Here are the official 2008 Coconut Grove real estate market numbers. Sorry for the delay, but I like to give agents a couple of days after the end of the month to enter in any final closed sales.
Note, these figures are coming only from sales within the borders of Coconut Grove - East of LeJeune Road, North of Ridgewood Road and South of 32nd Avenue.
In 2008, there were 108 single family homes sold in Coconut Grove. This is approximately 30 homes less than were sold in 2007.
- 65 of the homes sold in 2008 were under $1,000,000 and 43 were over $1,000,000.
- 40 homes were sold in the first half of 2008, and 68 homes were sold in the second half of 2008. Interesting since the financial meltdown began in September. No one will ever know the true impact, but it was surprising to see that we saw more sales in the latter half of the year.
Between the end of 2007 and 2008, home prices in Coconut Grove fell approximately 4% (sales in November and December really helped drop this number - a couple of months ago we were hovering around 14%). This number is far below other areas in Miami. Coral Gables saw sales prices drop 21% between 2007 and 2008. And Pinecrest saw sales prices drop 23% over the same period.
You could look at that one of two ways. Either you should buy in Coconut Grove because our homes are holding their value, or you shouldn't buy in Coconut Grove because there are other areas that have dropped more in value.
There were 14 single-family home foreclosure sales in Coconut Grove. With 108 homes sold, foreclosures made up 13% of our market here in the Grove.
2008 SINGLE FAMILY HOMES IN COCONUT GROVE
- Average Listing Price: $1,136,383
- Average Sale Price: $1,012,250
- Average Sale Price Per Square Foot: $314
- Average Sale Price/List Price: 90%
At the year end, there were 237 single family homes in Coconut Grove on the market.
So what are my predictions for 2009? Based on the increase of sales we saw toward the second half of 2008, I believe that we will see many more transactions in 2009 than we saw in 2008. What types of homes will sell? Top quality homes in all price ranges. Aside from foreclosures, buyers these days are not willing to spend the time and money to make major renovations. Finally, I expect home values to remain the same or fall slightly over the next year.
Note: The above calculations do not include the 2008 sale of "Las Brisas" at 3551 Main Highway for $11,500,000. This was the highest sale price ever recorded for a single family home in Coconut Grove. The sale distorts and misrepresents the final figures. For example, if you include the sale then the calculations show that Coconut Grove saw a 4% increase (as opposed to a 4% decrease) in sales prices between 2007 and 2008.
The above numbers come from the South Florida Multiple Listing Service, and are deemed reliable, but not guaranteed.
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