Q2 2022 Coconut Grove & Coral Gables Luxury Condo Market Report - Record Sales

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As predicted in our 
Coral Gables and Coconut Grove report for Q1 2022, this collective market performed exceptionally well this summer – exceeding the general market sales trend seen in the overall Miami market report for Q2 2022. Sales posted a brand-new high for this otherwise modest market - reporting 82 sales in a quarter - its highest ever. Continuing with higher year-over-year prices, low market inventory, and the shortest days to market for luxury condos in all of Miami - this dynamic pairing continued to be very seller-friendly through Q2 2022.

Read below for more details on how this pairing of Miami's most beautiful 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, full-length analysis for luxury condos in Coral Gables & Coconut Grove this Q2 2022.

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

Q2 2022 Coral Gables and Coconut Grove Luxury Condo Market Highlights:

  • Sales peak to new quarterly high, with 17% year-over-year growth
  • 12-month Sales Trendline shifted from a negative curve in Q1 2022 to positive in Q2 2022
  • Price per Square Foot up 4.5% year-over-year to $725/Sq. Ft. -- back to being lowest entry point into Miami's luxury condo market
  • Sales Price up 3.2% year-over-year
  • Days on Market down 78.5% year-over-year
  • Inventory down 28.6% year-over-year to 5 months -- second lowest in Miami, just behind Fisher Island (4 months)
  • Coral Gables and Coconut Grove stayed a strong seller's market

Table of Contents

  1. Q2 2022 Coral Gables & Coconut Grove Luxury Condo Sales Trends
  2. Q2 2022 Coral Gables & Coconut Grove Luxury Condo Price Trends
  3. Q2 2022 Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
  4. Q2 2022 Coral Gables & Coconut Grove Luxury Condo Inventory Trends
  5. Q2 2022 Conclusion

Q2 2022 Luxury Condo Sales Trends - New Record-High

Q2 2022 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

Q2-2022

82

34.4%

$1,625,250

-9.7%

$725

-10.8%

17

Q1-2022

61

$1,799,990

$813

51

Q2 2022 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

Q2-2022

82

17.1%

$1,625,250

3.2%

$725

4.5%

17

Q2-2021

70

$1,575,000

$694

79


Q2 2022 Sales Up 17.1% - New Record-High - Positive Trendline 

Continuing with the fiery pace set by the opening quarter, this pair of beautiful neighborhoods followed suit in Q2 2022 - reporting its highest sales in a quarter yet (of all the years under review). Moving against the sales trend seen in the overall Miami market report for Q2 2022, the otherwise modest luxury condo market of Coral Gables and Coconut Grove set a new sales precedent as below:

  • Q2 2022 vs Q1 2022. Sales jumped 34.4% quarter-over-quarter, up from 61 sales in Q1 this year to 82 in Q2 2022. (Fig. 1)
  • Q2 2022 vs Q2 2021. Sales increased 17.1% year-over-year, up from 70 sales in Q2 2021 to 82 for the same quarter of 2022. (Fig. 1.1)
  • Fig. 2.1 shows how sales in this second quarter peaked to their highest of any of the previous quarters under our review since 2015.
  • The Monthly Sales Chart of Fig. 2.2. shows how sales stayed strong during April and May (29 each) but paced down by quarter-end in June.
  • In a month-over-month comparison, April 2022 reported 29 sales compared to 22 for the same month last year. May this year posted another 29 sales against 24 from the same month in 2021. And, June reported 24 sales compared to 23 for the same month last year. (Fig 2.2)
  • Considering the third quarter of the year is usually the softest (as per historical data) and sales showed signs of a slowdown in June, we, as luxury condo experts, expect momentum to cool off a bit in this Coral Gables and Coconut Grove grouping (in step with the overall Miami market) over Q3 2022.

With sales touching a new high, the 12-month Sales Trendline of Fig. 2.3 corrected from its negative curve in Q1 2022 to take on a positive trajectory in Q2 2022.

Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 2.1

Coral Gables & Coconut Grove Luxury Condo Quarterly Sales 2015 - 2022 - Fig. 2.1

Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Jun. 2022 - Fig. 2.2

Coral Gables & Coconut Grove Luxury Condo Monthly Sales from Jan. 2016 to Jun. 2022 - 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


Luxury Condo Prices Up YoY - But Lowest in Miami

Q2 2022 Price/Square Foot up 4.5% to $725, Median Price also up 3.2% year-over-year 

Deviating partially from the overall Miami market trend of higher year-over-year price per square foot and lower year-over-year median sales price in Q2 2022, the combined neighborhood of Coral Gables and Coconut Grove reported increases on both metrics:

  • Price per Square Foot increased by 4.5%, up from $694 in Q2 2021 to $725 in Q2 this year. (Fig. 1.1)
  • Median Sales Price increased by 3.2%, up from $1,575,000 in Q2 2021 to $1,625,250 for the same quarter 2022. (Fig. 1.1)
  • A look at the 5-year quarterly price per square foot chart in Fig. 3 reveals that Q2 prices closed in the higher ranges - giving sellers great value for their luxury condo investments in this pairing of beautiful neighborhoods.
  • In a quarter-over-quarter analysis, both the Price per Square Foot declined 10.8% and the Median Sales Price declined 9.7% (Fig. 1), indicating that prices could cool off over the next few quarters in case momentum does not pick up pace in this grouping.
  • In Q2 2022, Coral Gables and Coconut Grove again took over as the least expensive market for luxury condo buyers to step into in Miami, as prices in Downtown Miami improved to $743/Sq. Ft. this quarter.

Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3

Coral Gables & Coconut Grove Luxury Condo Quarterly Price per Sq. Ft. 2017-2022 - Fig. 3


Days on Market Down QoQ & YoY - Fastest-Selling Market in Miami

78.5% decline in year-over-year Days on Market

Leading the overall Miami luxury condo market trend of reducing Days on Market, this neighborhood pairing reported the lowest days to market for luxury condos – as properties took only 17 days (on median) from listing to closing.

In Q2 2022, luxury condos spent 62 fewer days on the market compared to Q2 last year and 34 fewer days compared to Q1 2022 (Fig. 4). This drastic drop is a positive market indicator, showing buyers and sellers were quick to come to a consensus during dealings.

Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 4

Coral Gables & Coconut Grove Luxury Condo Quarterly Days on Market 2018-2022 – Fig. 4


Inventory Down to Second-Lowest in Miami – Seller's Market Sustains

Q2 2022 closed with 5 months of Inventory 

Echoing the overall market trend in Miami, inventory in this pairing of historic neighborhoods stayed very low. At 5 months, inventory stayed well below the 9-12 months range of a balanced market, keeping sellers in charge of negotiations as buyers kept prices competitive with multiple offers (with most of them in cash).

  • On a quarter-over-quarter basis, inventory stayed flat at 5 months, the same as in March 2022.
  • On a year-over-year basis, inventory was down 28.6% from 7 months in June 2021.

Continuing as one of the most dynamic markets for sellers in Miami, Coral Gables & Coconut Grove again posted the second-lowest levels of inventory out of all Miami neighborhoods under our review. As real estate experts, we recommend sellers looking to turn a profit or move out of town to consider selling now to make the most of this highly favorable market. Those looking to buy a luxury home in these beautiful, lush tropical 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 Jun. 2022 - Fig. 5

Coral Gables & Coconut Grove Luxury Condo Months of Inventory from Mar. 2019 to Jun. 2022 - 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.


Q2 2022 Coral Gables & Coconut Grove Luxury Condo Market Conclusion

Keeping the market seller-friendly, trends in this collective neighborhood of Coral Gables & Coconut Grove mostly resonated with the overall Miami trends noted for Q2 2022 - with some even surpassing the general progress. Unlike the overall market that reported a slower second quarter, this combined neighborhood posted its highest quarterly sales yet.

Owing to great market momentum, the 12-month Sales Trendline also corrected its negative trajectory from the previous quarter, posting a positive curve in Q2 2022. However, considering the overall pace of the market and that the third quarter is generally the slowest of the year (from historical data), we, as luxury real estate experts, expect Q3 2022 to report softer sales.

On the price front, the Price per Square Foot for this grouping posted year-over-year gains, like the overall market. At $725/Sq. Ft., sellers continued receiving great value for their luxury condos in the neighborhood, even as price trends shifted back to offering buyers the lowest entry point into the Miami market.

Consistent with the overall Miami trend of lower Days on Market, Coral Gables & Coconut Grove too reported a decline – this time, emerging as the fastest-selling neighborhood with only 17 days to market.

As expected of this quick-moving market, Coral Gables & Coconut Grove collectively reported one of the lowest levels of inventory in all of Miami in Q2 2022, just behind Fisher Island (4 months). As inventory stayed below the 9-12-month marker of a balanced market, sellers continued their stronghold on the market in this collective neighborhood.

Looking at the next phase of the luxury condo market in Coral Gables & Coconut Grove, we, as real estate experts, expect the following factors to influence trends going into the second half of 2022:

  • We expect more businesses, high-net-worth buyers, and well-paid employees to come to Miami for precious tax savings and a pro-business environment.
  • We expect a weakening Euro to cause only a slight shift in market dynamics, considering our foreign buyer statistics are ruled by Latin American (39%) and Canadian (25%) clientele rather than Europeans (12%).
  • We expect remote workers and families to continue setting up their home office next to the water, a marina, or lush tropical park in the beautiful Coral Gables or Coconut Grove to enjoy access to great weather and events, all year long.
  • We expect increasing interest rates to deter only a handful of buyers, given a majority of our sales close in cash.
  • We expect our branded luxury condos, and pre-construction projects like Mr. C Residences by the Cipriani brothers, to continue pulling in well-heeled buyers from across the globe.
  • We expect the market to stay seller-friendly, as inventory levels in this quick-paced market keep low with fewer new construction deliveries scheduled for the immediate future.

Questions or comments about the stats? Want more info on Miami condos? Contact Sep at sniakan@blackbookproperties.com or call 305-725-0566.

 

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