Neighborhood Highlight: Coconut Grove

Posted on: June 1, 2018

Neighborhood Highlight:
Coconut Grove is one of the most sought after communities in South Florida. It’s a village within the City of Miami located right on Biscayne Bay. It’s Bohemian, artsy, cool chic and yet very relatable. The Grove is a lush tropical community with easy access to everywhere you want to be in Miami. In fact, its close proximity to downtown, the beaches, Miami International Airport, and Coral Gables, make it a prized location. In 2016 the Wall Street Journal headlined an article “Miami’s Coconut Grove Grows from Birkenstocks to Billionaires”. It’s just that kind of a city – a mix of everyone and everything! We love this “It’s so Miami” video story about the village.

Coconut Grove Market Snapshot:
Like much of the South Florida market, sales for single family homes have rebounded since a year ago. When comparing April 2017 to April 2018, for sale inventory is down 8.5% and a mighty 32% lower than April 2016. Sales are up 66% and the average sales prices are up 18% year over year.

 

 

A healthy supply of for sale inventory of homes is considered to be 6 months. This is where real estate professionals compare the number of for sale homes to the rate of homes closing. In April, we had just a 5.3 month supply of single-family homes. This is a great sign of market health as we head into the summer!

 

Take a look at some of our firm’s activity in Coconut Grove:


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