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Nearly 43-Month Supply Of Coconut Grove Luxury Condos Listed For Sale At Peak Of South Florida Winter Buying Season

Coconut Grove Sellers Ask More Than $1,085 PSF For Luxury Condos In South Florida    

(This Report Is Powered By Brickell Ventures LP)

DOWNTOWN MIAMI (March 18, 2020) - More than 30 luxury condo units are formally listed for sale at a minimum price of at least $1 million in the Miami neighborhood of Coconut Grove in the South Florida county of Miami-Dade, according to a new report from Condo Vultures® Realty LLC.

Based on luxury condo sales of less than one unit monthly in the entire 12 months of 2019, Coconut Grove now has nearly a 43-month supply of units available for purchase in the tricounty South Florida region of Miami-Dade, Broward and Palm Beach at the peak of the Winter Buying Season, according to the reportbased 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 luxury condos formally listed for sale. The report does not factor in the nearly 47,750 new condo units currently in the development pipeline east of Interstate 95 in the tricounty South Florida region, according to CraneSpotters.com.

Currently, about six Coconut Grove luxury condo units are under contract - or pending - and waiting to transact at an average asking price of nearly $3.6 million each or about $953 per square foot, according to the statistics. 

The average asking price of a Coconut Grove luxury condo currently listed for sale is nearly $3.5 million per unit. This works out to an average asking price of about $1,088 per square foot, according to the data compiled by CondoVulturesRealty.com.

In the 12 months of 2019, the average transaction price of the nine Coconut Grove luxury condos to trade was less than $1.9 million or about $682 per square foot.

This means the current asking price of a Coconut Grove luxury condo listed for sale is more than 87 percent higher than the average transaction price achieved on a per-unit basis and nearly 60 percent higher than the average transaction price on a per-square-foot basis between January and December of last year.

In the four quarters of 2019, the sellers who were able to unload their luxury condo units in Coconut Grove needed about 196 days to complete the transaction. The current Days-On-The-Market average for Coconut Grove luxury condos listed for sale is about 274, according to the statistics.

The number of Days-On-The-Market for the luxury condo units currently under contract is about 203 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.