Coral Gables and Coconut Grove Luxury Condo Market Report - Q4 2021

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As seen in the 
overall Miami Luxury Condo Market Report for Q4 2021, the collective neighborhood of Coral Gables & Coconut Grove closed 2021 on a booming note. Sales continued on a record-setting pace throughout the year, closing the year with the highest annual sales as well as fourth-quarter sales reported since 2015.

With equally intense buyer demand from domestic and international buyers, prices maintained their upward trajectory as inventory stayed put at its lowest. Offering sellers great value for their luxury condo investments in the neighborhood, Coral Gables and Coconut Grove reported their highest price per square foot in over 5 years. This, together with one of the strongest sales momentum seen in recent years, shows how a seller's market was in full force in this pair of historically-significant neighborhoods. 

Read below for more details on how this collective Miami neighborhood performed in a 2021-over-2020 analysis, compared to pre-pandemic numbers, as well as against the quarterly overall Miami market trends in terms of sales, prices, days on market, and inventory in our exclusive, full-length report for luxury condos in Coral Gables & Coconut Grove this Q4 2021.

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


Annual (2021) - Coral Gables and Coconut Grove Luxury Condo Market Highlights:

  • Annual sales up 116.5%
  • Highest total sales in a year since 2015
  • Annual Price per Square Foot up at $694/square foot – one of lowest entry points for buyers into Miami's luxury condo market, behind Downtown Miami ($663/SF)
  • Annual Days on Market down 48% in 2021-over-2020 analysis – lowest of all Miami neighborhoods
  • Lowest year-end inventory of all Miami neighborhoods (5 months)
  • Coral Gables and Coconut Grove closed 2021 as a strong seller's market


Q4 2021 - Coral Gables and Coconut Grove Luxury Condo Market Highlights:

  • Q4 2021 sales up 77.8% year-over-year + highest in over 6 years
  • 12-month trendline stays positive for fourth consecutive quarter from Q1 2021 to Q4 2021, shows growth prospects
  • Price per Square Foot up 19.1% year-over-year to peak of $730/square foot
  • Sales Price up 10.1% year-over-year
  • Days on Market down 67% year-over-year
  • Inventory down 66.7% year-over-year to 5 months


Table of Contents

  1. Q4 2021 Coral Gables & Coconut Grove Luxury Condo Sales Trends
  2. Q4 2021 Coral Gables & Coconut Grove Luxury Condo Price Trends
  3. Q4 2021 Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
  4. Q4 2021 Coral Gables & Coconut Grove Luxury Condo Inventory Trends
  5. Q4 2021 Conclusion

Luxury Condo Sales Trends - Annual + 4Q Sales Up to Record-High

Q4 2021 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

Q4-2021

64

77.8%

$1,512,500

13.1%

$730

19.1%

39

Q4-2020

36

$1,337,500

$613

118



2021-over-2020 Coral Gables and Coconut Grove Luxury Condo Market Summary - Fig. 1.1

Year

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

2021

236

116.5%

$1,520,000

15.2%

$694

25.6%

58

2020

109

$1,320,000

$552

112


Q4 Sales up 77.8% year-over-year. Highest sales in a 4th quarter.

Reporting their highest sales in a fourth quarter (Fig. 2.1), the combined neighborhoods of Coral Gables and Coconut Grove echoed and contributed to the incredibly positive sales trend seen in the overall Miami report for Q4 2021.

  • Q4 2021 vs Q4 2020. As expected of a year full of exceptional quarterly volumes, sales increased 77.8% year-over-year, up from 36 in Q4 2020 to 64 for the same quarter in 2021 (Fig. 1).
  • Fourth quarter sales were also 3 times higher than those reported in Q4 2019 – showing a significant improvement over pre-pandemic volumes and not just a one-time surge.
  • Even with momentum slowing down for the winter (as is expected of the cyclical luxury condo market in Miami), an exceptional December helped close the year on a record-setting note. A closer look at monthly sales in Fig. 2.2 reveals that this pair of beautiful neighborhoods reported its best December yet, hinting at a stronger than usual opening for sales in 2022.


