It is that time of year again. The time at which I put together all of the sales in Coconut Grove (per MLS data) over the last year and look at where our city is trending. As most of you know, I am the Director of Luxury Sales at Douglas Elliman. My office is here in the Grove, I live here in the Grove, shop here in the Grove, eat & breath the Grove.
Over the last few years, all of the numbers have gone up significantly. Well, all of the skyrocketing statistics slowed in 2016. Here are some takeaways from the 2016 numbers:
- Total sales volume fell $57,434,061 from $459,149,863 in 2015 to $402,149,863 in 2016
- The average sales price per square foot in ALL of the Grove remained flat with a small decline of 0.31% from 2015
- Center Grove had the biggest loss where it saw the average sales price drop 25.6% from 2015
- South Grove had the biggest gain where it saw the median sales price rise 11.9% from 2015
- North & South Grove saw increases in median sales price per square foot of 9.1% & 13.9% respectively from 2015
Though all of the overall numbers for the Grove went down in 2016, the most important number that translates to your home’s value is average sales price per square foot. Between 2013-2015, the average sales price per square foot in ALL of the Grove rose a whopping 26.6%. In 2016, there was no increase. That does not mean the “sky is falling” or the world is coming to an end, it only means that exponential growth has to slow at some point.
PLEASE NOTE: The $34M sale of “La Brisa” was NOT included in my statistics herein. Though 3551 Main Highway was purchased on June 21, 2016, and was a residential property, the buyer of the property is Coconut Grove-based private school Ransom Everglades, who plans on using the land to expand its campus. Because this was considered a land sale, I felt that it would skew the residential statistics.
The Coconut Grove real estate market in 2016 saw 465 closed sales – down 27 from 2015; however, the average Coconut Grove closed sales price in 2016 was $864,838 which equals $396.32 per square foot and was 93.1% of the average list price. The most expensive closed sale of 2016 in the Grove was unit 3002 at Grovenor House which sold for $7,622,000 at $1,101.45 per square foot ($1.10 per sq/ft higher than 2015’s record sale). This sale shattered the average Coconut Grove sales price per square foot by $705.13!
Below, I have laid out all of the 2016 Coconut Grove real estate statistics and then a year-over-year comparison of 2016 versus 2015.
2016 Coconut Grove Real Estate Sales by the Numbers:
- Total Number of Sales: 465
- Total Sales Volume: $402,149,863
- Average List Price: $929,258
- Median List Price: $689,000
- Average Sales Price: $864,838 (93.1% of List Price)
- Median Sales Price: $655,000 (95.1% of List Price)
- Average Sales Price Per SQ/FT: $396.32
- Median Sales Price Per SQ/FT: $364.21
- Days on Market: 86 Average / 56 Median
- Highest Priced Sale of 2016: Grovenor House #3002 Closed on 11/30/2016 @ $7,622,000 ($1,101.45 per sq/ft)
- Lowest Priced Sale of 2016: 3746 Washington Ave. Closed on 06/15/2016 @ $71,000 ($115.26per sq/ft)
Download: ALL 2016 Coconut Grove Closed Sales
2016 vs. 2015 Coconut Grove Sales Year-Over-Year Numbers:
- Total Number of Sales: DOWN 27 (-5.5%) | 465 in 2016 vs. 492 in 2015
- Total Sales Volume: DOWN $57,434,061 (-12.5%) | $402,149,863 in 2016 vs. $459,149,863 in 2015
- Average List Price: DOWN $64,877 (-6.5%) | $929,258 in 2016 vs. $994,135 in 2015
- Median List Price: DOWN $10,000 (-1.4%) | $689,000 in 2016 vs. $699,000 in 2015
- Average Sales Price: DOWN $69,276 (-7.4%) | $864,838 in 2016 vs. $934,114 in 2015
- Median Sales Price: DOWN $20,000 (-3.0%) | $655,000 in 2016 vs. $675,000 in 2015
- Average Sales Price Per SQ/FT: DOWN $1.23 (-0.31%) | $396.32 in 2016 vs. $397.55 in 2015
- Median Sales Price Per SQ/FT: DOWN $2.37 (-0.65%) | $364.21 in 2016 vs. $366.58 in 2015
Coconut Grove Neighborhood Map
To local Groveites and investors interested in purchasing property in Coconut Grove, whether as a personal or business investment, I have broken down the statistics of the different areas of the Grove since Coconut Grove is locally referred to in parts, i.e. North, South, Center and West (for example, CocoWalk and the Mayfair Hotel & Spa are both located in Center Grove and Kennedy Park is located in North Grove).
