I like to talk about the different areas of Miami, but I have never done an analysis comparing them to each other. So I thought it would be interesting to look at Coral Gables, Coconut Grove & Pinecrest to find out where they stand in relation to each other. I looked at homes from $750,000 to $1,250,000 to keep it consistent and analyzed them several ways, the first of which was price.
In the past 3 months, the average price/square foot in Pinecrest was $227, in the Gables it was $271 and in Coconut Grove it was $295. But that doesn’t mean much without knowing what it’s been! At this time last year, the average in Pinecrest was $222, the average in the Gables was $288 and it was $271 in Coconut Grove.
To go back even further, the averages in 2003 (when we were at a more balanced market) were as follows: Pinecrest had an average price per square foot of $212, Coral Gables was at $275, and Coconut Grove at $252. It’s so interesting to see how they’ve changed!
The inventory in these areas and amount of supply left is pretty balanced across the board. Looking at Pinecrest first, we are averaging a total of 32 listings on the market with 6 sales per month, putting us at a 5 month supply of inventory.
In Coral Gables, we are averaging 69 listings with 11 sales per month, indicating a 6 month supply of inventory.
And in Coconut Grove, we are averaging 43 listings with 4 sales per month, indicating an 11 month supply of inventory.
A healthy market is considered a 6 to 12 month supply, so the great news is that we are back!
Overall, these three areas seem to be pretty stable across the board with no one particular area “beating out” another. While average prices per square foot are much lower in Pinecrest than they are in the Grove, that is how they always have been so it’s nothing to be alarmed about.
For specific information on your particular market area, please contact me!