Coconut Grove Real Estate Market Update for August 2009

Coconut Grove Active Listings -240 (similar to last month)
68 are "luxury listings" (ie over $1,500,000) -  (similar to last month)
35 are short sales (similar to last month)
5 are foreclosures (similar to last month)
Median List Price - $867,500 (same as last month)

Coconut Grove Pending Sales - 31 (similar to last month)
3 are "luxury listings" (up from last month)
15 are short sales (up from last month)
3 are foreclosures (down from last month)

Coconut Grove Closed Sales - 9 (similar to last month)
0 were "luxury listings"
1 was a short sale
3 were foreclsoures
Average List Price - $614,000
Average Sold Price - $533,000
List price to Sold Price Ratio - 87%
Higest Closed Listing - $1,055,000
Lowest Closed Listing - $465,000

What does this mean to you?

If you have a listing in the luxury market, there is stiff competition with over 1/4 of all listings in Coconut Grove in the top 10% of Miami-Dades' pricing ("luxury listings"), Listings in the upper price point are selling at a much slower rate than the lower price points and there are 4 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coconut Grove Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coconut Grove August month in review!

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