2016 vs. 2015 NORTH Coconut Grove Sales by the Numbers:
- Total Number of Sales: 126 in 2016 / 152 in 2015
- Average List Price: $1,283,971 in 2016 / $1,281,061 in 2015
- Median List Price: $897,000 in 2016 / $982,000 in 2015
- Average Sales Price: $1,201,557 in 2016 / $1,198,928 in 2015 (+0.22%)
- Median Sales Price: $845,000 in 2016 / $947,500 in 2015 (-10.8%)
- Average Sales Price Per SQ/FT: $477.62 in 2016 / $443.86 in 2015 (+7.6%)
- Median Sales Price Per SQ/FT: $430.53 in 2016 / $394.65 in 2015 (+9.1%)
- Days on Market: 88 Average / 62 Median in 2016
- Highest Priced Sale of 2016: Grovenor House #3002 Closed on 11/30/2016 @ $7,622,000 ($1,101.45 per sq/ft)
- Lowest Priced Sale of 2016: 2630 SW 28 St. #25 Closed on 04/27/2016 @ $112,000 ($232.37per sq/ft)
Download: 2016 North Coconut Grove Closed Sales
2016 vs. 2015 SOUTH Coconut Grove Sales by the Numbers:
- Total Number of Sales: 56 in 2016 / 54 in 2015
- Average List Price: $1,933,845 in 2016 / $1,741,665 in 2015
- Median List Price: $1,597,500 in 2016 / $1,470,000 in 2015
- Average Sales Price: $1,741,387 in 2016 / $1,634,435 in 2015 (+6.5%)
- Median Sales Price: $1,450,000 in 2016 / $1,295,500 in 2015 (+11.9%)
- Average Sales Price Per SQ/FT: $481.66 in 2016 / $451.80 in 2015 (+6.6%)
- Median Sales Price Per SQ/FT: $485.38 in 2016 / $426.14 in 2015 (+13.9%)
- Days on Market: 105 Average / 75 Median in 2016
- Highest Priced Sale of 2016: 3505 S. Moorings Way Closed on 02/16/2016 @ $4,770,000 ($503.11 per sq/ft)
- Lowest Priced Sale of 2016: 4032 Park Ave. Closed on 08/05/2016 @ $505,000 ($394.53 per sq/ft)
Download: 2016 South Coconut Grove Closed Sales
2016 vs. 2015 CENTER Coconut Grove Sales by the Numbers:
- Total Number of Sales: 189 in 2016 / 194 in 2015
- Average List Price: $528,617 in 2016 / $716,481 in 2015
- Median List Price: $459,000 in 2016 / $499,750 in 2015
- Average Sales Price: $503,393 in 2016 / $677,034 in 2015 (-25.6%)
- Median Sales Price: $440,000 in 2016 / $491,000 in 2015 (-10.4%)
- Average Sales Price Per SQ/FT: $360.37 in 2016 / $375.60 in 2015 (-4.1%)
- Median Sales Price Per SQ/FT: $329.49 in 2016 / $328.12 in 2015 (+0.4%)
- Days on Market: 70 Average / 43 Median in 2016
- Highest Priced Sale of 2016: Cloisters on the Bay #1201 Closed on 01/29/2016 @ $2,675,000 ($435.67 per sq/ft)
- Lowest Priced Sale of 2016: 2734 Bird Ave. #208 Closed on 04/22/2016 @ $115,000 ($240.59per sq/ft)
Download: 2016 Center Coconut Grove Closed Sales
2016 vs. 2015 WEST Coconut Grove Sales by the Numbers:
- Total Number of Sales: 94 in 2016 / 92 in 2015
- Average List Price: $663,363 in 2016 / $676,358 in 2015
- Median List Price: $599,000 in 2016 / $631,500 in 2015
- Average Sales Price: $620,735 in 2016 / $636,542 in 2015 (-2.5%)
- Median Sales Price: $576,300 in 2016 / $614,500 in 2015 (-6.2%)
- Average Sales Price Per SQ/FT: $311.47 in 2016 / $329.58 in 2015 (-5.5%)
- Median Sales Price Per SQ/FT: $296.65 in 2016 / $310.08 in 2015 (-4.3%)
- Days on Market: 104 Average / 65 Median in 2016
- Highest Priced Sale of 2016: 3679 Frantz Rd. Closed on 09/26/2016 @ $1,780,000 ($356.93 per sq/ft)
- Lowest Priced Sale of 2016: 3746 Washington Ave. Closed on 06/15/2016 @ $71,000 ($115.26per sq/ft)
Download: 2016 West Coconut Grove Closed Sales
If you, or someone you know, would like to purchase or sell real estate in Coconut Grove, please contact me, Michael Light Founder/Owner of the Miami Luxury Homes group at Douglas Elliman. I am a resident of Coconut Grove and have direct knowledge of the Coconut Grove real estate market. You may reach me directly at my office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@hr888888.com.
