Coconut Grove Active Listings -287  (same as last month)
    86  are "luxury listings" (ie over $1,500,000) - (same as last month)
    36 are short sales (same as last month)
    14 are foreclosures (same as last month)
    Median List Price - $899,500 (same as last month)
 
Coconut Grove Pending Sales - 17 (up from 13 last month)
    3 are "luxury listings" (down from 4 last month)
    3 are short sales (similar to last month)
    6 are foreclosures (up from last month)

Coconut Grove Closed Sales - 11 (up from 8 last month)
    4 were "luxury listings" (up from 1 last month)
    2 were short sales (up from 1 last month)
    2 were foreclsoures (down from 4 last month)
    Average List Price - $1,580,000 (up from $650,000 last month)
    Average Sold Price - $1,311,000 (up from $623,000 last month)
    List price to Sold Price Ratio - 86% (down from 92% last month)
    Higest Closed Listing - $3,700,000; a Short Sale (up from $1,500,000 last month)
    Lowest Closed Listing - $123,000; a foreclosure

What does this mean to you?  

If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coconut Grove in the top 10% of Miami-Dades' pricing ("luxury listings"),  This is UP from 1/4 in February.  Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months).   In order to be a viable listing, the price must be correct and the marketing top notch.  Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly.  Most foreclosures sell quickly and close to, or above list price.  In order to have the best chance of snatching one of these deals up, work with an experienced Coconut Grove Broker who is comfortable with foreclosures (like me, hint hint ;-).  They will advise you as soon as a new property comes on the market or drops in price to be within your price range.  They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coral Gables March month in review!

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