Coral Gables and Coconut Grove Luxury Condo Market Report Q1 2020

View the most up-to-date market reports.

CondoBlackBook.com's analysis of the overall Miami luxury condo market for Q1 2020 revealed a good start to the year, despite the coronavirus outbreak. Though the first quarter's sales were soft, the market has yet to reflect any major impact from the onset of the pandemic. A reduction in the year-over-year Days on Market and Months of Inventory further revealed that the overall Miami market kick-started the year on a positive note. Also, with prices trending lower year-over-year and inventory levels still high, the overall market in Miami seems to still be in favor of buyers.

In this neighborhood-level report for Coral Gable and Coconut Grove, these desirable Miami neighborhoods led sales growth in 1Q20 for all of Miami, almost doubling year over year. However, sales prices decreased. Read on to see how the luxury condo market fared in Coral Gables and Coconut Grove, and how this data correlates to the overall market trends found in Miami.

For the purpose of this Miami submarket luxury condo report, we've only featured properties priced $1 million and above.

Coral Gables and Coconut Grove Luxury Condo Market Q1 Highlights:

  • Q1 sales strong, almost double year-over-year
  • Best-performing neighborhood in Miami in terms of year-over-year sales growth (76% growth) percentage
  • 12-month sales trendline keeps positive from Q2 2019 to Q1 2020
  • Q1 price per sq. ft. declines 10.3% year-over-year to $508 - lowest in Miami for luxury condos
  • Days on market increase 24.4% year-over-year
  • Inventory down 42.1% year-over-year

Table of Contents

  1. Coral Gables & Coconut Grove Luxury Condo Sales Trends
  2. Coral Gables & Coconut Grove Luxury Condo Price Trends
  3. Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
  4. Coral Gables & Coconut Grove Luxury Condo Inventory Trends
  5. Conclusion


Coral Gables & Coconut Grove Lead Q1 Luxury Condo Sales in Miami


Coral Gables and Coconut Grove Luxury Condo Market Summary 1Q20 - Fig. 1

Coral Gables and Coconut Grove Luxury Condo Market Summary 1Q20 - Fig. 1


Q1 opens strong, sales almost double year-over-year with positive trendline. Moving against the overall market trend in Miami, this combined neighborhood starts the year strong with a 76% increase over Q1 last year (fig. 1). This is the highest the sales have been in a first-quarter since 2015, and the second-highest of all quarters in the period under review (fig. 2.1).

A closer look at fig. 2.2 below reveals that sales from January and March contributed to this boost. While February reported the same number of (7) sales year-over-year, January's sales more than doubled (13) from 6 in 2019 and March saw a spike of 10 compared to its 4 sales last year. These higher than normal sales in 1Q20 keep the 12-month trendline positive between Q4 2019 and Q1 2020 (fig. 2.3).

What's worth noting is that the combined district sees a recovery after the perpetually lower year-over-year sales of 2019 compared to 2018, despite the COVID-19 outbreak.

Coral Gables & Coconut Grove Quarterly Sales Heatmap 2015 - 2020 - Fig. 2.1

Coral Gables & Coconut Grove Quarterly Sales Heatmap 2015 - 2020 - Fig. 2.1


Coral Gables & Coconut Grove Monthly Sales from Jan. 2016 to Mar. 2020 - Fig. 2.2

Coral Gables & Coconut Grove Monthly Sales from Jan. 2016 to Mar. 2020 - Fig. 2.2


Coral Gables & Coconut Grove 12-Month Sales with Trendline - Fig. 2.3

Coral Gables & Coconut Grove 12-Month Sales with Trendline - Fig. 2.3


Q1 YoY Luxury Condo Prices Down

Q1 price per sq. ft. declines 10.3% year-over-year. Moving with the overall market trend in Miami, the sales price and price per sq. ft. declined for Q1 in this combined neighborhood (fig. 1). The price per sq. ft. fell 10.8% from $566 in 1Q19 to $508 in Q1 this year. Further, the median sales price slipped 15.2% year-over-year from $1,400,000 to $1,187,500.

A closer look at the five-year snapshot of quarterly prices in fig. 3 reveals that the quarter's price per sq. ft. trended toward the lower-end of the period under review. It is also worth noting that luxury condos in Gables and Grove have the lowest price per sq. ft. in all of Miami. The key takeaway on this is Coral Gables and Coconut Grove seem to be moving closer to a market correction in terms of pricing, and buyers are taking note. 

