We have good news to report on the state of the Coconut Grove condo market! As you can see from the below charts there were more condos sold (and for higher prices) in 2020 vs. 2019. This news may come as a shock to many who anticipated the condo market would take a hit during the pandemic.
We certainly did see a slump in sales for the months of April and May, however, similar to the single-family home market, activity began to pick up in the second half of the year. The slowest month of 2020 for condo sales was April which had just 4 closings, and the busiest month was December, which had 17 closings. Two factors that helped push the numbers up in 2020 were (1) resales began to hit the market in Park Grove, and (2) an unusually high number of sales at Grove Isle.
The average sale price for condos sold in the Grove during 2020 was $1,100,000 or $541.00 per square foot. The highest priced sale was $8,032,000 for a condo at Grove at Grand Bay, and the lowest price was a $207,000 unit at The Mutiny.
The data in the charts below pulls from the 11 main condo buildings in Coconut Grove: The Ritz Carlton, Grovenor House, Grove Hill, Grove Tower, Yacht Harbour, The Mutiny, Grove Isle, Coconut Grove Bayshore, Arya (formerly The Sonesta), Grove at Grand Bay, and Park Grove. We excluded all data from pre-construction buildings and the smaller condo buildings that you find in Center Grove.
As single-family home prices in Coconut Grove continue to sky-rocket and inventory remains limited, I believe the condo market will thrive in 2021.