The Coconut Grove townhouse market can be summed up in one quick phrase: “High Demand and Rising Prices”. Right now, the townhouse market is the only place where you can buy a turn-key property with 2,000+ square feet of living space for under $700,000 in the Grove. That being the case, when a new townhouse comes online that is properly priced, it sells in a matter of days. Last year 116 townhouses sold at an average sale price of $534,536 and $277.00/square foot. This year, prices have risen to an average of $584,464 and $317.00/square foot. The increase in values is due mostly to the increase in demand which is pushing those figures up. Another reason is the large number of new construction townhouses which have sold. Some of these new projects are selling as high as $340.00/square foot. We have also seen the average “days on the market” fall by 10 days for townhouses sold in 2015. Taking all of this into account, more sellers should be taking advantage of the rising prices and quick sales!! Our team sold the highest number of townhouses in Center Grove during 2014. We know the numbers and track the market. If you are interested in buying or selling a Coconut Grove townhouse and would like to work with us, please feel free to give us a call at 305-342-1623 or send us a message here.