We are entering the 2nd quarter of 2018 and it has been a busy start of the year for Pinecrest and Palmetto Bay. Here are the latest numbers that will help you better understand the recent market activity:
68 Closed sales since January 1, 2018
Highest sale $3,650,000
2 sales above $3M
11 sales between $2M and $3M
19 sales between $1M and $2M
36 sales under $1M
32 Pending sales since January 1, 2018
2 above $3M
3 between $2M and $3M
11 between $1M and $2M
16 under $1M
49 Closed sales since January 1, 2018
Highest sale $1,125,000
1 sale above $1M
48 sales under $1M
39 Pending sales since January 1, 2018
All under $1M
If we compare to the same period last year the data for the closed sales:
45 Closed sales
Highest sale $3,300,000
2 sales above $3M
4 sales between $2M to $3M
10 sales between $1M to $2M
29 sales under $1M
87 Closed sales
Highest Sale: $2,100,000
1 sale above $2M
3 sales between $1M to $2M
83 sales under $1M
What about the average price per sq. ft. since last year based on closed sales?
$346 per sq. ft. (2018) vs. $296 per sq. ft. (2017) which represents an increase of 17 percent comparing last quarter to same quarter a year ago.
$216 per sq.ft. (2018) vs. $194 per sq.ft. (2017) which represents an increase of 12 percent comparing the same period a year ago.
While the average price per sq.ft. on closed sales has gone up since last year, we are also looking at the number for the median sold price which has also gone up since last year as follow:
Last quarter that number was $1,084,000 in Pinecrest (30 percent increase from the same quarter and $563,000 in Palmetto Bay (8 percent increase from the same quarter)
Now let’s analyze carefully the months of inventory based on closed sales comparing the current 12 months to the same 12 months a year ago:
We have 13.5 months of Inventory in Pinecrest (17.5 percent increase) and 7.8 months of Inventory in Palmetto Bay (30 percent increase)
It is important to remember that supply and demand is the main force that drives the market. We are still in healthy territory as far as supply when we look at the average numbers but in certain price segments, such as over $3M in Pinecrest prices are still under pressure.
We have had more sales in the $2M to $3M range and in the $1m to $2M range in Pinecrest this year vs last year as sellers are becoming more realistic with their expectations.
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.