Grove Real Estate In The Summer | Closings Are Still Happening But Few New Listings
As we head into the middle of July, we are really seeing the effects of summertime hit the Coconut Grove real estate market. There have been very few new listings which have come on the market over the past 6 weeks and the number of new pending sales has dropped. This is very typical of this time of the year in the Grove (and all of South Florida) as people leave town to beat the heat. If you’ve been in Miami then you have definitely noticed fewer cars on the roads and a shorter wait time at your favorite restaurant (Hillstone, anyone?).
Although new listings and new pending sales are slow, we are still seeing closed sales come across the MLS; these were most likely put under contract prior to summer. Take a look at the closed sales since June 1st. You can see that prices continue to be strong in our market. A spectacular waterfront home in Camp Biscayne closed for $6,350,000 ($754.00/square foot), a home in The Moorings closed for $744.square foot, and a new construction home on 22nd Avenue closed for $488/square foot. These sales are more evidence that the Grove is one of the most highly sought after neighborhoods in Miami and buyers are willing to pay a premium to live here.