Coral Gables and Coconut Grove Luxury Condo Market Report Q3 2020

View the most up-to-date market reports.


CondoBlackbook.com's third-quarter Coral Gables and Coconut Grove luxury condo market report for 2020 has many positives to report. The Price per Square Foot grew year-over-year even as Median Sales improved to a more stable position this Q3, showing that owners received fair value for their luxury condos despite the pandemic. Inventory also remained stable, showing that a market recovery is to be expected.

Looking at the Condoblackbook.com's overall Miami luxury condo market report for Q3 2020, we saw that sales and prices increased year-over-year, the days on market remained flat, and inventory also moved higher year-over-year (expectedly). Read on for our exclusive and full-length analysis on how the collective neighborhoods of Coral Gables and Coconut Grove fared against the overall market in terms of the above-mentioned metrics.

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


Q3 2020 Coral Gables and Coconut Grove Luxury Condo Market Highlights:

  • Q3 Sales flat year-over-year, bounce back from lowest Q2 levels in four years
  • 12-month trendline remains negative from Q2 to Q3
  • Price per Square Foot up 13.5% year-over-year to $545/sq. ft. - still lowest in Miami overall
  • Sales Price down 16.2% year-over-year
  • Days on Market flat year-over-year, up QoQ expectedly
  • Inventory flat quarter-over-quarter and year-over-year, continues being lowest in Miami


Table of Contents

  1. 3Q 2020 Coral Gables & Coconut Grove Luxury Condo Sales Trends
  2. 3Q 2020 Coral Gables & Coconut Grove Luxury Condo Price Trends
  3. 3Q 2020 Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
  4. 3Q 2020 Coral Gables & Coconut Grove Luxury Condo Inventory Trends
  5. 3Q 2020 Conclusion


Q3 2020 Luxury Condo Sales Recover to Flat YoY


Q3 2020 Coral Gables and Coconut Grove Luxury Condo Market Summary - Fig. 1

Q3 2020 Coral Gables and Coconut Grove Luxury Condo Quarterly Market Summary

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

Q3-2020

24

0.0%

$1,320,000

-16.2%

$545

13.5%

116

Q3-2019

24

$1,575,000

$480

114


Q3 2020 Sales improve to being flat year-over-year with slightly negative trendline. Almost in line with the positive sales trend observed in the overall Miami luxury condo market report for Q3 2020 (higher year-over-year), this combination neighborhood reports the same sales volume as Q3 for the previous year. Bouncing back from its lowest Q2 results in four years (down only due to the pandemic), it is exciting to see this pair of Miami's most beautiful and historic neighborhoods post such progress.

A closer look into the Monthly Sales chart (Fig. 2.2) reveals that July reported higher sales (10 sales) compared to the same month last year (6 sales), August reported the same number of sales year-over-year (6), and only September fell slightly short with 8 sales against the previous year's 9. This shows that pent-up demand started coming through as soon as global markets re-opened.

Although sales grew 50% quarter-over-quarter, the 12-month trendline in Fig. 2.3 stays negative between Q2 and Q3, improving only slightly in angle. This shows that the next quarter's results will be crucial in determining whether this grouping has made a full recovery or not.


Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2020 - Fig. 2.1

Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2020 - Fig. 2.1


Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Sep. 2020 - Fig. 2.2

Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Sep. 2020 - 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


Q3 2020 Luxury Condo Price per Square Foot Up YoY, Still Lowest in Miami Overall

Price per Square Foot up 13.5%, Median Sales Price down 16.2% year-over-year. Partly in line with the overall market trend of higher year-over-year prices, this Coral Gables and Coconut Grove grouping reports a year-over-year increase in its median Price per Square Foot, but decline in Sales Prices. This variation in trends could be due to the sale of luxury condos that were smaller in size but packed in more amenities, making them fetch a higher price/square foot. If we think of new construction condo deliveries in the neighborhoods, this could be the case. 

