Historically one of the more moderately-sized markets for luxury condos in Miami, the combined neighborhood of Coral Gables & Coconut Grove has established itself as a market to watch over the past three quarters. Consistently outpacing Miami Beach and Greater Downtown in terms of year-over-year sales growth and leading other key market statistics, including Days on Market and Inventory, this pairing of beautiful neighborhoods again stood out as one of the best-performing luxury housing markets in Miami, making it an attractive investment opportunity.

In Q2 2024, this pairing of tropically lush neighborhoods continued to grow, as predicted in our previous reports. Sales were higher than last year, inventory remained the lowest of all neighborhoods in our comprehensive quarterly analysis, and Coconut Grove/Coral Gables luxury condos took the least amount of time to sell compared to other Miami neighborhoods—earning this pairing its "dynamic duo" title.

Read on for a more detailed analysis of how Miami's oldest neighborhoods performed year-over-year, as well as against the overall Miami market in terms of sales, prices, days on market, and inventory in our exclusive, full-length luxury condo market report for Q2 2024.

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

Key Q2 2024 Coral Gables and Coconut Grove Stats:

• Sales were up 14.6% year-over-year. The market continues a steady surge.
• The 12-month Sales Trendline was positive for a fifth consecutive quarter.
• Price per Square Foot was down 20.5% year-over-year to $794/Sq. Ft.
• Sales Price was also down 14.6% year-over-year to $1.6M.
• Days on Market was down 15% year-over-year, remaining the fastest-selling market in Miami.
• Inventory was up 25% year-over-year to 10 months. Continues as the most dynamic market with the lowest levels of all Miami neighborhoods under our review.
• Coral Gables and Coconut Grove remained a balanced market even as other neighborhood groupings in our quarterly review transitioned into a soft buyer's market.

Table of Contents

1. Q2 2024 Coral Gables & Coconut Grove Luxury Condo Sales Trends
2. Q2 2024 Coral Gables & Coconut Grove Luxury Condo Price Trends
3. Q2 2024 Coral Gables & Coconut Grove Luxury Condo Days on Market Trends
4. Q2 2024 Coral Gables & Coconut Grove Luxury Condo Inventory Trends
5. Q2 2024 Coral Gables & Coconut Grove Luxury Condo Conclusions
   
   

Q2 2024 Coral Gables & Coconut Grove Luxury Condo Sales Trends

As predicted, for a fourth quarter in a row, Coral Gables and Coconut Grove (combined) outpaced both Miami Beach (+7.7%) and Greater Downtown (+2.3%) in terms of year-over-year sales growth, with a 14.6% increase.

Echoing and significantly contributing to the positive mood of the overall Miami market this high season, where sales improved quarter-over-quarter and year-over-year, Coral Gables and Coconut Grove (collectively) reported the following Sales Statistics for Q2 2024:

• Q2 2024 vs Q2 2023. Sales increased 14.6% year-over-year, up from 48 in Q2 last year to 55 in the comparable quarter this year. (Fig.1.1)
• Reporting the highest percentage increase in year-over-year sales compared to the other mainland and beach groupings part of our quarterly analysis, Coral Gables and Coconut Grove (combined) again led luxury housing growth trends in Q2 2024.
• What's worth noting is that this promising market has been recording a gradual increase in sales activity over the past six quarters, a nod to this moderately sized luxury housing market's growing popularity and strength.
• Q2 2024 vs Q1 2024. Sales improved 7.8% quarter-over-quarter, up from 51 in the previous quarter to 55 in Q2 2024. (Fig. 1)

Looking into the Monthly Sales statistics of Fig. 2.2 for Coral Gables and Coconut Grove:

• April 2024 closed with 18 sales, higher than the 12 sales noted in the same month last year.
• May closed with 21 sales, which was again higher than the 19 sales recorded for the same month of 2023.
• June 2024 closed with 16 sales versus 17 sales noted a year ago.

With high season boosting market momentum, the 12-month Sales Trendline of Fig. 2.3 maintained its positive curve from Q2 2023 through to Q2 2024. Considering Miami's seasonal luxury housing market typically begins showing signs of a slowdown with the onset of the third quarter, as real estate experts, we expect this pairing to continue outpacing its recent sales parameters, even as the overall market pauses to catch its breath.

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 Jun. 2024 - Fig. 2.2

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

Q2 2024 Coral Gables & Coconut Grove Luxury Condo Price Trends

Deviating from the positive trend of a higher year-over-year Price per Square Foot and Median Price noted in the overall Miami market, the Key Price Statistics for Coral Gables and Coconut Grove (collectively) in Q2 2024 were as follows:

• Q2 2024 vs Q2 2023. Price per Square Foot declined 20.5% year-over-year, down from a record-high of $999 in Q2 last year to $794 for the same quarter in 2024. (Fig. 1.1)
• Q2 2024 vs Q1 2024. Price per Square Foot decreased 8.7% quarter-over-quarter, down from $870 in the previous quarter to $794 in Q2 2024. (Fig. 1)
• A look at the 5-year snapshot of Quarterly luxury condo prices below (Fig. 3), shows that the Price per Square Foot closed in the mid-ranges this second quarter, providing fair value to sellers in this dynamic pairing.

