The combined neighborhood of Coral Gables and Coconut Grove extended its winning streak in Q1 2025, recording the highest year-over-year sales growth against Miami's major luxury markets, Greater Downtown and Miami Beach. Along with the positive sales momentum, this pairing also recorded the lowest inventory levels in all of Miami, solidifying its position as one of the city's most dynamic and best-performing luxury condo markets with significant long-term potential.

It's also worth noting that while buyer's market conditions prevailed across Miami neighborhoods owing to stable momentum paired with rising levels of inventory, Coral Gables and Coconut Grove offered a more balanced environment. That said, signs of a buyer-friendly market were still present, with some price pressure and extended days to market showcasing the impact of broader economic headwinds.

In this full-length luxury condo market report for Q1 2025, we analyse how Coconut Grove and Coral Gables—two of Miami's oldest and most beautiful neighborhoods—performed quarter-over-quarter and year-over-year, as well as compared to the overall Miami market in terms of sales, prices, days on market, and inventory.

For the purpose of this Miami submarket luxury condo report, we've focused exclusively on data for properties priced $1 million and above, except where the $2 million and above market is discussed. 

Key Q1 2025 Housing Market Stats: Coral Gables and Coconut Grove Luxury Condo Market

• Sales volume up 7.8% year-over-year, indicating good market health.
• 12-month sales trendline positive for eighth consecutive quarter—from Q2 2023 to Q1 2025.
• Price per Square Foot flat year-over-year at $859/Sq. Ft.
• Sales Price down 6.9% year-over-year to $1.8M.
• Days on Market up 36% year-over-year to 87 days.
• Inventory up 33.3% year-over-year to 12 months, but still with the lowest levels of all Miami neighborhoods in our quarterly review.
• Coral Gables & Coconut Grove closed Q1 2025 as a soft buyer's market.

Table of Contents

1. Q1 2025 Coral Gables & Coconut Grove Luxury Condo Sales Trends
2. Q1 2025 Coral Gables & Coconut Grove Luxury Condo Price Trends
3. Q1 2025 Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
4. Q1 2025 Coral Gables & Coconut Grove Luxury Condo Inventory Trends
5. Q1 2025 Conclusion
   
   

— ​Q1 2025 Coral Gables & Coconut Grove Luxury Condo Sales Trends: Up Year-over-Year

Sales up 7.8% year-over-year & 12-month sales trendline positive

Coral Gables and Coconut Grove (combined) continued to lead Miami's luxury condo sales momentum in Q1 2025 with a 7.8% increase in year-over-year sales, outpacing the broader groupings of Miami Beach (+2.4%) and Greater Downtown (-2.1%). This high-performing duo kept its recent track record as a top-selling neighborhood, reporting the following Key Sales Statistics for Q1 2025:

• Q1 2025 vs Q1 2024: Sales increased 7.8%, up from 51 in Q1 last year to 55 sales in the comparable quarter this year. (Fig.1.1)
• Q1 2025 vs Q4 2024: Sales decreased 5.2% quarter-over-quarter, down from 58 in the previous quarter to 55 in Q1 2025. (Fig. 1)

Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2025 - Fig. 2.1

Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Mar.2025 - Fig. 2.2

Looking into the Monthly Sales Statistics of Fig. 2.2 for Coral Gables and Coconut Grove:

• January 2025 closed with 16 sales, higher than the 11 sales recorded during the same month last year.
• February closed with 16 sales this year, lower than the 22 sales noted in the same month of 2024.
• March 2025 closed with 23 sales, higher compared to the 18 sales recorded a year ago.

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

Fueled by consistent buyer demand, the 12-month Sales Trendline of Fig. 2.3 kept its flat/positive curve from Q2 2023 to Q1 2025 in this high-performing market. Reading into this trajectory—and our daily interactions with buyers and sellers—we anticipate that this grouping will continue to outperform most Miami neighborhoods, even as we enter what is expected to be a softer peak season this year. Historically, the second quarter marks Miami's peak in luxury housing activity.

— Q1 2025 Coral Gables & Coconut Grove Price Trends: Mixed

Q1 2025 Price per Square Foot flat at $859 & Median Price down year-over-year

Partly reflecting the overall Miami trend of an increase in year-over-year Price per Square Foot and decrease in Median Price, the Key Price Statistics for Coral Gables and Coconut Grove (collectively) in Q1 2025 were as follows:

• Q1 2025 vs Q1 2024: Price per Square Foot stayed mostly flat, adjusting only 1.2%, down from $870 in Q1 of the previous year to $859 in the same quarter this year. (Fig. 1.1)
• Q1 2025 vs Q4 2024: Price per Square Foot remained mostly flat, adjusting 2% quarter-over-quarter, slightly up from $843 in Q4 2024 to $859 this first quarter. (Fig. 1)
• A look at the 9-year snapshot of Quarterly luxury condo prices below (Fig. 3), shows that the Price per Square Foot closed in the upper ranges this first quarter—indicating that most sellers received good returns on their luxury condos in this pairing of dynamic neighborhoods. However, based on our extensive experience in Miami's luxury condo market, we expect to see some price pressure in this segment as well, mainly driven by the recent administrative policies, shifting macroeconomic and global dynamics, and the influence of a buyer-friendly environment.
• Q1 2025 vs Q1 2024: Median Sales Price decreased 6.9%, down from $1,950,000 in Q1 last year to $1,815,000 for the comparable quarter in 2025. (Fig. 1.1)

Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2017-2025 - Fig. 3

— Q1 2025 Days on Market Trends: Up Quarter-over-Quarter & Year-over-Year

Days on Market up 36% year-over-year. Consistent with the overall Miami market trend of an increase in quarter-over-quarter and year-over-year numbers, Coral Gables & Coconut Grove (collectively) reported the following Days on Market (DOM) statistics:

• Q1 2025 vs Q1 2024: Luxury condos spent 23 days longer on the market compared to the year-ago quarter, recording a 36% increase in year-over-year stats. (Fig. 1.1)
• Q1 2025 vs Q4 2024. Luxury condos spent 13 more days on the market compared to Q4 2024, reporting a 17.6% increase in quarter-over-quarter DOM. (Fig. 1)
• At 87 days, the statistic indicates a slowing of buyer-seller dialogue, consistent with this time of year and buyer's market conditions in the overall Miami market.

Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2025 – Fig. 4

— Q1 2025 Coral Gables & Coconut Grove Inventory Up Year-over-Year: Still Lowest in Miami

Q1 2025 closed with 12 months of inventory. Partly in line with the overall Miami market trend of flat quarter-over-quarter and higher year-over-year inventory, luxury condos in Coral Gables & Coconut Grove reported the following stats for Q1 2025:

• On a quarter-over-quarter basis, inventory was up from 11 months in December 2024 to 12 months in March 2025, recording a 9% increase. (Fig. 5)
• On a year-over-year basis, inventory was up from 9 months in March 2024 to 12 months in March this year, reporting a 33.3% increase.
• At 12 months, Coral Gables & Coconut Grove (collectively) continued recording the lowest levels of inventory of all Miami neighborhoods in our quarterly review.

With inventory falling within the 9 to 12-month range of a balanced market, and factoring in broader market conditions for Miami's luxury condo segment, the Coral Gables & Coconut Grove area finds itself in a soft buyer's market. This means while buyers have a wider selection of properties within their preferred price range giving them the edge in negotiations, sellers can still find opportunities to turn a profit.

As luxury housing experts, we anticipate that inventory in this pairing of Miami neighborhoods will continue to trend within or closer to its ideal range. While this year's peak season (historically Q2) is expected to be softer, it may help absorb available supply, keeping the market relatively balanced in this grouping.

Looking to buy a luxury home in these lush, scenic neighborhoods? Use our customizable search filters to discover the best Coral Gables or Coconut Grove condos for you.

Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Mar.2025 - Fig. 5

A balanced market has approximately 9-12 months of inventory. The months of inventory are calculated as the number of active listings plus the number of pending listings divided by the average number of deals in the last 6 months.

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

— Q1 2025 Coral Gables & Coconut Grove Luxury Condo Market Conclusion

As expected, Coral Gables & Coconut Grove opened 2025 on a robust note, aligning with the positive sales trend noted in the overall market. This pairing continued to top popularity charts, reporting the highest percentage year-over-year growth when compared to the broader Miami Beach and Greater Downtown Miami markets that recorded flat sales. 

The 12-month Sales Trendline continued its upward trajectory for an eighth consecutive quarter in Q1 2025, indicating strong growth potential for this pairing of historically-significant neighborhoods. Considering the data alongside insights from our daily client interactions as specialists in the luxury market, we anticipate that this grouping will continue to report positive sales, even as a softer second quarter (typically peak season in Miami's real estate market) is expected for the overall Miami market.

In our year-over-year price watch, the Price per Square Foot in this grouping stayed mostly flat at $859/Square Foot, showing no change compared to the previous year. This is in contrast to the positive price trend noted in the overall Miami market. However, sellers in this pairing continued to receive good value for their luxury condo investments, with prices remaining in the higher range.

Reflecting the overall Miami market trend, luxury condos in Coral Gables & Coconut Grove also reported an increase in year-over-year Days on Market. Additionally, this high-performing market once again recorded the lowest levels of inventory in Miami at 12 months, providing buyers and sellers a level playing field. This contrasts with the buyer-friendly conditions observed in the overall Miami market.

Headed into the typically stronger second quarter of the year, as luxury condo market veterans, we expect the following factors to influence market trends:

• As our city's affluent population continues to expand—with our millionaire population growing 94% over the past decade and new residents averaging an adjusted gross income of $175,600 as per IRS' latest data—we expect wealth migration trends to continue fueling demand for luxury housing in Miami.
• As Knight Frank's five-year growth forecast ranks Miami among the top ten markets in the world, and considering we offer exceptional value per square foot—almost double of what you would receive in London or New York—we expect to stay in the international spotlight for HNWI and UNHWI buyers.
• However, we foresee increasing insurance and HOA costs, evolving administrative and immigration policies, plus high mortgage rates to cause some buyer hesitation, which is already showing signs in the luxury market priced at $5 million and lower.

Questions or comments about the stats? Want more info on Miami condos? Contact me at sniakan@blackbookproperties.com or call 305-725-0566. Don't forget to share our blog and subscribe (just go to the link on the top menu) to receive the latest Miami condo market news in your inbox.