Coral Gables and Coconut Grove Luxury Condo Market Report Q1 2021

Coral Gables and Coconut Grove Luxury Condo Market Report Q1 2021

May 06, 2021 May 06, 2021

View the most up-to-date market reports.


The year opened to a spectacular start as the combined neighborhood of Coral Gables and Coconut Grove reported
record-high sales and record-low inventory for Q1 2021. With South Florida still being the market of choice for tax-conscious businesses and wealthy individuals, this pair of beautiful neighborhoods posted the highest quarterly sales seen in over 6 years. The Price per Square Foot too grew in response to this surge in demand.

A look at Condoblackbook.com's overall Miami Luxury Condo Market Report for Q1 2021 further reveals that trends in this grouping were the same as the overall report. Sales, Prices, and Days on Market were higher year-over-year, while Inventory was at an all-time low. Read on for our exclusive and full-length analysis on how the collective neighborhoods of Coral Gables and Coconut Grove performed year-over-year as well as against the overall market. 

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


Q1 2021 Coral Gables and Coconut Grove Luxury Condo Market Highlights:

  • Q1 Sales set new record with highest quarterly sales in over 6 years
  • 12-month Sales Trendline corrects from negative in Q4 2020 to positive in Q1 2021
  • Quarterly sales uptrend for 3 consecutive quarters
  • Price per Square Foot up 32.8% year-over-year to $665/sq. ft. – leads year-over-year price growth with highest percentage increase in all of Miami
  • Sales Price up 27.7% year-over-year
  • Days on Market up 30% year-over-year
  • Inventory down 41% year-over-year, continues being one of lowest in Miami
  • Market on verge of correcting from buyer's to seller's market


Table of Contents

  1. Q1 2021 Coral Gables & Coconut Grove Luxury Condo Sales Trends
  2. Q1 2021 Coral Gables & Coconut Grove Luxury Condo Price Trends
  3. Q1 2021 Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
  4. Q1 2021 Coral Gables & Coconut Grove Luxury Condo Inventory Trends
  5. Q1 2021 Conclusion


Q1 2021 Luxury Condo Sales Trends - New Records Set

Q1 2021 Coral Gables and Coconut Grove Luxury Condo Market Summary - Fig. 1

Quarters

Number of Sales

% change in Sales

Median Sale Price

% change in Median Sale Price

Median Sp/Sqft

% change in Median Sp/Sqft

Median of DOM

Q1-2021

38

22.6%

$1,500,000

27.7%

$665

32.8%

143

Q1-2020

31

$1,175,000

$501

110


Highest quarterly sales since 2015 with positive trendline. Consistent with the overall Miami market trend of higher year-over-year sales, this pair of historically-significant neighborhoods reported impressive numbers too.

On an upward trend for 3 straight quarters, Q1 2021 sales finally peaked to post a brand-new high (Fig 2.1). Posting the highest sales in a quarter in over 6 years of our reporting, the combined neighborhood of Coral Gables & Coconut Grove also had 22.6% growth in year-over-year sales.


Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2021 - Fig. 2.1

Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2021 - Fig. 2.1


A look into the Monthly Sales chart (Fig. 2.2), shows that January got off to a slower start (4 sales) compared to the same month last year (13 sales). However, the market more than caught up in the final two months -- with February reporting double the sales (13 sales) of last year (7 sales) and March posting 21 sales compared to last year's 11 sales.


Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Mar. 2021 - Fig. 2.2

Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Mar. 2021 - Fig. 2.2


Further, this incredible boost in quarterly sales is perfectly captured in the 12-month sales trendline of Fig. 2.3 that corrected from a negative curve in Q4 2020 to positive this Q1 2021.


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

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

Luxury Condo Price per Square Foot & Sales Price Up – Lead YoY Price Growth in Miami


Price per Square Foot up 32.8% to $665, Median Sales Price down 27.7% year-over-year.
Consistent with the overall market trend of higher year-over-year prices, this Coral Gables and Coconut Grove grouping reported an increase in Median Price per Square Foot and Median Sales Price. These two popular Miami neighborhoods still make a great entry point into Miami's luxury condo market, with the lowest price per square foot of all Miami neighborhoods under review. Still, it has provided sellers with one of the highest percentage growth in year-over-year prices out of all neighborhoods as well.

The Price per Square Foot increased 32.8% year-over-year, up from $501 in Q1 last year to $665 this year. The Sales Price also increased 27.7% year-over-year, up from $1,175,000 in Q1 last year to $1,500,000 same quarter this year (Fig. 1).


Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2016-2021 - Fig. 3

Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2016-2021 - Fig. 3


Looking at the five-year snapshot of quarterly prices per square foot in Fig. 3, the price closed in the higher range for this combined neighborhood. At $665 per square foot, sellers received excellent value for their luxury condos compared to a year ago.


