The year is coming to an end and I thought it would be a great time to give readers a recap of single-family home sales across Pinecrest:
There have been 159 sales year-to-date and that included a record-breaking sale of $7.4 million, which was of 2015 construction and featured 9 bedrooms, 12 bathrooms and over 17,000 sq. ft. of living area spanning a 2-acre lot. Pretty impressive!
Out of the 159 sales to date we have had:
14 sales above $3 million
18 sales between $2 million to $2.9 million
58 sales between $1 million to $1.9 million
69 sales under $1 million
The lowest sale was for a 3-bedroom, 2-bathroom home with 1,181 sq. ft. of living area and an 8,774 sq. ft. lot.
How does this compare to 2016?
In 2016, we had 184 sales within the same period, and the record-breaking sale was for $5.5 million, which was of 2016 construction and featured 6 bedrooms/6.5 bathrooms and 11,000 sq. ft. of living area on a 1 acre lot.
Here’s the breakdown:
11 sales above $3 million
23 sales between $2 million and $2.9 million
71 sales between $1 million and $2 million
79 sales under $1 million
The lowest sale was for a 2-bedroom, 1-bathroom home with 1,085 sq. ft. of living area on a 13,644 sq. ft. lot.
It is interesting to compare the Average Sale Price Per Sq. Ft. by price range over the same period. For properties sold above $3 million, the Average Price Per Sq. Ft. is currently $490 in 2017 versus $458 in 2016. For properties sold between $2 million and $2.9 million, the Average Price Per Sq. Ft. is currently $375 in 2017 versus $382 in 2016. For properties sold between $1 million and $1.9 million, the Average Price Per Sq. Ft. is currently $333 in 2017 versus $307 in 2016. For properties sold under $1 million, the Average Price Per Sq. Ft. is currently $268 in 2017 versus $276 in 2016.
Comparing the current quarter to the same quarter from a year ago, and looking at the Months of Inventory based on closed sales, it is interesting to note that we have 20.4 months of inventory in 2017 versus 12.7 months in 2016, which represents a 60.5 percent increase.
In the same period, comparing the Average Days on the Market, the length of time a property sits on the market before being sold, we have 117 days in 2017 versus 115 days in 2016, which represents a 1.7 percent increase.
Comparing the Median Sold Price for the same period, which shows the price point at which an equal number of homes are sold above or below that price, helps us identify where the market is the strongest. We currently have a Median Price in Pinecrest of $1.36 million in 2017 versus $1.075 million in 2016, which represents a 26.5 percent increase.
Comparing the Average Active Asking Price for the same period, we have $2.35 million in 2017 versus $2.145 million in 2016, which represents a 9.85 percent increase.
Finally, comparing the Average Sold Price for the same period we have $1.936 million in 2017 versus $1.265 million in 2016, representing a 53 percent increase.
What are the numbers telling us? The high-end market continues to push prices up despite a large number of available properties above $3 million. Some trophy properties are in high demand and that trend is likely to continue into 2018.
The rest of the market is adjusting to the demands of a much more savvy buyer looking for quality and value. The highest demand is for remodeled homes that are move-in ready.
The health of the market is improving as the gap between the Average Asking Price and the Average Sold Price is narrowing. That also shows that properties priced in line with buyer demand are selling faster with less negotiation on price.
The real estate market in Pinecrest continues to show strength year after year, and demand keeps on growing. Each real estate cycle is different, and it is important to keep a watchful eye on the numbers. They tell us where we are and what direction the market will take in the future.
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.
