The numbers are in and I’m happy to report that the Grove market performed strongly in August given the pandemic. There were a total of 13 single family homes that closed at an average of $ 551.00 per square foot. By comparison, only 10 homes were sold last August at an average price of $ 449.00 per square foot. August was boosted by some major sales, including 3812 Park Avenue, which closed for $ 5,475,000 ($ 754.00 / foot), and the 1814 waterfront home on South Bayshore Lane, which closed for $ 4,900,000 ($ 1,153 / foot) closed.
Another important point about the August sales is that the sale-to-list ratio has dropped to 6%. For many years this rate has been 10% in the Grove, but our low inventory means that sellers have more bargaining power.
Overall, single family home prices in Coconut Grove have increased year over year in 2020, but the number of sales has decreased slightly. In the past few years, sales have slowed as we near a presidential election. Buyers tend to make important financial decisions. So we may still see a constant number of closings in September and October, but a decline in November and December (these sales would reflect the activity that took place in October and November). However, this is 2020, and as we all know, anything is possible!
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