Coral Gables and Coconut Grove Luxury Condo Market Report -- Q3 2019

Coral Gables and Coconut Grove Luxury Condo Market Report -- Q3 2019

Nov 15, 2019 November 15, 2019

View the most up-to-date market reports.

The latest from CondoBlackBook.com’s Q3 2019 report for luxury condos in Miami shows some slight shifts from the previous quarter -- while overall sales and the median sales price increased, the median price per square foot dropped and a sustained inventory surplus means we’re still in a buyer’s market. This report breaks down how the combined Coral Gables and Coconut Grove fared in the third quarter.

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

Coral Gables and Coconut Grove Luxury Condo Market Q3 2019 Highlights:

  • Sales slightly short of last year’s outstanding performance
  • Positive sales trendline, showing sustained market momentum
  • Price per sq. ft. is lower compared to Q3 2018
  • Overall inventory drops significantly

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

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

Slight Slip in Overall Luxury Condo Sales

YoY sales decline marginally, but are higher than 2017, 2016 and 2015 with positive trendline. In sync with the overall market trend, sales of condos in Coconut Grove and Coral Gables decreased 7.7% against Q3 2018, but show a steady upward trendline since 2015 (see fig. 2.1). The thing to note here is that Q3 2018 had an exceptionally high level of sales compared to its previous three years. So, even though sales fell slightly year-over-year, the grouping sustained momentum because of a big jump against Q3 2017, 2016 and 2015.

September had the highest number of sales this third quarter (fig. 2.3).

Quarterly Sales Heatmap - Fig. 2.1 

Quarterly Sales Heatmap - Fig. 2.1

12-Month Sales with Trendline - Fig. 2.2

12-Month Sales with Trendline - Fig. 2.2

Monthly Sales from Jan. 2016 to Sep. 2019 - Fig. 2.3

Monthly Sales from Jan. 2016 to Sep. 2019 - Fig. 2.3

Grove and Gables Luxury Condo SF Prices Down for Q3 2019

Both quarter-over-quarter and year-over-year price per sq. ft. decrease. Going with the overall market trend of reduced prices, this combined district also reports a decrease. While the median price per sq. ft. is down 24.8% from Q2 2019, it is also 26.9% lower compared to Q3 2018. Closing the quarter at a median $480 per sq. ft., prices are edging closer to the prices we have seen during years 2016-2019 (fig. 3.1). 

Quarterly Price per sq. ft. 2016-2019 - Fig. 3.1

Quarterly Price per sq. ft. 2016-2019 - Fig. 3.1

Inventory Down, But Condo Supply Surplus Still Favors Buyers

Inventory down to 25.4 months. Notably, and countering some of the price decreases, months of inventory have shown great progress, declining over the third quarter and coming down from their peak in March. At 25.4 months, inventory is down from June-end’s 29.3 months. However, it is still higher than September 2018’s 19.3 months, and way off from reaching the ideal 9-12 months of a balanced market. This gives buyers plenty of choices and opportunities to shop for the best Coral Gables or Coconut Grove condos for sale here.

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.

*Starting this year, we are only considering properties priced $1 million and upwards for our luxury condo study, instead of the previous $600K benchmark. This means that, while our historical data compares to condos priced $600K and higher, starting March 2019, the numbers represent properties priced $1 million and higher only.

Months of inventory from Mar. 2017 to Sep. 2019 - Fig. 4.1

Months of inventory from Mar. 2017 to Sep. 2019 - Fig. 4.1

Conclusion

Collectively, the Coral Gables and Coconut Grove neighborhoods aren’t deviating much from the overall luxury condo market trends. Sales almost matched the previous year and showed strength in momentum with a positive trendline. Prices, too, declined like the majority of the neighborhoods in our study. However, moving against the overall trend was inventory that posted a good reduction this third quarter.

Still, with plenty of luxury condos sitting on the market, we continue to be in a buyer’s market. However, just like we mentioned in our overall report, if buyers keep flowing in from high-tax states, sellers provide better deals, first-time buyers take the opportunity of having historically low interest rates, and inventory keeps going down at its current rate, we can easily expect to see a more balanced market going into the second half of 2020.



For a deeper dive into the process, click here to see the data and statistics that make up this luxury condo report.

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 market news in your inbox.

Have any questions? Or see something wrong with the stats? Please contact Sep at sniakan (at) hbroswell.com or call 305-725-0566.

Cover photo courtesy of MiamiAndBeaches.com
Contact Sep Niakan
Founder, Condoblackbook.com & Owner/Broker, HB Roswell Realty
(305) 697-7667
contact@condoblackbook.com
Request Info
By sending you agree to CondoBlackBook's Terms of Use