• Q2 2024 vs Q1 2024. Median Sales Price also declined 14.6% quarter-over-quarter, down from $1,850,000 in the previous quarter to $1,580,000 in Q2 2024. (Fig. 1.1)

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

If you'd like a free market evaluation of your Coconut Grove or Coral Gables property, use our exclusive Miami property market valuation tool, or feel free to call, email, or chat to connect with one of our experienced local real estate professionals.

Q2 2024 Coral Gables & Coconut Grove Days on Market Trends

Days on Market dropped 15% year-over-year. Moving against the overall Miami market trend of flat quarter-over-quarter values and an increase in year-over-year numbers, Coral Gables & Coconut Grove (collectively) reported the following Days on Market (DOM) statistics:

• Q2 2024 vs Q2 2023. Luxury condos spent nine fewer days on the market compared to Q2 a year ago, reporting a 15% decline in year-over-year stats. (Fig. 1.1)
• Q2 2024 vs Q1 2024. Luxury condos spent 15 fewer days on the market compared to Q1 2024, recording a 23.4% decrease in quarter-over-quarter DOM. (Fig. 1)

As luxury condos took less than two months to sell (49 days) in Q2 2024, Coral Gables & Coconut Grove (collectively) maintained its status as Miami's most dynamic and fastest-selling market.

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

Q2 2024 Coral Gables & Coconut Grove Inventory Trends

Q2 2024 closed with 10 months of inventory. Partly deviating from the overall Miami trend of a decline in quarter-over-quarter numbers and an increase in year-over-year inventory, luxury condos in Coral Gables & Coconut Grove reported the following stats for Q2 2024:

• On a quarter-over-quarter basis, inventory increased from nine months in March 2024 to 10 months mid-year, recording an 11.1% decrease. (Fig. 5)
• On a year-over-year basis, inventory was up from 8 months in June last year to 10 months in June 2024, reporting a 25% increase.
• At 10 months, Coral Gables & Coconut Grove (collectively) continued to maintain the lowest levels of inventory of all Miami neighborhoods under our quarterly review.

With luxury condo inventory keeping within the ideal 9 to 12-month range, Coral Gables & Coconut Grove continued offering equal opportunities to buyers and sellers in an otherwise soft buyer's market. 

As luxury housing experts, we further expect inventory to stay within its ideal range through the remainder of the year, even as we move through the slower-paced upcoming quarters (as noted from historical data, Miami's seasonal market is known to pace down during the third and fourth quarters of the year).

Looking to buy a luxury home in these lush, scenic neighborhoods? Use our exclusive search engine to discover the best Coral Gables or Coconut Grove condos for sale.

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

Q2 2024 Coral Gables & Coconut Grove Luxury Condo Market Conclusion

Following up on its above-average performance from Q1 2024, Coral Gables & Coconut Grove (collectively) logged in a 14.6% increase in year-over-year sales this second quarter. The pairing again outpaced Miami Beach and Greater Downtown in growth by reporting the highest percentage of sales of the three main groupings under our review in Q2 2024.

Owing to consistent market momentum, the 12-month Sales Trendline retained its positive curve for the fifth consecutive quarter in Q2 2024, showing signs of a robust market poised for growth even as the market is expected to pace down for the remainder of the year (a trend noted from historical data analysis).

In our year-over-year price watch, the Price per Square Foot reported a 20.5% decline to $794/Square Foot, moving against the general market trend noted in overall Miami. Still, sellers continued to receive fair value for their luxury condo investments in this pairing of historic neighborhoods as the statistic closed in the mid-ranges.

In Q2 2024, this high-paced market maintained its status as the fastest-selling market in Miami, with luxury condos selling off the market in an average of just 49 days. Further, this dynamic pairing again reported the lowest levels of inventory in Miami at 10 months, providing buyers and sellers a leveled playing field in terms of negotiations and value in an otherwise buyer-friendly environment.

With a slower-paced third quarter ahead of us, as luxury market experts, we expect the following to influence market trends:

• We expect Miami's growing demographic of buyers, including wealthy households, top-tier investors, well-compensated remote workers, and tech professionals, to continue driving demand for Miami's latest collection of single-family home-sized condos and high-end, Airbnb-friendly investment-ready properties.
• We expect Miami's growing reputation as a business-friendly city and corporate hub, paired with the boost from world-class events such as the 2026 FIFA World Cup, to fuel more demand for luxury housing.
• We expect Miami's international recognition as a global city capable of offering the best in urban living like an active lifestyle, great weather, year-round events, inclusive outlook, and diversity to add to the attraction of its luxury real estate business.
• We further expect sticky mortgage rates and a higher level of inventory than in recent years to keep the market relaxed for buyers, affording them more choices within their desired price range.

Do you have any questions or comments about the stats? Do you want more info on Miami condos? Contact Sep at sniakan@blackbookproperties.com or call 305-725-0566.

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