Q1 2024 Coral Gables and Coconut Grove Luxury Condo Market Report

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Reporting one of its strongest first quarters in recorded history, the combined neighborhood of Coral Gables & Coconut Grove established itself as a market to watch in 2024. Leading the majority of luxury condo statistics tracked in our quarterly analysis of overall Miami—including sales, days on the market, and inventory—this modest market stood out as the best-performing Miami neighborhood of Q1 2024.

As predicted, this pairing of tropically lush neighborhoods continued growing at an accelerated pace, according to our Coral Gables and Coconut Grove condo reports for Q1 2024. Sales outpaced the previous year and pre-Q1 2021 levels, year-over-year prices reported an uptick, inventory kept low, and luxury condos took the fewest days on the market to sell compared to other Miami neighborhoods in our overall Miami condo analytics.

Read on for a more detailed take on how this pairing of two of Miami's most picturesque neighborhoods performed year-over-year, as well as against the overall Miami market trends in terms of sales, prices, days on market, and inventory in our exclusive Coconut Grove and Coral Gables luxury condo market report for Q1 2024.

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

Q1 2024 Coral Gables and Coconut Grove Housing Market Updates

  • Sales are up 16.3% year-over-year, the second-highest in a first quarter.
  • This combined market continued as the most popular in Miami, leading growth for Q1 2024 with the highest percentage increase in year-over-year sales (16%).
  • The 12-month Sales Trendline maintained a positive trajectory from Q2 2023 through Q1 2024.
  • Price per Square Foot was up 14.6% year-over-year to $851/sq. ft., the highest percentage gain of all Miami neighborhoods under review.
  • Sales Price was flat year-over-year at $1.9M.
  • Days on Market were down 24% year-over-year, the fastest-selling market in all of Miami.
  • Inventory is down 10% year-over-year to 9 months, the lowest of all Miami neighborhoods under review.
  • Coral Gables and Coconut Grove continued to be a balanced market, offering buyers and sellers equal footing in value and opportunity.


— Table of Contents

  1. Coral Gables & Coconut Grove Luxury Condo Sales Trends
  2. Coral Gables & Coconut Grove Luxury Condo Price Trends
  3. Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
  4. Coral Gables & Coconut Grove Luxury Condo Inventory Trends
  5. Conclusion
  6. Coral Gables & Coconut Grove Luxury Condo Market Predictions for 2024



— Coral Gables & Coconut Grove Luxury Condo Sales Trends

Q1 2024 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

Q1 2024

50

8.7%

$1,875,000

14.2%

$851

6.3%

64

Q4 2023

46

$1,642,500

$801

41



Q1 2024 Coral Gables and Coconut Grove Luxury Condo Market Summary - Fig. 1.1

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

Q1 2024

50

16.3%

$1,875,000

0.0%

$851

14.6%

64

Q1 2023

43

$1,875,000

$743

84


Outperforming both Miami Beach (-9.1%) and Greater Downtown (-15.1%) in year-over-year sales growth, the collective neighborhood of Coral Gables and Coconut Grove reported a 16.3% increase in sales volume. Recording one of its strongest opening quarters in history, even outpacing the hyper-charged market of Q1 2021, this pairing established itself as a market to watch in
Miami's new normal for luxury housing.

Leading sales growth and echoing the positive mood of the overall Miami market, where volumes were consistently higher than pre-pandemic levels, Coral Gables and Coconut Grove (collectively) reported the following Sales Statistics for Q1 2024:

  • Q1 2024 vs Q4 2023. Sales improved by 8.7% quarter-over-quarter, up from 46 in the previous quarter to 50 in Q1 2024. (Fig. 1)
  • Q1 2024 vs Q1 2023. Sales increased 16.3% year-over-year, up from 43 in Q1 2023 to 50 in Q1 this year. (Fig.1.1)
    • With a 16.3% increase, Coral Gables and Coconut Grove led luxury housing growth trends in Q1 2024, reporting the highest percentage increase in year-over-year sales compared to all other Miami neighborhoods in our analysis.
    • What's worth noting is that Q1 2024 sales surpassed all pre-Q1 2021 levels, marking the second-highest volumes in a first quarter. This highlights the immense growth potential of this relatively modest market (in terms of scale and volume compared to Miami Beach or Greater Downtown). (Fig. 2.1)