Your Miami Condo Awaits

Recent Posts

October 2020: ‘Scare Up’ Some Fall Fun with These Miami Events
Lifestyle October 2020: ‘Scare Up’ Some Fall Fun with These Miami Events
It’s that time of year again, when orange skies fill the air and pumpkin spice lattes fill your coffee mug. Fall in Miami is truly beautiful - the weather is cooler, the sunsets are stunning and the pace of our lives starts to wind down a bit. October in Miami is great time to experience the outdoors and get in some nature walks to recharge the senses without breaking much of a sweat - not to mention have some fun! So, for things to do in Miami this month, we’ve got a mixed goodie bag of online and on-ground events to help you have some Halloween fun. (We highly recommend double checking the availability of the on-ground events before heading out.) There’s also a virtual run, online jazz series, boat show, and carnival to keep you in the highest of fall spirits. Look below for the complete list of virtual and on-ground events to spice up your October in the Magic City: Halloween Specials Drive-Through Pumpkin Patch: October 3-31 Miami-Dade County Fair & Expo Center, University...
Our Top 10 Sailing & Boating Clubs - From Coconut Grove to Miami Beach
Lifestyle Our Top 10 Sailing & Boating Clubs - From Coconut Grove to Miami Beach
Nothing embodies the Miami lifestyle better than a day of sailing on the beautiful blue waters of Biscayne Bay, the Atlantic Ocean, or the Intracoastal Waterway. Boating is a way of life in South Florida. For those who want to board a boat and join the fun, here is a list of our 10 favorite sailing and boating clubs in Miami.  1) Biscayne Bay Yacht Club 2540 S Bayshore Dr, Coconut Grove  The Biscayne Bay Yacht Club (BBYC) is Miami’s oldest boat club, dating back to 1887, when it leased the Florida Cape Lighthouse as its headquarters.  The club purchased its current clubhouse in 1932 and has been involved in practically every important sailing race in South Florida to date.  Today, the club continues to be among the most popular sailing clubs in Miami, with regattas throughout the year, sailing lessons, and all kinds of sailing events. The BBYC has also become popular among windsurfers and is now known as the international hub for this popular sport, turning out Olympic-caliber...
These Two New Miami Towers Could Become Edgewater’s Latest Developments
Real Estate News These Two New Miami Towers Could Become Edgewater’s Latest Developments
Edgewater is expanding. Again! With two new residential towers planned - one condo and one multifamily - the Miami waterfront neighborhood is once again proving it’s continuing to be Miami’s most desirable neighborhood. Both projects are currently awaiting a vote from the City of Miami’s Urban Development Review Board. Developers have been attracted to Edgewater for residential projects, given its family-friendly vibe. The Bayfront neighborhood further benefits from close proximity to the shops and restaurants of Midtown, high-end shopping at the Design District, the eclectic art scene of Wynwood, and general vivacity of Downtown. It is also minutes from a Metromover station that takes people through to Downtown and Brickell. New Edgewater Condo Grupo T&C: 36-story, LEED-certified Condo Tower designed by Kobi Karp Sitting just behind Quantum on the Bay and 1800 Club, Lima-based developer Grupo T&C is proposing a 322-unit, 36-story tower at 1825 and 1837 NE Fourth Avenue. The...
Must-Have Tech to Make Your Condo a Smart Home
Opinions and Advice Must-Have Tech to Make Your Condo a Smart Home
Smart Home technology has been improving year after year and has probably been making your life easier without you even knowing. In the last few years, the home-tech market has exploded leading to a new generation of smart home devices that let you automate your condo.  Whether it’s an energy-saving, AI-powered thermostat keeping your condo at the right temperature, or maybe a smart security system that keeps burglars at bay. There is no question the smart home market is growing and here to stay. What: Philips Hue - The Smart Light Bulb Why: The Philips Hue Smart Bulbs give you access to the color and tone of the lights in your condo all from an app on your phone. These smart light bulbs communicate through Bluetooth and wifi, letting you control the lighting around your condo with just a smartphone! Depending on which model you buy, you’ll be able to not only change the strength and hue of the light but even the color. Dim purple lighting in your living room? Easy. All without...
Need to Get Away from It All? Escape to a Miami Sandbar
Lifestyle Need to Get Away from It All? Escape to a Miami Sandbar
Destination: Sandbar Miami Miami’s coastline provides plenty of adventure, fun and stress relief, the perfect life hack for destressing! Whether you’re into boating, kayaking, swimming, or scuba diving, our coast provides plentiful areas where natural beauty and cooling relief from the hot sunny weather await you. Among the many delights that the Miami coastline has to offer are the sandbars that emerge along the beach at low tide. While most sandbars come and go with the tides and shifting sands, there are several that are established as permanent, and three in particular within Miami. These sandbars are sunny oases in the middle of the sea, accessible only by boat or kayak, and have become popular fun zones where families and singles can swim, relax, and party.  If you are looking to enjoy a special adventure in the water, set out on the waters and check out these gorgeous Miami Sandbars the next time you go out boating or kayaking. Haulover Sandbar 10800 Collins Ave, Sunny...
Buying a Miami Condo for Daily Rental or Short-Term Vacation Rental? Read This!
Opinions and Advice Buying a Miami Condo for Daily Rental or Short-Term Vacation Rental? Read This!
With more and more travelers choosing to book with daily vacation rental websites such as Airbnb or VRBO over traditional hotels, the short-term vacation rental business is on the rise globally. Its local reach, luxury amenities and home-away-from-home comfort is what makes this vacation rental model a huge success. Additionally, when you couple the breeziness of an Airbnb-style vacation rental with a year-round city like Miami, travelers get a phenomenal vacation. After all, it's no secret that Miami has one of the best beach, nightlife, food, culture and shopping scenes in the world, and that's not going to change. This, quite obviously, makes buying a condo for daily renting in the city or Miami Beach a lucrative and smart investment opportunity. However, before you go property-hunting for your full-time or part-time Airbnb investment, here's what you should know about daily rental condos in Miami: Quick Links   Why Invest in a Daily Rental Condo in Miami? What's the Difference...