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 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

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...
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. —...
March 2024: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
Preconstruction March 2024: Fort Lauderdale and Palm Beach Pre-Construction Condo News Update
As developers announced and launched exciting new projects, luxury condo development continued booming in South Florida. This month, partners Related Group and BH Group launched sales for West Palm Beach’s first Ritz-Carlton Residences condo development. The developer duo further launched sales for Icon Beach and won approval to build another condo-hotel in Hollywood Beach. Further, Ari Pearl swapped his plans to build a rental tower at The Club at Emerald Hills golf course with brand-new condos and villas. Read below to find details on these and more projects in our March 2024 pre-construction condo market round-up for Fort Lauderdale and Palm Beach: — March 2024 – Fort Lauderdale Condo Pre-Construction Market at a Glance Sales Launched Ritz-Carlton Residences – West Palm Beach Icon Beach Residences – Hollywood Beach Approved Diplomat Landing Hotel (Tower 2) – Hollywood Beach 1920 Pierce – Downtown Hollywood Planned/Proposed Sage Residences – Fort...
Complete List of Miami Condos with Tennis Courts
Lifestyle Complete List of Miami Condos with Tennis Courts
Tennis has been a favorite sport to enjoy throughout your life. But often it's hard to play at home – you've got to find a racquet club or local tennis complex. So if you're looking for Miami condo buildings that have tennis courts, since enjoying the sport and staying fit is a top priority, we get it. And the convenience of having a tennis court onsite is a big bonus. Since home is where the heart is, having a private tennis court right at your condo doorstep can be one of the biggest motivation factors whether you like to play for fun, fitness, or serious competition. So, for all tennis enthusiasts out there, here's a full list of Miami condos that give their residents exclusive access to tennis courts, whether hard, grass, or clay, as part of their range of amenities. — Miami Condo Buildings with Private Tennis Courts Building name Address Neighborhood City  Year Built Sq. Ft. Range # of courts 1000 Venetian Way 1000 Venetian...
Explore the Understated Elegance at Rivage Bal Harbour with Our Video Tour
Video Blog Explore the Understated Elegance at Rivage Bal Harbour with Our Video Tour
Join us for a tour of the gorgeous new sales gallery of the upcoming Rivage Residences in Miami’s Bal Harbour. Sep Niakan, founding broker of Blackbook Properties, interviews Rita Collins, sales executive at Rivage Bal Harbour, where they talk about all the hand-picked finishes, customizations, and one-of-a-kind luxuries that set this boutique project apart. It will be the next icon in oceanfront living!     — Setting New Standards of Luxury Living on the Beach Rivage welcomes you to a glamorous world of customizable finishes and thoughtful curations that make it a true villa. With only 56 sprawling residences (or less, as first buyers can combine units), this 25-story tower will deliver true boutique living on one of Miami’s most pristine beachfronts. Renowned interior designer Lauren Rottet provides a range of finishes, from wood to marble, or light to dark cabinetry, among other options, transforming each water-facing unit into a place you can instantly call home. Perfect for...
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. Last updated on March 27, 2024. 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...