We can see a new single-family home market is emerging:
The $1.5 Million+ Market in South Coconut Grove
76% of home sales in the South Grove Market have sold above $1.5M compared with only 38% in 2014, 43% in 2013 and 27% in 2012. This dramatic change is attributed to the median sales price increase from $747,000 to $1,575,000, which is a 110% jump since last quarter.
North Grove Stability
Comparatively, the median sales price of North Grove homes is just below $1M and is slowly increasing. Unlike the spike in median sales price of the South Grove homes, this number has remained relatively constant in the North Grove community.
Find a full overview of the Single Family Home Market Report at “The Coconut Grove Journal of Real Estate“.
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