Looking into the monthly sales statistics of Fig. 2.2 for Coral Gables and Coconut Grove:

  • January closed with 10 sales versus 11 sales for the same month last year.
  • February closed with 22 sales, up from 14 sales recorded for the same month of 2023.
  • March closed with 18 sales, the same as a year ago.

The 12-month Sales Trendline of Fig. 2.3 continued reporting a positive curve starting in Q2 2023 up to Q1 2024 due to sustained buyer interest and high demand. Considering the second quarter typically aligns with peak season in our cyclical market, and with a positive trendline indicating a boost for the upcoming quarter, as Miami real estate experts, we anticipate a substantial upsurge in Q2 2024 for this pairing.


Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2024 - Fig. 2.1

Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2024 - Fig. 2.1


Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Mar. 2024 - Fig. 2.2

Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Mar. 2024 - 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


— Coral Gables & Coconut Grove Luxury Condo Price Trends

Leading price gains and reflecting the positive trends noted in the overall Miami market, the Key Price Statistics for Coral Gables and Coconut Grove (collectively) in Q1 2024 were:

  • Q1 2024 vs Q4 2023. Price per Square Foot improved 6.3% quarter-over-quarter, up from $801 in the previous quarter to $851 in Q1 2024. (Fig. 1)
    • A look at the five-year snapshot of quarterly luxury condo prices below (Fig. 3), shows that the Price per Square Foot continued closing in one of its highest ranges in Q1 2024. Consistently offering great value to its sellers, this dynamic pairing is no longer the most affordable market for luxury condos in Miami. It has given up its position to Downtown Miami, where buyers can find luxury condos at a lower median price of $790/sq. ft.
  • Q1 2024 vs Q1 2023. Price per Square Foot increased 14.6% year-over-year, up from $743 in Q1 last year to $851 for the comparable quarter of 2024. (Fig. 1.1)
    • With the highest percentage gain (14.6%) in year-over-year Price per Square Foot, luxury condos in Coral Gables and Coconut Grove offered excellent value to sellers compared to other Miami neighborhoods, as per our newest Miami condo reports.
  • Q1 2024 vs Q1 2023. Median Sales Price stayed flat at $1,875,000, the same as in Q1 2023. (Fig. 1.1)


Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2017-2024 - Fig. 3

Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2017-2024 - Fig. 3

If you have a home in one of these two neighborhoods that you are interested in selling, contact us and we can give you a complimentary valuation of your property and expert guidance. 



— Coral Gables & Coconut Grove Luxury Condo Days on Market Trends

Days on Market are down 24% year-over-year. Partly following 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 in Q1 2024:

  • Q1 2024 vs Q4 2023. Luxury condos spent 23 extra days on the market compared to Q3 2023 – a 56% increase in quarter-over-quarter DOM. (Fig. 1)
  • Q1 2024 vs Q1 2023. Luxury condos spent 20 fewer days on the market compared to Q1 a year ago, recording a 24% decline in year-over-year stats. (Fig. 1.1)
  • With luxury condos taking only about two months to sell (64 days) in Q1 2024, Coral Gables & Coconut Grove (collectively) continued to be the fastest-selling market in Miami, outpacing all other neighborhoods in our quarterly analysis.


Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2024 – Fig. 4

Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2024 – Fig. 4


— Coral Gables & Coconut Grove Luxury Condo Inventory Trends

Q1 2024 closed with 9 months of inventory. Partly in line with the overall Miami trend of an increase in year-over-year as well as quarter-over-quarter inventory, our detailed analysis of luxury condos in Coral Gables & Coconut Grove reported the following stats for Q1 2024:

  • On a quarter-over-quarter basis, inventory stayed flat at 9 months, the same as in December 2023. (Fig. 5)
  • On a year-over-year basis, inventory was up from 10 months in March last year to 9 months in March 2024, reporting a 25% increase.
  • At 9 months, Coral Gables & Coconut Grove (collectively) continued recording the lowest inventory levels of all Miami neighborhoods under review.

