As the total number of homes sold during the last 2 years is almost identical in North Grove and South Grove, the inventory for sale is increasing by 47% and 64% respectively in both neighborhoods for homes priced at more than $1M.
For properties priced between $1M and $2M, almost 2 years of inventory is available for sale in North Grove and 10 months in South Grove.
For the market over the $2M price point, only 1 property was sold out of the 15 available in North Grove, and South Grove carries about 18 months of available inventory.
This excess of inventory for sale will affect prices, and available homes for sale in North Grove and South Grove had price reductions of 32% and 41% respectively.
Market prices for waterfront single-family homes will also be affected by the 11 properties for sale in April when only 1 sold during 1Q 2016. Six of the 11 properties had at least one price reduction.
Waterfront properties are not included in this study.
If you are interested in buying or selling property, call Isabelle Andrews at 305.546.5421, Alba Biondi at 305.323.2595, or email us at theteam(at)groveexperts(dotted)com.
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