Miami's Coconut Grove Faces 28-Month Supply Of Condos Listed For Sale Before Start Of South Florida Winter Buying Season

Buyers Purchased Average Of Two Coconut Grove Condos Monthly In First Nine Months Of 2019 

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (Nov. 5, 2019) - Nearly 70 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 about two units monthly in the first nine months of 2019, the Coconut Grove market now has nearly a 28-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach before the start of the Winter 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 nearly 47,500 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region.

Currently, about six Coconut Grove condo units are under contract - or pending - and waiting to transact at an average asking price of nearly $3.9 million each or about $1,103 per square foot, according to the statistics. 

The average asking price of a Coconut Grove condo currently listed for sale is nearly $2.4 million per unit. This works out to an average asking price of $909 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the first nine months of 2019, the average transaction price of a Coconut Grove condo was nearly $930,300 or about $481 per square foot.

This means the current asking price of a Coconut Grove condo listed for sale is about 156 percent higher than the average transaction price achieved on a per-unit basis and about 89 percent higher than the average transaction price on a per-square-foot basis between January and September of this year.

In the first three quarters of 2019, the sellers who were able to unload their units needed about 133 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 199 days, according to the statistics.

The number of Days-On-The-Market for the condo units currently under contract is about 227 in Coconut Grove, according to the statistics.

CondoVulturesRealty.com 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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