The numbers are in and I am happy to report that the Grove market performed strong in August in light of the pandemic. There were a total of 13 single-family homes which closed at an average of $551.00 per square foot. In comparison, last year there were only 10 homes sold during the month of August at an average of $449.00 per square foot. August was boosted by a couple of big sales including 3812 Park Avenue which closed for $5,475,000 ($754.00/foot) and the waterfront home of 1814 South Bayshore Lane which closed for $4,900,000 ($1,153/foot).
Another important thing to note about August sales is that the sale to list price ratio rose to 94%. For many years this ratio has been at 90% in the Grove, but due to our low inventory levels sellers have more negotiating power.
Overall in 2020, prices are up for single-family homes in Coconut Grove compared to last year but the number of sales are slightly down. In past years, we have seen a slowdown in the number of sales as we get closer to a presidential election. Buyers tend to hold off on making any major financial decisions. So we may continue to see a steady number of closings in September and October but a dip in November, and December (these sales would be reflective of activity that happened in October and November). However this is 2020, and as we all know, anything is possible!