Today we will be taking a detailed look at the closed sales for Single Family Homes in Coconut Grove, Coral Gables, Pinecrest, and South Miami for 2017 – Quarter 1.
This will help us gain a clear understanding of the current market conditions in each respective area and provide us an apples-to-apples comparison of some key market indicators as they relate to each neighborhood. Let’s dive right in.
To start off, let’s go over some general market statistics for each of the four selected neighborhoods. All statistical data used in this publication was obtained from the Miami Association of Realtors – Multiple Listings Service, effective Thursday, 4/6/2017.
Miami Neighborhood Comparison – 2017 Quarter 1
Single Family Home Sales
For 2017 – Quarter 1 (1/1/2017 thru 3/31/2017) there were 46, 118, 41, and 23 closed sales for Single Family Homes in Coconut Grove, Coral Gables, Pinecrest, and South Miami respectively. The average sale price for each of these four areas was $1,533,145.65, $1,490,295.17, $1,160,017.49, and $675,727.00 respectively.
A great market indicator which provides an apples-to-apples comparison is the average price per square foot. As shown in the illustration above, for Coconut Grove this was $450.33, for Coral Gables this was $385.76, for Pinecrest this was $296.83, and for South Miami this was $286.71. Other important market indicators displayed in the illustration above are average discount from the original listing price which were 4.98%, 5.32%, 6.42%, and 4.63% for Coconut Grove, Coral Gables, Pinecrest, and South Miami respectively.
The graphs below offer better visual representations of the data displayed in the illustration above.
Total Homes Sold
Average Sale Price
Average Days on Market
Be sure to check back again next week. We will be focusing on the 2017 Quarter 1 market summary in the coastal area of Miami including the Miami Beaches, Key Biscayne, and Barrier Islands.
If you are curious as to what the current inventory is for any of these four great Miami neighborhoods check out our detailed Neighborhood Guides below. Our site always offers the most up-to-date, accurate info available for all your Miami residential real estate search needs.
If you are considering to purchase, sell, or rent in any of these neighborhoods contact us today! Our team of highly experienced and qualified agents have an acute understanding of the Miami real estate market and are equipped with all of the 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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