Coral Gables & Coconut Grove Quarterly Price per Sq. Ft. 2016-2020 - Fig. 3

Coral Gables & Coconut Grove Quarterly Price per Sq. Ft. 2016-2020 - Fig. 3


Days on Market Up YoY
 

24.4% increase in year-over-year days on market. Luxury condos in the Coral Gables and Coconut Grove grouping spent 22 more days on market compared to Q1 2019, as well as 2 more days on median over last quarter (fig. 4). Moving against the overall Miami market trend of a decline in days on market, this increase shows that even though the combined neighborhood saw improved sales, buyers and sellers took longer to reach a consensus on deals.

Coral Gables & Coconut Grove Quarterly Days on Market 2018-2020 Heatmap – Fig. 4

Coral Gables & Coconut Grove Quarterly Days on Market 2018-2020 Heatmap – Fig. 4


Inventory Down to Lowest in Miami

Inventory down to 22 months. With the first quarter delivering a big boost in sales, inventory definitely decreased in this combined neighborhood. Not only is inventory down from December's closing of 27 months, but also March 2019's tally of 38 months (fig. 5). 

Consistent with the overall market trend in Miami, inventory sees a drop of 42% on a year-over-year basis - cut almost by half. This combined neighborhood also emerges as the district with the lowest months of inventory for the quarter of all the neighborhoods included in our overall study. However, considering 22 months is still way off the ideal 9-12-month benchmark of a balanced market, buyers should still have fair amounts of choices and lower prices working in their favor when searching. To look at what inventory is available, search for Coral Gables or Coconut Grove condos for sale here.

Coral Gables & Coconut Grove Months of Inventory from Mar. 2019 to Mar. 2020 - Fig. 5

Coral Gables & Coconut Grove Months of Inventory from Mar. 2019 to Mar. 2020 - Fig. 5


A balanced market has only 9-12 months of inventory. The months of inventory are calculated as – no. of active listings + no. of pending listings divided by the average number of deals in the last 6 months.

Conclusion

Collectively, the market trends reported by Coral Gables and Coconut Grove deviate from the major trends seen in the Q1 2020 Overall Luxury Condo Market Report. Quarterly sales increase for the neighborhood, whereas the overall market reports a decline. The days on market trend higher for the submarket, while they post a reduction for Miami overall. Also, the 12-month trendline stays positive for Gables and Grove against a negative 12-month trendline seen in the overall report.

The only two metrics to move in line with the overall Miami luxury condo market report trends were prices and inventory, as they posted declines in this submarket as well. Overall, Gables and Grove report a healthier luxury condo market this first quarter.

Historically, Coconut Grove has been the fastest moving neighborhood in our quarterly studies from previous years, and as such, should be the first to reach the ideal 9-12-month benchmark of a balanced market. However, just as we've mentioned in our overall analysis, the presidential elections and COVID-19 outbreak will most likely prove to be hiccups along the road to a balanced market, extending the ongoing buyer-friendly climate. The flipside of this is that Coconut Grove and Coral Gables offer a lot of green space, parks, and less urban density, which may be highly desirable to buyers after the experience of COVID-19 quarantine rules. Nonetheless, this will be the market to watch for signs of recovery whenever the dust starts to settle. 

Love what you see? Don't forget to share our blog and subscribe (see the subscribe link on the top menu) to receive the latest Miami condo market news in your inbox.



Questions or comments about the stats? Want more info on Miami condos? Contact Sep at sniakan (at) hbroswell.com or call 305-725-0566.


Cover photo courtesy of MiamiAndBeaches.com
Contact Us
Sep Niakan
Broker / Team Lead
(305) 697-7667
sep@blackbookproperties.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

