Hibs missed out on strengthening their side with the Buddies star with a deadline day deal.
McGrath has impressed since joining St Mirren from Dundalk, emerging as a fine midfield presence.
The 24-year-old is out of contract at the end of the season and Goodwin confirmed St Mirren will put “an offer on the table” but he’s aware of the difficulty of keeping him at the club.
“We’re not stupid, we realise we don’t have the finances available to us that the likes of Hibs and some of the other teams down south have," he said.
"For the time being, myself, the staff, the players and the supporters here will enjoy the benefit of having him here.
“It’s too early to call at this moment as anything can happen between now and January. We want to give ourselves the best chance of winning games and we will decide on that when it comes to January.”
The cinch Premiership leaders left it very late to try to get a deal done for the Republic of Ireland international.
“It is frustrating when clubs leave it to the last hour to force a move through," Goodwin said. “I don’t blame Hibs or any other club who came in with a last-minute offer.
"We are in a good position where we didn’t have to accept the offers that came in for Jamie. He’s committed as ever and his stock is only rising.”