I was working on comparables this afternoon for one of my Coconut Grove clients, and I was surprised to find two things – that many of the homes listed between $1 million and $2 million were new construction, and that the average price per square foot of the sold comparables averaged in the low $300s! So I did a full search on the Grove, looking within this price range, and found the results so interesting I wanted to share them with you.
Looking between February ’09 to April ’10, the number of homes on the market has been steadily declining every month in this price range. For the first time in over a year, our inventory was up more than 10% than the month before in April, with 125 homes on the market (but this is still down from where we were 8 months ago). So things are really moving! We’ve also seen an increase in the number of homes pending sale and sold. In the past 6 months, we’ve seen an average of 6 homes in this price range pending sale each month, and 5 closing. However, just in the past two months, 17 homes have pended sale! So as these homes close in the upcoming months, we’ll see these numbers increase.
While prices are still down from where they were a few years ago, I’m happy to report that we are beginning to see an increase in the price per square foot of the sold homes in this price range. Our average the past three months was $338.39 per square foot, whereas the three months prior it was at $309.09 per square foot. So it is refreshing to share that our inventory is leveling out, our prices are starting to inch up again, and recovery has begun!
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