Considering luxury condo inventory ranged between the ideal 9 to 12 months, the combined neighborhood of Coral Gables & Coconut Grove continued offering buyers and sellers equal opportunities, according to Miami luxury condo market news. With peak season coming up in Q2 2024, as luxury housing experts, we expect inventory to stay relatively low and the market balanced throughout 2024 in this dynamic pairing, even as the rest of Miami neighborhoods in our review experience a slight uptick and shift towards a buyer's market.

Those looking to buy a luxury home in these lush, scenic neighborhoods can search Coral Gables or Coconut Grove condos for sale here.


Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Mar. 2024 - Fig. 5

Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Mar. 2024 - 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 six months.


— Conclusion

As predicted in our regular Miami quarterly condo reports, the combined neighborhood of Coral Gables & Coconut Grove logged an above-average opening in 2024. 

Leading sales growth stats with the highest percentage of sales growth in Miami, as compared to the Miami Beach or Greater Downtown groupings, this modest market for luxury condos topped popularity charts in Q1 2024. Our premier condo reports for Coral Gables and Coconut Grove confirmed the pairing also recorded its second-best volume of all time, just shy of reaching Q1 2022's record high.

With its 12-month Sales Trendline maintaining a positive trajectory from Q2 2023 through to Q1 2024, this dynamic pairing was one of few luxury condo markets to report a positive curve in our quarterly review – showing signs of a market poised for robust growth.

In our year-over-year price watch, the Price per Square Foot reported a 14.6% uptick to $851/sq. ft. This shows that sellers continued to receive great value for their luxury condo investments as most properties sold for a gain in Q1 2024.

Deviating from the overall Miami trend of higher year-over-year Days on Market, luxury condos in Coral Gables & Coconut Grove reported a decline. With an average of 64 days to sell, this combined neighborhood held onto its title as the fastest-selling market in Miami. This high-paced market also reported the lowest levels of inventory in all of Miami at just 9 months.

Closing Q1 2024 as a balanced market, Coral Gables & Coconut Grove (collectively) offered buyers and sellers a leveled playing field in negotiations and value. With spring kicking off the high season in March (as it does each year for our seasonal market), we, as luxury housing experts, expect this pairing to record an above-average Q2.


— Coral Gables & Coconut Grove Luxury Condo Market Predictions for 2024

Looking further into 2024, we expect the following to influence market trends:

  • With high-income, international expats moving to Miami and domestic buyers demanding larger condos starting at three bedrooms, well-compensated millennial remote workers looking to move closer to nature, and top-performing tech workers buying all-cash, we anticipate a broader demographic to push luxury condo sales this year.
  • With the continued inflow of businesses, top-tier decision makers like Jeff Bezos moving to Miami, and FIFA 2026 bringing a bigger boost to our economy, we expect to remain in the spotlight for those seeking a sophisticated corporate destination.
  • Offering an unbeatable combination of year-round warmth, world-class beaches, tax-friendly policies, and our prime real estate predicted to offer a 4% price gain in 2024 (as per Knight Frank's latest wealth report), we expect to attract more high-net-worth and ultra-high-net-worth investors to Miami.
  • Even with new Miami condo deliveries for 2024 and motivated sellers expected to boost inventory this year, we expect levels to remain within the ideal range in these two coveted neighborhoods, keeping it a balanced market throughout 2024.

Do you have any questions or comments about the stats in our comprehensive Coral Gables and Coconut Grove luxury condo market report for Q1 2024? Do you want more info on Miami condos? Subscribe to our blog for all the latest news or follow us on Instagram, Facebook, and YouTube @blackbookproperties.




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