Category: Market Update

BHS Miami’s Q1 2019 Market Update

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Brown Harris Stevens just released the First Quarter 2019 Market Report.  Recognized for its detailed analysis and area by area market evaluations, it has become the ‘go-to’ real estate report by both Realtors and consumers alike.

2019 is off to a great start, as the data highlights South Florida’s active and healthy real estate market with positive indicators for both Buyers and Sellers. As some areas rallied with higher sales prices, increased closings, and fewer days on market, other areas experienced mixed trends and signs of stabilization.

Notably, the Coconut Grove condo market (which includes the sale of townhouses) saw a drop in the average and median sales price, while the average price per square foot saw an increase.

Coconut Grove Condo Market Update – Q1 2019

Coconut Grove Condo Market Update - Q1 2019

As for the Coconut Grove single family home market, the median and average sales price continues to increase, and the average price per square foot continues to increase, as well.  However, the number of closings dropped from 24 in Q1 2018 to 11 in Q1 2019.

Coconut Grove Single Family Home Market Update – Q1 2019

Coconut Grove Single Family Home Market Update - Q1 2019

The full report can be viewed here: http://media.bhsusa.com/pdf/BHS-Miami-Q1-2019_Market-Report.pdf.

I invite you to explore the report and contact me to discuss real estate opportunities at any time. You can reach me directly at 305.799.2124 or Lrubens@bhsusa.com.

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Center Coconut Grove Homes Under $600k in High Demand

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There is no question that the Center Coconut Grove townhouse market is currently facing a major shortage of “affordable” townhouses. In fact, there is only a very small handful of 3+ bedroom townhouses presently listed on the MLS, and about half of them are asking over $1 million.

As the demand for Center Coconut Grove townhouses has increased over the last several years, we have naturally seen an increase in price. It is now incredibly rare to find a decent 3+ bedroom property listed for under $600k, and usually when one comes along, it goes fast.

Case in point: last week, an updated 3 bedroom/2 bathroom townhouse with almost 1,600 square feet was listed at 3038 Day Avenue for $565,000 ($354/sf).  The property was built in 1970 but had been renovated extensively (including impact glass), and is located in a small gated community with a heated pool and two assigned parking spaces.  When I contacted the agent only 3 days later, she informed me that the property was already under contract, having received multiple cash offers and dozens of inquiries within one day of the listing going up!  Hopefully we will see more affordable listings coming to market in the coming months, as buyers are ready and willing to jump on these types of opportunities.

If you are a buyer interested in Coconut Grove, it is critical to work with an experienced Realtor who knows the neighborhood inside and out, understands the market, and is connected to the community.  As a Coconut Grove resident specialist, it would be my pleasure to help you through this process.  Similarly, if you own a home in Coconut Grove and you are interested in selling or learning about the current value of your home, please contact me at any time.  I can be reached directly at 305.799.2124 or LRubens@bhsusa.com.

Nation Saw Rapid Townhouse Growth in 2018

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The national market for townhouses is up 24 percent over the last four quarters of data production of townhouses, according to the National Association of Home Builders (NAHB). In fact, the townhouse market is growing eight times as fast as the overall single-family market.

Across the nation, the NAHB points to rising construction and land costs, as well as soaring prices for new single-family homes, as some of the reasons why builders and buyers are turning to the high-density urban model.

Locally, in Center Coconut Grove, we see more townhouse resales than new construction simply because of the lack of available land. Yet, the demand for both townhouse resales and new construction sales remains strong in Coconut Grove as more and more homebuyers (millennials and empty nesters alike) desire the Grove’s central location, as well as a mix of suburban and urban elements that the Grove provides.  Additionally, many buyers find that the townhouse provides more bang for your buck in Miami, where single family home prices skyrocketed in recent years.

Below are some of the available townhouse listings in Coconut Grove. For more information about buying or selling a townhouse in Coconut Grove or the surrounding neighborhoods, contact me directly at 305.799.2124 or LRubens@bhsusa.com.

 

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Miami Home Sales Volume and Price Grew in 2018

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Miami-Dade County reported 12,931 single-family home sales in 2018, up 1.1% from 2017, according to the MIAMI Association of Realtors and the Multiple Listing Service (MLS) system.

This figure ranks 2018 as the fourth highest year in county history for the sale of single-family homes; according to the report, only in 2014, 2015 and 2016 did Miami see more single family home sales (the Miami Association of Realtors and the MLS have been tracking these figures since 1994).

Existing condo closings increased 5.6% to 13,863 in 2018, marking the sixth best sales year in history despite competition from the new construction condo boom.

Total residential sales volume jumped 10.7% to $12.4 billion, up from $11.2 billion in 2017.

According to the report, lack of supply in certain price ranges and neighborhoods as well as higher interest rates impacted sales.

Other notable takeaways from the report include:

  • The $300,000 to $600,000 range proved to be the most popular price point for Miami single-family homes in 2018, posting a 15.7% increase in sales year-over-year, increasing from 5,448 sales in 2017 to 6,303 in 2018.
  • The luxury segment ($1 million+) also proved to be a hot sector for single-family homes, increasing 15.9% in 2018 from 878 to 1,018 sales.
  • In 2018, cash deals represented 37.8% of Miami’s total closed sales, a decrease from 40.4% in 2017 (51.3% of  all condo closings were made in cash, while 23.3% of all single family home sales were cash deals).

Read the full report here.

2018 Center Coconut Grove Sales Recap

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coconut-grove-accutour-real-estate-drone-photography-7.jpgAerial view of Coconut Grove

It’s hard to believe that we are already well into 2019! The market for 3+ bedroom townhouses in Center Grove fared well in 2018, with an average sales price of $750,796.08 ($344/sq ft), and an average of 66 days on the market (note that these statistics are via MLS data and do not include off-market sales, including two of my new construction sales noted below).

Here’s a quick recap of some of my notable Center Grove sales in 2018:

– 2975 Jackson Ave., Miami, FL 33133
4 beds | 3.5 baths | 2,940 sf | built in 2018 | sold for $1,150,000

– 3150 Shipping Avenue, Miami, FL 33133
4 Bedrooms | 4.5 Baths | 4,030 SF | built in 2018 | sold for $1,700,000

– 3373 Day Ave, Miami, FL 33133
3 beds/3 baths | 2,014 sq ft | built in 2014 | asking price $799,000 | sold for $800,000

– 3035 Orange St, Miami, FL 33133
4 beds/3.5 baths | 2,881 sq ft | built in 2007 | sold for $950,000

– 3135 Gifford Ln Unit A, Miami, FL 33133
3 beds/2.5 baths | 1,430* sq ft | built in 1994 | sold for $550,000

If you’d like a more detailed analysis highlighting the sales and inventory levels of the major markets throughout Miami in Q4 2018, take a look at the Brown Harris Stevens Market Report, here.

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