Coral Gables and Coconut Grove Luxury Condo Market Report - Q1 2022

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The enthusiastic buyer sentiment of the 
overall Miami market in Q1 2022 is reflected positively in the combined neighborhoods of Coral Gables and Coconut Grove as well. Kickstarting the year with the highest sales in a first quarter, with prices peaking to their highest ever, and inventory continuing at its lowest, this beautiful neighborhood pairing again proved that it is in a hot seller's market.

But, how did all the metrics under review measure up to the overall market trends? Read below for more details on how this collective Miami neighborhood performed year-over-year as well as against the overall Miami market trends in terms of sales, prices, days on market, and inventory in our exclusive, full-length analysis for luxury condos in Coral Gables & Coconut Grove this Q1 2022.

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

Q1 2022 Coral Gables and Coconut Grove Luxury Condo Market Highlights:

  • Record-high sales in a 1st quarter with 50% year-over-year growth
  • 12-month Sales Trendline went from positive in Q4 2021 to negative in Q1 2022
  • Price per Square Foot up 23.2% year-over-year to a peak of $819/Sq. Ft. -- no longer lowest entry point into Miami's luxury condo market
  • Sales Price up 20.7% year-over-year
  • Days on Market down -12% year-over-year
  • Inventory down 58.3% year-over-year to 5 months -- second lowest in Miami, just behind Fisher Island (3 months)
  • Coral Gables and Coconut Grove continued as strong seller's market

Table of Contents

  1. Q1 2022 Coral Gables & Coconut Grove Luxury Condo Sales Trends
  2. Q1 2022 Coral Gables & Coconut Grove Luxury Condo Price Trends
  3. Q1 2022 Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
  4. Q1 2022 Coral Gables & Coconut Grove Luxury Condo Inventory Trends
  5. Q1 2022 Conclusion

Q1 2022 Luxury Condo Sales Trends - Highest Sales in a 1st Quarter

Q1 2022 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

Q1-2022

60

50.0%

$1,824,995

20.7%

$819

23.2%

63

Q1-2021

40

$1,512,500

$665

72


Q1 2022 Sales up 50% - Highest-ever in a 1st Quarter - Negative Trendline. 

Opening 2022 with the highest sales in a first quarter, the otherwise modest luxury condo market of Coral Gables and Coconut Grove showed incredible growth. First quarter sales echoed and contributed to the positive trend noted in the overall Miami market report for Q1 2022 as below:

  • Q1 2022 vs Q1 2021. Sales increased 50% year-over-year, up from 40 sales in Q1 2021 to 60 for the same quarter 2022. (Fig. 1)
  • The Monthly Sales Chart of Fig. 2.2. shows how sales started soft in January but peaked by quarter-end in March – reporting the best March for luxury condos in over 7 years of our reporting (and before, anecdotally).
  • In a month-on-month comparison, January 2022 reported 12 sales compared to 4 in January last year. February this year posted 21 sales against 13 from February 2021. And, March reported 27 sales compared to 23 for the same month last year. (Fig 2.2)
  • Considering the second quarter of the year is usually the strongest (as per historical data) and sales peaked in March, we, as luxury condo experts expect, luxury condos in the collective neighborhood of Coral Gables and Coconut Grove to report strong numbers for Q2 2022, if not touch the previous year's record-high.

Even with sales opening the first quarter with great momentum, the 12-month Sales Trendline of Fig. 2.3 shifted downwards from a positive curve in Q4 2021 to take on a negative trajectory in Q1 2022. Although this would generally indicate an upcoming cool down, considering the current pace of the market, we expect Q2 2022 to keep strong.

Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 2.1

Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 2.1


Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Mar. 2022 - Fig. 2.2

Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Mar. 2022 - Fig. 2.2


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 Prices Up YoY - Price per Square Foot at Peak High

Q1 2022 Price/Square Foot up 23.2% to new peak of $819, Median Price also up 20.7% year-over-year. Consistent with the overall market trend of higher year-over-year prices in Q1, the combined neighborhood of Coral Gables and Coconut Grove too reported increases. As Q1 closed with the highest Price per Square Foot in over 6 years (Fig. 3), sellers received excellent value for their luxury condo investments in the historic neighborhood pairing.