Days on Market Up QoQ & YoY


Days on Market increase 30% year-over-year.
Going with the overall market trend in Miami, this combined neighborhood also posted an increase in quarter-over-quarter as well as year-over-year Days on Market. However, this increase is due to sellers putting paused listings back on the market in an attempt to make the most of a booming season of sales and sellers remaining firm on sales prices. 


Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2021 – Fig. 4

Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2021 – Fig. 4


Luxury condos spent 33 extra days on market compared to the same quarter last year, as well as 25 more days compared to the previous quarter (Fig. 4).


Inventory Down to Second Lowest in Miami, One of First to Reach Seller's Market


Q1 closes with 13 months of Inventory.
As predicted in previous reports, inventory in the combined market of Coral Gables and Coconut Grove is one of the first in Miami to reach the ideal 9-12-month inventory benchmark of a balanced market. At 13 months, inventory is down 13.3% from December (15 months) last year and down 41% from March (22 months) last year.

In sync with the overall market trend in Miami, inventory in this grouping is down to a historical low – setting a new record. The combined district also reports the second lowest months of inventory of all the Miami neighborhoods tracked in our overall analysis.


Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Mar. 2021 - Fig. 5

Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Mar. 2021 - 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.

As the Coral Gables and Coconut Grove market has corrected to a balanced position, sellers are going to have better control over negotiations and pricing after a long hiatus. This means that buyers have a very short window of opportunity to get their hands on the best deals in the market. To look at the kind of inventory available and find last-minute deals, search for Coral Gables or Coconut Grove condos for sale here.


Q1 2021 Coral Gables & Coconut Grove Luxury Condo Market Conclusion


The collective neighborhoods of Coral Gables and Coconut Grove reported the same trends seen in our 
Q1 2021 overall Miami Luxury Condo Market Report. Sales boomed to report a new record in quarterly numbers, posting the highest volume seen in over 6 years. The 12-month Sales Trendline turned positive from a negative curve in the previous quarter, much like the overall market trend (also positive).

On the price front, the Price per Square Foot improved year-over-year in response to the surge in demand, just like the overall market. At 665/sq. ft., sellers received great year-over-year value for their luxury condos, even though this is the most affordable entry point into Miami's luxury condo market.

The Days on Market were higher year-over-year owing to paused listings making a comeback, adding to their overall days spent on the market, as well as buyers remaining firm on sales prices. 

In terms of inventory, as expected, the dynamic grouping of Coral Gables and Coconut Grove is one of the first in Miami to reach the 9-12-month inventory benchmark of a balanced market. The combined neighborhood posted the lowest levels of inventory we've reported to date, just like the overall report. With the long-standing buyer's market on its way out, sellers will now be able to dominate deals and fetch better profits on their luxury condo sales.

As real estate experts, we're expecting this enhanced sales momentum to continue into the second quarter of 2021, at least, since that is historically known to be the best of the year. After that, the market is known to take a breather for a few quarters. However, until then, inventory levels will be low enough and there will be enough momentum for the market to stay balanced (opposed to the buyer's market we've seen for so long). We further expect the following factors to influence the course of the year:

  • more and more businesses plus individuals looking to catch tax breaks will continue migrating from high-tax states,
  • those looking to shift base to a warmer home by the beach will take the opportunity presented by relaxed work from home norms,
  • inventory levels will stay low as limited project deliveries are expected in the near future.

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 image by Thomas Schroeder from Pixabay
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

