It is that time of year again. The time at which I compile and analyze all of the sales in Coconut Grove (per MLS data) over the last year and look at where our community is trending.
As most of you know, I am a Groveite through and through. I met my wife in the Grove, was married in the Grove (St. Hugh), my reception was in the Grove (Villa Woodbine), I live in the Grove (Center Grove), and I am the Senior Director of Luxury Sales at Douglas Elliman in our Grove office on SW 27th Avenue.
Arguably, many have speculated that Miami has been in a “down” market for a while. Well, it looks like Coconut Grove isn’t listening as it completely destroyed all other South Florida markets in 2017. Here are some takeaways from the 2017 numbers:
- Total sales volume skyrocketed $72,077,762, from $402,149,863 in 2016, to a whopping $474,227,625 in 2017
- The average sales price per sq/ft in ALL of the Grove jumped an amazing 8.5% in 2017
- The average closed sales price in ALL of the Grove rose $238,017 which was a 27.5% increase over 2016
- West Grove saw the largest gain in average sales price per sq/ft with a huge jump of 16.9% over 2016
- South Grove saw its average sales price, not list price, actual closed sales price, explode 28.2% over 2016
In 2017, we saw 2 new real estate records set:
- PH02-N at Grove at Grand Bay set the new highest price-per-square-foot record for a waterview property in Coconut Grove when it closed at $1,494.02 per sq/ft.
- 3503 Banyan Circle in Camp Biscayne set the new highest price-per-square-foot record for a non-waterfront home when it closed at $818.09 per sq/ft. I had the distinct honor of being the listing agent who sold this property. You can read more about it here: Hammock House Shatters Coconut Grove Real Estate Record
A further look back…
In 2013, the average closed sales price per sq/ft for the entire Grove was $314.07. In 2017, that number was $430.20. That is an increase of 37% over the past 4 years!
In 2013, the average closed sales price for the entire Grove was $688,418. In 2017, that number was $1,102,855. That is an increase of 60.2% over the past 4 years!
Below, I have laid out all of the 2017 Coconut Grove real estate statistics and then a year-over-year comparison of 2017 versus 2016.
2017 Coconut Grove Real Estate Sales by the Numbers:
- Total Number of Sales: 430
- Total Sales Volume: $474,227,625
- Average List Price: $1,202,413
- Median List Price: $777,000
- Average Sales Price: $1,102,855 (91.7% of List Price)
- Median Sales Price: $747,000 (96.1% of List Price)
- Average Sales Price Per SQ/FT: $430.20
- Median Sales Price Per SQ/FT: $397.48
- Days on Market: 138 Average / 94 Median
- Highest Priced Sale of 2017: 3575 Stewart Ave. Closed on 03/15/2017 @ $12,400,000 ($879.62 per sq/ft)
- Lowest Priced Sale of 2017: 3680 Oak Ave. #3 Closed on 03/03/2017 @ $98,500 ($232.86 per sq/ft)
Download: ALL 2017 Coconut Grove Closed Sales
2017 vs. 2016 ALL Coconut Grove Sales Year-Over-Year Numbers:
- Total Number of Sales: DOWN 35 (-7.5%) | 430 in 2017 vs. 465 in 2016 (492 in 2015)
- Total Sales Volume: UP $72,077,762 (+17.9%) | $474,227,625 in 2017 vs. $402,149,863 in 2016 ($459,149,863 in 2015)
- Average List Price: UP $273,155 (+29.4%) | $1,202,413 in 2017 vs. $929,258 in 2016 ($994,135 in 2015)
- Median List Price: UP $88,000 (+12.8%) | $777,000 in 2017 vs. $689,000 in 2016 ($699,000 in 2015)
- Average Sales Price: UP $238,017 (+27.5%) | $1,102,855 in 2017 vs. $864,838 in 2016 ($934,114 in 2015)
- Median Sales Price: UP $92,000 (+14.1%) | $747,000 in 2017 vs. $655,000 in 2016 ($675,000 in 2015)
- Average Sales Price Per SQ/FT: UP $33.88 (+8.6%) | $430.20 in 2017 vs. $396.32 in 2016 ($397.55 in 2015)
- Median Sales Price Per SQ/FT: UP $33.27 (+9.1%) | $397.48 in 2017 vs. $364.21 in 2016 ($366.58 in 2015)
Coconut Grove Neighborhood Map
To local Groveites looking to sell, and buyers purchasing property in Coconut Grove, I have broken down the statistics of the different areas of the Grove. 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).
