information about real estate in the Miami area, or to connect with a real estate agent anywhere in the world, contact Melanie Dawn by text/phone at 305-801-3133, or by email at MelanieinMiami@gmail.com.
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Based on information from Miami Board of REALTORS for the period 11/12/2005 through 4/30/2015. Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the MLS’s may not reflect all real estate activity in the market.