The Price per Square Foot in Q3 went up 13.5%, increasing from $480 in the same quarter last year to $545 this year. On the other hand, Sales Price declined 16.2% year-over-year, down from $1,575,000 in Q3 last year to $1,320,000 this year (Fig. 1).

At $545 per square foot, sellers received excellent value for their luxury condo investments from the year-ago, and compared to the overall Miami market. With the lowest price per square foot of all the Miami neighborhoods under review, Coral Gables and Coconut Grove make a great entry point into the luxury residential real estate market in Miami.


Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2016-2020 - Fig. 3

Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2016-2020 - Fig. 3


Days on Market Up QoQ, But Flat YoY

Days on Market keep flat year-over-year. Going with the overall market trend in Miami, this combined neighborhood posted a flat year-over-year Days on Market in Q3. Luxury condos spent just 2 more days on market compared to the same quarter last year, but 16 more days compared to Q2 (Fig. 4). This slight uptrend is quite expected as the pandemic delayed a majority of the closings in Q2.


Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2020 – Fig. 4

Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2020 – Fig. 4


Inventory Flat QoQ & YoY, Continues as Lowest in Miami

Q3 closes with 27 months of Inventory. Partly in line with the overall market trend of higher year-over-year inventory, Coral Gables and Coconut Grove report an increase of only 1 month in inventory. At 27 months from 26 in June as well as September last year, inventory is almost flat for this beautiful pair of historic neighborhoods ideal for families and those seeking more green space.

Of all the Miami neighborhoods included in our quarterly reports, Coral Gables and Coconut Grove are still poised to be one of the first to settle down to the ideal 9-12-month benchmark of a balanced market. This means buyers should consider how to make the most of this opportunity as the luxury condo market begins showing signs of a recovery. To look at the kind of inventory available and find the best deals, search for Coral Gables or Coconut Grove condos for sale here.


Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2020 - Fig. 5

Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Sep. 2020 - 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.


3Q 2020 Coral Gables & Coconut Grove Luxury Condo Market Conclusion

The collective neighborhood of Coral Gables and Coconut Grove reports trends almost similar to those seen in the overall Miami luxury condo market report this Q3 2020. Although sales do not recover to exceed year-ago numbers, they still match Q3 2019 levels, showing stability, good activity and progress. Also, as the 12-month sales trendline for overall Miami improves from negative in Q2 to flat in Q3, Coral Gables and Coconut Grove responds with only an improvement of angle but posts a negative much like Q2.

On the price front, the Price per Square Foot improved year-over-year just like the overall market. This coupled with good sales momentum shows that sellers got better value for their investments despite the pandemic. However, at $545/ sq. ft., prices are still the lowest of all Miami neighborhoods part of our study, offering buyers an affordable entry point into the luxury condo market of Miami in very established and desirable neighborhoods known to hold their value.

Days on Market stayed flat year-over-year, just like the overall market, indicating that the pandemic had no impact on buyer-seller communication in this collective neighborhood in terms of closings.

In terms of inventory, this has always been the most dynamic neighborhood of all those under our study, and the trend continues this Q3 2020 as well. With inventory almost flat, Coral Gables and Coconut Grove report the lowest levels in all of Miami, giving buyers a smaller window of opportunity to find the best deals in these desirable neighborhoods.

With the outlook mostly positive for upcoming quarters, as real estate experts, we strongly expect sales momentum to keep (if not improve) through Q4 and Q1 2021, bringing inventory levels back to their pre-pandemic lows sooner. We expect more demand coming in from:

  • those looking to catch tax breaks as they migrate from high-tax states to Florida's zero-income tax,
  • those looking to experience warmer winters by the beach,
  • those better equipped to shift out due to relaxed work from home norms, giving them a chance to live in a tropical haven with water views, and
  • those getting to travel as restrictions ease up.

The only wild card this year would be the Presidential Elections, which generally put a pause on buyer activity. However, how long is the key question to look out for. Except for that, with inventory levels poised to reach the ideal 9-12-month mark of a balanced market, buyers should hurry to seize well-priced deals in this dynamic grouping.



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.

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. —...