2017 vs. 2016 NORTH Coconut Grove Sales by the Numbers:
- Total Number of Sales: 156 in 2017 | 126 in 2016 (152 in 2015)
- Average List Price: $1,467,565 in 2017 | $1,283,971 in 2016 ($1,281,061 in 2015)
- Median List Price: $1,074,500 in 2017 | $897,000 in 2016 ($982,000 in 2015)
- Average Sales Price: (+10.9%) $1,332,103 in 2017 | $1,201,557 in 2016 ($1,198,928 in 2015)
- Median Sales Price: (+16.2%) $982,000 in 2017 | $845,000 in 2016 ($947,500 in 2015)
- Average Sales Price Per SQ/FT: (+4.8%) $500.49 in 2017 | $477.62 in 2016 ($443.86 in 2015)
- Median Sales Price Per SQ/FT: (+6.2%) $457.14 in 2017 | $430.53 in 2016 ($394.65 in 2015)
- Days on Market: 139 Average | 95 Median in 2017 (88 Average | 62 Median in 2016)
- Highest Priced Sale of 2017: Grove at Grand Bay #PH02-N Closed on 12/29/2017 @ $8,250,000 ($1,494.02 per sq/ft)
- Lowest Priced Sale of 2017: 2630 SW 28 St. #50 Closed on 07/07/2017 @ $113,000 ($281.09 per sq/ft)
Download: 2017 North Coconut Grove Closed Sales
2017 vs. 2016 SOUTH Coconut Grove Sales by the Numbers:
- Total Number of Sales: 51 in 2017 | 56 in 2016 (54 in 2015)
- Average List Price: $2,442,520 in 2017 | $1,933,845 in 2016 ($1,741,665 in 2015)
- Median List Price: $1,650,000 in 2017 | $1,597,500 in 2016 ($1,470,000 in 2015)
- Average Sales Price: (+28.2%) $2,231,874 in 2017 | $1,741,387 in 2016 ($1,634,435 in 2015)
- Median Sales Price: (+11.7%) $1,620,000 in 2017 | $1,450,000 in 2016 ($1,295,500 in 2015)
- Average Sales Price Per SQ/FT: (+2.2%) $492.21 in 2017 | $481.66 in 2016 ($451.80 in 2015)
- Median Sales Price Per SQ/FT: (-5.9%) $458.75 in 2017 | $485.38 in 2016 ($426.14 in 2015)
- Days on Market: 170 Average | 123 Median in 2017 (105 Average | 75 Median in 2016)
- Highest Priced Sale of 2017: 3575 Stewart Ave. Closed on 03/15/2017 @ $12,400,000 ($879.62 per sq/ft)
- Lowest Priced Sale of 2017: 3695 N. Bayhomes Dr. Closed on 08/10/2017 @ $520,000 ($458.15 per sq/ft)
Download: 2017 South Coconut Grove Closed Sales
2017 vs. 2016 CENTER Coconut Grove Sales by the Numbers:
- Total Number of Sales: 149 in 2017 | 189 in 2016 (194 in 2015)
- Average List Price: $670,283 in 2017 | $528,617 in 2016 ($716,481 in 2015)
- Median List Price: $489,900 in 2017 | $459,000 in 2016 ($499,750 in 2015)
- Average Sales Price: (+24.6%) $627,154 in 2017 | $503,393 in 2016 ($677,034 in 2015)
- Median Sales Price: (+5.5%) $464,000 in 2017 | $440,000 in 2016 ($491,000 in 2015)
- Average Sales Price Per SQ/FT: (+1.6%) $366.03 in 2017 | $360.37 in 2016 ($375.60 in 2015)
- Median Sales Price Per SQ/FT: (+3.6%) $341.46 in 2017 | $329.49 in 2016 ($328.12 in 2015)
- Days on Market: 117 Average | 74 Median in 2017 (70 Average | 43 Median in 2016)
- Highest Priced Sale of 2017: 3090 Munroe Dr. Closed on 06/27/2017 @ $6,350,000 ($754.96 per sq/ft)
- Lowest Priced Sale of 2017: 2734 Bird Ave. #201 Closed on 12/19/2017 @ $111,000 ($238.71 per sq/ft)
Download: 2017 Center Coconut Grove Closed Sales
2017 vs. 2016 WEST Coconut Grove Sales by the Numbers:
- Total Number of Sales: 74 in 2017 | 94 in 2016 (92 in 2015)
- Average List Price: $860,228 in 2017 | $663,363 in 2016 ($676,358 in 2015)
- Median List Price: $714,000 in 2017 | $599,000 in 2016 ($631,500 in 2015)
- Average Sales Price: (+28.8%) $799,298 in 2017 | $620,735 in 2016 ($636,542 in 2015)
- Median Sales Price: (+9.7%) $632,250 in 2017 | $576,300 in 2016 ($614,500 in 2015)
- Average Sales Price Per SQ/FT: (+16.9%) $364.16 in 2017 | $311.47 in 2016 ($329.58 in 2015)
- Median Sales Price Per SQ/FT: (+19.5%) $354.40 in 2017 | $296.65 in 2016 ($310.08 in 2015)
- Days on Market: 156 Average | 98 Median in 2017 (104 Average | 65 Median in 2016)
- Highest Priced Sale of 2017: 3670 Hibiscus St. Closed on 03/31/2017 @ $2,570,000 ($559.67 per sq/ft)
- Lowest Priced Sale of 2017: 3680 Oak Ave. #3 Closed on 03/03/2017 @ $98,500 ($232.86 per sq/ft)
Download: 2017 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 Real Estate. 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 Grove office at 305-350-9842, on my cell phone at 786-566-1700 or via email at michael@cranioklepty.com.
