Ashley Cusack predicts that record-low inventory levels for houses in the $1M to $5M range in Coconut Grove are expected to drive more sellers into the market. Whilst prices per square foot are at an all-time high, she does not anticipate prices will drop.
Ashley Cusack has issued a new report on the state of the Coconut Grove real estate market, explaining that an already hot market in early 2021 has been significantly topped in early 2022.
You can find the full Coconut Grove Market Report here: Ashley Cusack Grove Market Report 2022.
Earlier market updates that Cusack has written since 2021 have become somewhat redundant given the soaring South Florida real estate market over the last year.
Prices have most recently reached unexpected numbers, that were definitely not predicted. Should market updates be written for other areas Cusack focuses on, in particular Coral Gables, Pinecrest, Palmetto Bay, or South Miami, the story would be the same.
This newly published report, however, focuses exclusively on Coconut Grove - specifically, single-family, non-waterfront homes in Coconut Grove between $1,000,000 and $5,000,000.
The report displays statistics in the form of graphs drawing several conclusions. These show that there is hardly any inventory at all, and what does become available sells very quickly.
Whereas in early to mid-2021, inventory averaged around 8 listings. The number of active listings dropped by 50% between August and September 2021 and has gone down even further since then.
Driven by a dramatically unbalanced supply and demand, prices per square foot have skyrocketed. The average sales price per square foot in February of 2022 climbed to an almost unbelievable $1,042, a number previously only reserved for waterfront homes.
The report concludes that these levels of sales price per square foot are expected to drive more property owners to sell. With inventory levels for homes between $1,000,000 and $5,000,000 in Coconut Grove down to just 1 month, any home that is listed will likely go under contract very quickly and for a very strong price.
“I will say that it feels like a new wave of inventory is coming,“ said Ashley Cusack.
“I have had a number of people reach out to inquire about their home’s current value, it has been hard to book my photographer lately, and I have had a lot of conversations about off-market properties that are becoming available.
“I do not think in any way, shape, or form that this is going to drive prices down, but it might calm the market somewhat if we do see a new influx of listings. It is still a great time to be a seller in Miami.”
Ashley Cusack has also been featured in the Florida edition of Top Agent Magazine, which you can be viewed here.
Cusack has sold well over $1 billion in residential real estate in her almost 30-year career, working with both buyers and sellers of luxury homes and condos in Southern Miami-Dade.
The Ashley Cusack Team sold over $126 Million in luxury properties in the Miami area in 2021. This was an astonishing achievement, given the record low inventory levels in almost all residential categories: Ultra-luxury as well as luxury homes and condos.
For more information about the Ashley Cusack Team, you can visit: https://ashleycusack.com/.
