While I have been covering in detail the Single Home Family market over the last few months, I would like to give you some insights about the condominium / townhouse market in Pinecrest. This segment represents a small percentage of our inventory and our sales but there is definitely a demand for this type of property.
There are currently 20 condominiums available for sale:
8 Townhouses ranging from $895,000 to $1,399,000 from 3 bedrooms to 6 bedrooms and from 2401 sq ft to 4838 sq ft. 4 of them are under construction with delivery date in 2018
12 condos ranging from $195,000 to $619,000 from 1 bedroom to 3 bedrooms and from 725 sq ft to 1842 sq ft.
Over the last year we have sold 18 condominiums:
8 townhouses ranging from $733,000 ($363 per sq ft) to $1,170,000 ($351 per sq ft) from 3 bedrooms to 4 bedrooms and from 2017 sq ft to 3336 sq ft.
10 condos ranging from $158,000 ($175 per sq ft) to $610,000 ($327 per sq ft) from 1 bedroom to 4 bedrooms and from 904 sq ft to 1864 sq ft
We currently have 7 condominiums under contract (pending):
7 condos ranging from $165,000 to $625,000 from 1 bedroom to 3 bedrooms and from 672 sq ft to 1738 sq ft.
Looking at statistics over the last two years, it is interesting to note that we are up 133 percent in sales and 233 percent in pended sales comparing last quarter 2017 to same quarter in 2016 despite a 283 percent increase in inventory of available properties over the same period. That shows a very strong demand from buyers.
The Average price per sq ft of sold units is up 22,3 percent over the same period from $238 to $292
The Average Day on the Market is up 118 percent over the same period from 110 days to 240 days as price have increased but also due to the fact that few townhouses were put on the market pre- construction and therefore increasing their length of time exposure on the market before being sold.
Finally when we look at the median price for sold properties it is important to note that the current level is at $230,000. For a reminder this number shows where the market activity is the strongest.
Pinecrest real estate market continues to attract lot of interests from local and international buyers. The condition of the market is consistently fluctuating with supply and demand adjusting. The right pricing strategy is the most efficient way for a Seller to get the best possible price and reduce the amount of time a property sits on the market.
Nicolas Boucher brings more than 20 years of experience as well as a global and local approach to real estate. Nicolas is aligned with EWM Realty International, a Berkshire Hathaway Affiliate and South Florida’s premier brokerage. EWM is a member of Leading Real Estate Companies of the World and Luxury Portfolio International, the world’s largest broker-to-broker network, and is the exclusive affiliate of Christie’s International Real Estate in Miami. His achievements in sales rank him among the Chairman’s Club at EWM, one of the company’s most distinguished honors. Nicolas has unparalleled knowledge of the real estate market and offers buyers and sellers meaningful and simple explanations of complex market trends. He specializes in Pinecrest real estate and is well-respected for his on-point pricing strategies; helping his customers approach the market as effectively as possible to minimize market time and maximize the experience.
Contact Nicolas at 305-788-8035 or boucher.n@ewm.com.
www.thepinecrestagent.com.
