From 2009 to 2016, the Coconut Grove real estate market grew from $100 million in annual sales to $238 million. This was an amazing increase of 138% in only 7 years. Interestingly enough, during the same period, the number of properties sold increased by only 27%. In 2009, 138 single-family homes sold compared with 176 sales last year.

The market is still very diverse. During the first 6 months of 2017, the lowest-price sale was $245,000 for an 880 sq/ft home located in West Grove. At the opposite end of the spectrum, the highest price was $12,400,000 for a waterfront property with 14,097 sq/ft of living space. These 2 properties are located just a few miles apart.

Of all single-family homes sold in Coconut Grove, 60% sold for over $1 million during the first 6 months of 2017.

A market for new construction is also emerging. Thirteen homes built since 2014 have sold in 2017. Most of these offer a contemporary style. The average sales price is $2,379,865, and the average price per sq/ft is $554.

The volume of pending sales confirms the market’s upward trend.

Do you know how much your property is worth in this changing market? Call us for a complimentary and confidential market analysis.

Isabelle (305)546-5421, Alba (305)323-2595;

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