  • Price per Square Foot increased by 23.2%, up from $665 in Q1 2021 to a peak of $819 in Q1 this year.
  • Median Sales Price increased by 20.7%, up from $1,512,500 in Q1 2021 to $1,824,995 for the same quarter 2022. (Fig. 1)
  • Price/Square Foot has been on the rise since Q3 2020 – consistently offering luxury condo sellers a great return on investment year after year. (Fig. 3)
  • With constant improvements in price, Coral Gables and Coconut Grove is no longer the most cost effective (read cheapest) market for luxury condo buyers to step into in Miami. Downtown Miami priced at $716/Sq. Ft. makes the lowest entry point.


Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3

Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3


Days on Market Down YoY, but Up QoQ

12% decline in year-over-year Days on Market. Partly deviating from the overall Miami luxury condo market trend of reducing Days on Market, this neighborhood pairing reported a decline in year-over-year numbers, but increase in quarter-over-quarter days on market.

In Q1 2022, luxury condos spent 9 fewer days on the market compared to Q1 last year, but 24 extra days compared to Q4 2021 (Fig. 4). This sudden increase could be due to older (paused) listings making their way back on the market as sellers found more confidence in price appreciation. Anecdotally, properties have been moving rather quickly off the market.


Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 4

Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 4


Inventory Down to Second-Lowest in Miami – Sellers' Market Strengthens

Q1 2022 closed with 5 months of Inventory. Consistent with the overall market trend in Miami, inventory in the beautiful neighborhoods of Coral Gables and Coconut Grove too dropped. At 5 months, inventory fell below the 9-12 months range of an ideal market, showing that sellers had complete control of prices and negotiations as demand far exceeded supply.

On a quarter-over-quarter basis, inventory stayed flat at 5 months, the same as in December 2021.

On a year-over-year basis, inventory was down 58.3% from 12 months in March 2021.

With the second-lowest levels of inventory of all Miami neighborhoods under our review, Coral Gables and Coconut Grove remained a dynamic market for sellers. While sellers continued receiving multiple, highly competitive offers on their properties, buyers had to keep a flexible budget to secure the property of their choice.

As real estate experts, we recommend sellers looking to move out of town or turning a profit on their investment properties to consider selling now to make the most of this highly favorable market. Those looking to buy a luxury home in these beautiful, lush tropical neighborhoods can search Coral Gables or Coconut Grove condos for sale here.


Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Mar. 2022 - Fig. 5

Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Mar. 2022 - 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.

If you'd like a free market evaluation of your luxury property, please call, email, or chat to connect with one of our experienced local real estate professionals.

Q1 2022 Coral Gables & Coconut Grove Luxury Condo Market Conclusion

Keeping a tight seller's market, most trends in the collective neighborhood of Coral Gables & Coconut Grove resonated with the overall market trends noted for Q1 2022 in Miami. Just like the overall market, this combined neighborhood posted its strongest first quarter in over 7 years of us reporting. The 12-month Sales Trendline too dropped to a negative, much like the overall market, capturing a bit of a slack. However, considering the general pace of the market and personal observations, we, as luxury real estate experts, expect Q2 2022 to post robust numbers, if not new record highs.

On the price front, the Price per Square Foot for this grouping posted year-over-year gains, like the overall market. At $819/Sq. Ft., prices were at their peak, giving sellers the best value yet for their luxury condos in the neighborhood.

Almost in line with the overall Miami trend of lower Days on Market, Coral Gables & Coconut Grove too reported a decline in year-over-year numbers, but an increase in quarter-over-quarter days. Still, with luxury condos spending 63 days on the market (on median), the market is moving fairly quickly in this historic grouping.

As expected, in terms of inventory, Coral Gables & Coconut Grove collectively reported one of the lowest levels of inventory in all of Miami in Q1 2022, just behind Fisher Island (3 months). With numbers falling below the 9-12-month range of a balanced market, we saw the seller's market strengthening its hold on this collective neighborhood.

In addition to the second quarter generally being the strongest, we as luxury real estate experts, expect the following to influence the direction of the luxury condo market in Coral Gables & Coconut Grove going into 2022:

  • We expect a new set of buyers to land in Miami given our crypto-friendly policies and overall warm reception of crypto lovers at the Bitcoin 2022 Conference held in Wynwood.
  • We expect more high net worth buyers and businesses looking for tax savings to be drawn to our pro-business/no-income-tax climate.
  • We expect more remote workers to set up their home office next to a marina, the water, or a historical park in the beautiful Coral Gables or Coconut Grove to enjoy year-long great weather and events.
  • We expect more South American and other foreign buyers to explore housing and investment options in Miami, especially with brands like Cipriani building new, more alluring luxury condos here.
  • We expect the market to stay seller-friendly, as inventory levels stay low with fewer new construction deliveries scheduled in the immediate future.


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

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