The Coconut Grove Real Estate statistics are in for the month of June, 2008 and there is good news to report. The number of current properties for sale has declined in both the single family home and condo/townhouse market. We currently have 332 single family homes for sale, down from 340 in the previous month. The condo and townhouse market has seen a 4 month consecutive decrease in the number of properties on the market. This is great news for Coconut Grove's condo market because 2 months of consecutive falling inventory is an indication of a market in recovery.
Below is a chart that includes both the Coconut Grove single family and condo market:
We continue to see prices staying stable and not decreasing as in the rest of Miami-Dade county. This affirms my belief that Coconut Grove is somewhat insulated from the downturn in the market. Coconut Grove saw the average price per square foot (on sold properties) increase from $323.00 to $350.00. And the median price of real estate rise from $595,000 to $650,000.
Personally, I have seen the market picking up steam over the past few months. We are seeing more and more second showings on our listings. As I talk to other Realtors in the Coconut Grove area, they are seeing an increase in traffic as well.
Riley Smith, Realtor
Coconut Grove Real Estate Specialist
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