The New Single-Family Home Market
As we compile Coconut Grove market sales performances, median prices and available inventory statistics, we see the transformation of our neighborhood. The value trends for homes and condos show that Coconut Grove real estate will soon be similar to the largest international cities in the world. During the second quarter of 2015, the single-family home market had a record total sales volume of $95,378,484. Comparably, the first quarter of 2013 only had a sales volume of $42,670,923: a 123% increase over the past two years.
In south Coconut Grove, 50% of the single-family homes sold for over $1,000,000. In North Grove, 62% sold over a $1,000,000. Waterfront single-family homes represented 38% of total sales volume, totaling $36,287,500 in sales.
The inventory of homes for sale versus those sold is still skewed in the $2 million+ market segment. In South Grove, this market segment represents 25% of the total homes for sale while only 8% of homes sold are at this price point. In North Grove, 37% of homes for sale are in this market but only represent 9% of homes sold.
38% of all the sale transactions were paid in cash. Such a high percentage of cash transactions demonstrates a strong demand for homes in the Coconut Grove market. Our properties are perceived as solid investments.
We are the #1 Team-EWM Coconut Grove
Top 1/2 of 1% Nationally
EWM 2014 Chairman’s Club – Diamond Level
EWM 2013 Chairman’s Club – Diamond Level