Annual Sales up 116.5% - Highest since 2015 - Positive trendline

With sales reporting record highs for every quarter, it was expected to see Coral Gables & Coconut Grove close 2021 with the highest annual sales in more than  6 years of our reporting. The total sales in 2021 (236 annual sales) were an impressive 116.5% higher than those in 2020 (109 annual sales). Sales were also significantly higher than any other previous year under our review (Fig. 2.1) – showing that the luxury condo market in this usually quiet grouping has crossed a major maturity threshold, like the rest of Miami.


Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2021 - Fig. 2.1

Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2021 - Fig. 2.1


Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Dec. 2021 - Fig. 2.2

Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Dec. 2021 - Fig. 2.2

Owing to consistently heightened buyer demand, the 12-month Sales Trendline in Fig. 2.3 maintained its positive trajectory for a fourth consecutive quarter - keeping its upward curve from Q1 2021 through Q4 2021.


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


Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Dec. 2021 - Fig. 2.2

Luxury Condo Prices Up Annually & YoY - Price per Square Foot at Peak


Annual Price/Square Foot up 25.6% to $694, Median Sales Price also up

Consistent with the overall Miami market trend of higher year-over-year prices, luxury condos in this Coral Gables & Coconut Grove grouping also reported strong returns (Fig. 1.1):

  • Price per Square Foot increased 25.6%, up from $552 in 2020 to $694 in 2021.
  • Median Sales Price also increased 15.2%, up from $1,320,000 in 2020 to $1,520,000 in 2021.


Q4 2021 Price/Square Foot up 19.1% to peak of $730, Median Sales Price also up year-over-year

Completely in line with the overall Miami market trend of higher year-over-year prices observed in Q4, this pair of historically-significant neighborhoods also reported strong year-over-year growth (Fig. 1):

  • Price per Square Foot increased by 19.1%, up from $613 in Q4 2020 to $730 for the same quarter in 2021.
  • Median Sales Price also increased by 13.1%, up from $1,337,500 in Q4 2020 to $1,512,500 for the same quarter 2021.
  • Closing the year with the highest Price per Square Foot recorded in more than 5 years (Fig. 3), sellers received excellent value for their luxury condos in Coral Gables & Coconut Grove.
  • A closer look at Fig. 3 also reveals how prices have been on a steady upward trajectory since Q4 2020.
  • Still, this grouping closed with one of the lowest prices per square foot of all the Miami neighborhoods under our review, just behind Downtown Miami. This makes Coral Gables and Coconut Grove one of the best entry points into the luxury condo market in Miami (compared to the beaches or rest of mainland Miami), even in a strong seller's market.

For insight into the kind of luxury condos available, search Coral Gables or Coconut Grove condos for sale here.


Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2017-2021 - Fig. 3


Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2017-2021 - Fig. 3

Days on Market Down Annually & YoY – Lowest in Miami


Days on Market down -48% on annual basis and -67% 4Q21-over-4Q20

Given the intense buyer demand, luxury condos sold very quickly in this combined neighborhood, in line with the overall Miami luxury condo market trend. Coconut Grove and Coral Gables reported the lowest year-end Days on Market (DOM) of all Miami neighborhoods under review:

  • 2021 vs 2020. Days on Market dropped -48%, showing luxury condos spent 54 fewer days waiting to be sold compared to 2020. (Fig. 1.1)
  • Q4 2021 vs Q4 2020. DOM declined -67%, showing luxury condos spent 79 fewer days on market compared to Q4 2020 (Fig. 1).
  • Coral Gables and Coconut Grove also closed Q4 2021 with its lowest DOM since 2018 (Fig. 4).


Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2021 – Fig. 4


Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2021 – Fig. 4

Inventory at Lowest in Miami – Sellers' Market Thrives


Q4 2021 closes with 5 months of Inventory

With buyer demand staying strong through to the end of the year, this pair of beautiful neighborhoods continued reporting record-low values for inventory. At 5 months, inventory stayed low year-over-year but stayed flat quarter-over-quarter. The trend deviates slightly from the overall Miami market trend that posted lower year-over-year values but higher quarter-over-quarter inventory.

On an annual basis, inventory dipped from 15 months in December 2020 to 5 months year-end 2021 – posting a 66.7% decline. Compared to 27 months in December 2019 (pre-pandemic market), inventory dropped a remarkable 81.5% (Fig. 5). This brought levels down to their lowest compared to any Miami neighborhood under our review in Q4 2021.

At 5 months, inventory fell below the ideal 9-12-month range of a balanced market, showing how a seller's market intensified in the combined neighborhoods of Coral Gables and Coconut Grove. Being one of the first markets in Miami to transition out of being a buyer's market, sellers are enjoying multiple, highly competitive offers on their luxury condos in the neighborhood. We highly recommend buyers to put in strong offers (usually above asking price), if they would like to make the most of this well-priced luxury condo market (compared to the beaches).


Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Dec. 2021 - Fig. 5

Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Dec. 2021 - 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.


Q4 2021 Coral Gables & Coconut Grove Luxury Condo Market Conclusion

This dynamic pair of niche neighborhoods was one of the first in Miami to transition into a seller's market in Q2 2021, and has since maintained its pace through to the end of 2021. Closing a record-setting year on an equally incredible note, the collective neighborhood of Coral Gables & Coconut Grove reported its highest sales volume in a fourth-quarter – just like the overall market trend seen in our Q4 2021 Overall Miami Luxury Condo Market Report.

The 12-month Sales Trendline kept its positive trajectory from Q1 2021 to Q4 2021, much like the overall market that reported a flat-positive curve in Q4 2021. Still, majorly in sync with the overall market trend, 2021 annual sales not only outpaced those from 2020, but also all other previous years under our review. As real estate market experts, this shows us that the luxury condo market in this collective neighborhood as well as overall Miami has crossed a major threshold, with no signs of slowing down in the immediate future.

In terms of prices, the Price per Square Foot for this grouping reported year-over-year gains – on an annual plus 4Q21-over-4Q20 basis, just like the overall market. At $730/square foot, prices peaked to an all-time high in over 5 years, after posting consistent growth over the last four consecutive quarters. While Coral Gables & Coconut Grove remained one of the most affordable entry points into Miami's luxury condo market, these price gains also showed that a seller's market is in full swing here, offering sellers incredible value for their luxury condos in the area.

Capturing the feverish pace of the market, this pair of beautiful neighborhoods reported the lowest Days on Market of all Miami neighborhoods. With properties selling quickly, the Days on Market declined in sync with the overall market trend.

Just like Q3 2021, Coral Gables & Coconut Grove collectively reported one of the lowest levels of inventory in all of Miami. With inventory at 5 months, much below the 9-12-month range of a balanced market, the market was largely in favor of sellers, as multiple buyers put in offers higher than asking price.

In 2022, as real estate experts, we're expecting the following factors to influence market trends in this collective neighborhood:

  • Wider acceptance of work from home arrangements will continue nudging people to their dream home close to a marina or lush tropical park in this pair of beautiful neighborhoods.
  • South Florida's no-income-tax and pro-business policies will continue attracting businesses, their staff, and the wealthy from high-tax states – keeping demand up.
  • As South Florida continues to bring a safe haven to park investments, especially away from the political unrest, we expect more South American and European buyers to turn their attention towards Miami.
  • Even as developers step on the fast-track to building more luxurious condo preconstruction projects in Miami, there will be a gap between project delivery and current availability, keeping inventory levels low for a couple of cycles.

 

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