Coconut Grove Condo Sellers Seek 158% Premium For Units Listed For Sale

More Than 14 Months Of Condo Supply Listed For Sale In Coconut Grove

DOWNTOWN MIAMI (Sept. 5, 2017) - Nearly 65 condo units are formally listed for sale in Miami's Coconut Grove neighborhood in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on condo sales of less than five units monthly in the first half of 2017, the Coconut Grove market now has about a 14-month supply of units available for purchase during the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the end of this year’s Summer Buying Season, according to the report based on data from the Southeast Florida MLS Matrix.

A balanced market is generally considered to have about six months of supply. More months of condo supply listed for sale suggests a buyer’s advantage and less months typically indicates a seller’s advantage in the market.

It is worth noting this report only tracks those Coconut Grove condos formally listed for sale. The report does not factor in the more than 47,725 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

(For the latest South Florida preconstruction condo project pipeline, please visit: CraneSpotters.com.)

Currently, six Coconut Grove condo units are under contract - or pending - and waiting to transact at an average asking price of less than $1.1 million each or $530 per square foot, according to the statistics. 

The average asking price of a Coconut Grove condo currently listed for sale is more than $2.6 million per unit. This works out to an average asking price of $828 per square foot, according to the data compiled by CondoVulturesRealty.com.

Between January and June of 2017, the average transaction price of a Coconut Grove condo was slightly more than $1 million or about $470 per square foot.

This means the current asking price of a Coconut Grove condo listed for sale is about 158 percent higher than the average transaction price achieved on a per-unit basis and more than 76 percent higher than the average transaction price on a per-square-foot basis in the first six months of 2017.

In the first half of this year, the sellers who were able to unload their units needed about 159 days to transact a Coconut Grove condo listed for sale. The current Days-On-The-Market average for Coconut Grove condos listed for sale is about 189 days, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract is about 46 in Coconut Grove, according to the statistics.

CondoVulturesRealty.comMore Info is a licensed Florida brokerage that specializes in assisting buyers and tenants in value-oriented condo acquisitions and leases in the tricounty region of Miami-Dade, Broward and Palm Beach.

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