Best Pre-Construction Miami Condos with Private Marinas
Preconstruction Best Pre-Construction Miami Condos with Private Marinas
Miami stands out as an internationally acclaimed haven for boat owners. It offers vast stretches of pristine turquoise waters, ideal for unforgettable days of sailing, cruising, sport fishing, and nautical adventure. And one of the most coveted treasures of living in Miami is the opportunity to dock your vessel at your own private marina or boat slip, just steps from your residence.  However, many existing Miami condos with a boat slip for sale are often in older buildings, making them not as desirable as a brand-new, pre-construction condo, where you would be the first to live in a new, luxurious waterfront condo building. So we’ve done your homework for you, and in this guide, we’ve created a list of the best pre-construction Miami condos with private marinas.  — What to Know About Mooring Your Boat in Miami Although boating in Miami is a highly popular activity, securing a spot for your boat can be challenging, inconvenient, and lack exclusivity. Depending on your vessel’s size,...
The Most Luxurious Condo Buildings in Coconut Grove
Real Estate News The Most Luxurious Condo Buildings in Coconut Grove
Coconut Grove is not just about rich foliage, Florida bungalows, and old Spanish or Mediterranean estates. It’s also home to a growing number of thoughtfully designed luxury residences crafted by world-renowned architects.  For a taste of this historic neighborhood and its plush properties, we’ve listed the five most luxurious (and most expensive) projects that perfectly fit your Coconut Grove condo for sale search goals, plus exciting pre-construction condo projects around the area that set the bar high for phenomenal living in this elegant and highly desirable bayfront part of Miami. — Why Choose Coconut Grove? The partly coastal neighborhood of Coconut Grove sits along Biscayne Bay and is characterized by lush, tropical foliage and a relaxed yet sophisticated bohemian vibe. Its collection of boutiques, unique shops, colorful cafés, diverse restaurants, historical venues and estates, nationally ranked schools, lush parks, and cultural events like the Coconut Grove Arts Festival...
March 2024: Miami New Development and Pre-Construction Condo Update
Preconstruction March 2024: Miami New Development and Pre-Construction Condo Update
Four iconic condo projects launched sales this March. From Miami’s first rock and roll-themed Rider at Wynwood to Coconut Grove’s exclusive Four Seasons Residences, every condo project has been curated to offer a unique lifestyle in Miami’s evolving residential landscape. This March, hypercar maker Pagani announced its first-ever residential venture in partnership with Riviera Horizons. Four highly anticipated projects broke ground, including 600 Miami Worldcenter, JEM Private Residences, and Origin by Artefacto. And a key ruling that could impact condo bulk buyouts across South Florida was also revealed. Read on below for details on these and more exciting updates in our Miami pre-construction market roundup for March 2024: Sales Launched Four Seasons Private Residences – Coconut Grove The Rider at Wynwood – Wynwood La Maré Bay Collection – Bay Harbor Islands Solina Bay Harbor – Bay Harbor Islands To Be Launched Pagani Residences – North Bay Village One Twenty Brickell –...
Save on Your Miami & Florida Property Taxes with This Video!
Real Estate News Save on Your Miami & Florida Property Taxes with This Video!
Did you know that property taxes can’t ever increase more than 10% for investors in Florida? Information nuggets like this can easily shave thousands of dollars off your property tax bill in South Florida! In our latest video, Sep Niakan, founder and lead broker of Blackbook Properties, talks to CPA and Miami tax expert, Christian Daulong about the simplest ways to save money on your real estate taxes in Miami, Florida. There’s a lot to take away from this, so permanent residents, second homeowners, and investors, take note!     As a Miami homeowner, we want what’s best for YOU! That's why we’re sharing our top Florida property tax tips (try saying that fast!) for primary homeowners, second homeowners, and even investors. With these recommendations, you’ll make the most out of your South Florida property, so you can fully immerse in Miami’s vibrant culture and beautiful beaches smartly and with financial peace of mind. Learn how to maximize your benefits from the Homestead...
Where to Find the Lowest Property Taxes in Miami
Opinions and Advice Where to Find the Lowest Property Taxes in Miami
Miami’s growth has skyrocketed over the years as more people choose to live here for its incredible weather and low taxes. But many people considering buying Miami real estate wonder what the property tax rates in Miami are. Moreover, most people don’t love talking about property taxes. When looking for a home, buyers focus more on living aspects, like the square footage, layout, amenities, outdoor space, or kitchen upgrades. Still, buyers must pay attention to property tax rates as part of their purchase and, once they become owners, as part of their budget. If you’re considering buying a condo or house in Miami or Miami Beach, this guide will help you compare property tax rates in the most popular neighborhoods around the cities, and show you where to find the lowest property taxes in Miami-Dade County in 2024.  — Know Your Miami and Miami Beach Property Tax Rates In Miami-Dade County, property tax notices are sent out each year on October 30th. Below are the updated property...
Pagani Residences Miami: Live in the Lap of Hypercar Luxury
Preconstruction Pagani Residences Miami: Live in the Lap of Hypercar Luxury
Miami, it’s time to get hyped about hypercar luxury residences with the groundbreaking fusion of the hyper-automotive industry and architecture through the creation of Pagani Residences. Nestled in the picturesque North Bay Village, this exclusive development marks the world's first collaboration between Italian hypercar icon Pagani Automobili and Miami-based real estate developer Riviera Horizons. And it continues the trend of luxury car branded-residences, which has brought Miami the likes of Aston Martin Residences in Downtown Miami, Bentley Residences in Sunny Isles Beach, and of course, Porsche Design Tower, where residents drive up to their condo homes with its patented Dezervator elevator system.For Pagani’s first venture into the real estate world, Miami’s iconic skyline and global appeal make the perfect backdrop, and in this blog, you’ll find out why Pagani Residences Miami promises a living experience that is engineered to live up to its hypercar luxury name. —...