New Emotional Support Animal (ESA) Law Florida: Complete Condo Guide
Opinions and Advice New Emotional Support Animal (ESA) Law Florida: Complete Condo Guide
Finding and moving to a new home can be a strenuous experience, even when you like the change you’re making. This is more so when you have an emotional condition or disability and part of your treatment involves having an Emotional Support Animal (ESA). In this case, finding a new home comes with a whole new set of challenges only you and your furry friend can know. And no one needs the added fear and stress of possibly being denied housing or being discriminated against for owning an ESA. Thankfully, a new Florida law on emotional support animals that went into effect July 1, 2020, explicitly states what you and your current/prospective landlord or HOA can and cannot do regarding Emotional Service Animals. The law applies to all condos, apartments, and rental homes. Photo courtesy of Oleg Ivanov Here’s how the 2020 Florida ESA law empowers both sides:  — ESA Rules: What a Florida Landlord Can & Cannot Do A Florida landlord cannot deny housing for a disability or...
New Construction Miami Condos You Can Move Into in 2024
Real Estate News New Construction Miami Condos You Can Move Into in 2024
It’s no secret that we are in the middle of a major building boom and there are quite a few new developments in Miami opening in 2024 that you’ll be able to move into. So, if you love being the first to turn the key on your crisp new luxury condo, keep reading. (Psst, we also have a bonus list of all the condos you can expect to move into in 2025 at the end!)  With about 100 new pre-construction condos (and counting) in the pipeline since 2021, Miami developers have been on the fast track to deliver on the growing demand for luxury condos in the Magic City, especially condos on the water or condo buildings with water views. Even as most of the global housing market showed signs of a slowdown these past few years, Miami’s luxury condo market has witnessed sustainable growth. Following the business migration trends that started somewhere around 2020, we’ve seen a continued influx of international wealth, families, C-suite executives, and other top earners and investors moving to our...
The Ultimate Expat Guide to Moving to Miami
Lifestyle The Ultimate Expat Guide to Moving to Miami
Ever thought about grabbing your passport and moving to Miami? You wouldn’t be the first to be drawn to this tropical metropolis. It’s a place with a rich history, diverse culture, and spearheading innovation. Also known as the Magic City, it’s the only major city in the US to be founded by a woman, and it proudly claims the origin of sunscreen and the ATM! It’s no secret that Miami is a great choice for expats in pursuit of new opportunities. Its appeal is truly worldwide, attracting people from Latin America, Europe, and beyond. Proof of this is that the city was the most popular destination for people born outside of the U.S., attracting 54,500 new residents in 2023, the most out of anywhere in the country. This diversity is evident everywhere, from the vibrant neighborhoods and incredible food scene to its dynamic business, art and hospitality sectors. Living in Miami offers a global lifestyle with a very local flavor, full of opportunities to grow and explore. So, if you’re...
The Most Luxurious Condo Buildings in South Beach
Opinions and Advice The Most Luxurious Condo Buildings in South Beach
Situated at the southern tip of Miami Beach, South Beach continues to command its status as a premier global destination, attracting discerning individuals from around the world. Developers have meticulously crafted luxury condos in South Beach that appeal to people from every international location, whether for business, favorable tax environments, seasonal escapes from winter weather, or the cultural richness exemplified during events such as Art Basel and the South Beach Food and Wine Festival. Whatever the reason, there is significant investment potential for condos in Miami, specifically South Beach, as well as a proven superior quality of life. Below is our list of the 5 Most Luxurious South Beach Miami condos (or the 5 Most Expensive Condos in South Beach) based on the average listing price per square foot at the time of publishing, as well as some other favorites to note. But first, let’s start with an overview of what makes South Beach so special. Last updated: March 15,...
The Residences at 1428 Brickell Video Tour: Exquisite, Eco-conscious Living with Italian Luxury
Video Blog The Residences at 1428 Brickell Video Tour: Exquisite, Eco-conscious Living with Italian Luxury
Brickell, the Wall Street of the South, one of the most desirable Miami neighborhoods for international business professionals and families alike, is synonymous with innovation, a luxury lifestyle and original ideas. This time, the Brickell spirit is embodied in the fantastic new pre construction condominium — The Residences at 1428 Brickell.  In our latest video, Stephanie Bienstock, our director of Luxury Sales, visited the newly opened sales gallery to talk with Jennifer Behar Cervera about what makes The Residences at 1428 Brickell unlike any new residential development coming to Brickell, Miami. Join us as we learn about the project’s six driving forces — detail, craftsmanship, architecture, nature, privacy, and innovation — and tour the sales gallery to see all the finishes and details up close.     — What You Can Expect at The Residences at 1428 Brickell, Miami  If you care about the environment and love leaning into Italian design, then the first-ever solar-powered...
February 2024: Miami New Development and Pre-Construction Condo Update
Real Estate News February 2024: Miami New Development and Pre-Construction Condo Update
Miami’s pre-construction market buzzed in February with many newsworthy events throughout the city. The much-awaited Bentley Residences, Cipriani Residences, and Indian Creek Residences and Yacht Club all broke ground this month. And Brickell’s Mercedes-Benz Places, Key Biscayne’s Key Cassa, and Sunny Isles’ St. Regis' second tower launched sales.  Also, developers accelerated construction efforts for several luxury condo projects including Una Residences, 501 First, St. Regis Brickell, and more. Read on for details on these and more exciting updates in our monthly Miami pre-construction condo market roundup for February 2024: Launched Sales Mercedes-Benz Places – Brickell St. Regis Residences (North Tower) – Sunny Isles Beach Key Cassa – Key Biscayne New Sales Gallery Bay Harbor Towers – Bay Harbor Islands Broke Ground Cipriani Residences – Brickell Indian Creek Residences and Yacht Club – Bay Harbor Islands Bentley Residences – Sunny Isles...