Today we will be taking a detailed look at the activity in the Coconut Grove real estate market for Single Family Home sales in 2016. In addition, we will be comparing the activity for 2016 versus the activity in 2015 to get a solid grasp of what direction the market in Coconut Grove is currently heading. Let’s dive right in.
All sales statistics contained in this blog were provided by the Miami Association of Realtors, based on sales data generated on Thursday, 2/16/17.
First, let us take a look at the Single Family Home sales activity for each individual quarter of 2016 as illustrated in the figure below. Based on the data provided, there were 39 homes sold in Quarter 1, 57 homes sold in Quarter 2, 45 homes sold in Quarter 3, and 41 homes sold in Quarter 4. The highest reported sale occurred in Quarter 2, 3551 Main Highway Coconut Grove, FL for $34,600,000. This was the record setting purchase of “La Brisa”, a stunning 6.9 acre bay-front estate by Ransom Everglades School.
Coconut Grove – Single Family Home Sales in 2016
As shown above, Quarter 2 of 2016 saw the greatest activity in both Total Transactions and Sales Volume. Quarter 2 saw $102,609,750.00 in Sales Volume while Quarter 1 followed in second at $50,174,550.00. The third and fourth quarters in 2016 had very close sales volumes with $49,128,763.00 and $48,093,000.00 respectively.
Amidst other markets within Miami which saw substantial fluctuation in 2016, the market for Single Family Homes in Coconut Grove remained very stable comparatively speaking. As pictured above, among each of the four quarters there was only a $21.52 ($438.37 – $416.85 ) maximum fluctuation in average price per square foot between the highest quarter (Quarter 2) and the lowest quarter (Quarter 1). This is a sharp contrast from other areas of Miami such as Brickell and Downtown Miami which have witnessed much greater fluctuations in such key market indicators for the previous year of 2016.
One final metric to point out from the figure above is the average Days on Market (DOM) for each of the quarters in 2016. These were 81.95 days, 95.44 days, 85.38 days, and 126.17 days for Quarters 1, 2, 3, and 4 respectively. This metric has increased per quarter from previous years and this can be attributed to various factors including the fact that the prices at which homes are originally marketed have risen in Coconut Grove.
The figure below illustrates the breakdown of sale financing category types utilized in Coconut Grove for 2016 by individual quarters.
Coconut Grove – Single Family Homes – Sale Terms (Quarter)
Next, the figure below illustrates the totals for each sale financing category type for the entire 2016 year.
Coconut Grove – Single Family Homes – Sale Terms (2016 Total)
The pie chart below breaks down the different sale financing category types for the entire 2016 year by their respective percentages which were 45.05% for Cash Sales, 49.45% for Conventional Loan Sales, and 5.49% for sales which utilized an alternative method of financing.
Coconut Grove – Single Family Homes
2016 Financing Type Pie Chart
Lastly, let us take a look at the year-over-year change for the Single Family Home market in Coconut Grove from 2015 to 2016. The illustration below summarizes the percentage changes in the selected key market indicators.
Coconut Grove – Single Family Homes
As shown above, the overall trend from 2015 to 2016 for Coconut Grove was a slight softening of total houses sold and total volume sold which decreased by 10.34% and 8.70% respectively. This was the common theme among many of Miami’s neighborhoods over the last year. When contrasted against other markets such as Brickell which saw over 25% reduction in total condos sold and over 30% reduction in total sales volume, the Coconut Grove market has shown stability.
Other key market indicator trends shown above are the percentage change in average sales price and average price per square foot which were -0.82% and 0.31% respectively.
Overall, based on the data given, it can be said that the Single Family Home market in Coconut Grove has experienced a subtle increase in property valuation from 2015 to 2016 which in turn has led to a slight decrease in the total number of homes sold and sales volume. When compared to other neighborhoods in Miami, properties in Coconut Grove have more resiliently weathered the numerous recent and ongoing local and global events which have had greater negative impact in other local areas and neighborhoods.
If you are considering to purchase, sell, or rent in Coconut Grove contact us today! Our team of highly experienced and qualified agents have an acute understanding of the real estate market in Coconut Grove and are equipped with all of the latest tools necessary to help you meet your personal residential housing needs. Don’t delay, contact us today and let us help you make your dream a reality!
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