As we are entering the second half of 2018, let’s take a look at the latest numbers and analyze the current market trend by comparing the same quarter of 2017 vs. this current quarter of 2018.
The Average price per Sq.Ft. of sold properties (all price range) was $296 in 2017 vs. $346 in 2018 which represents a 17 percent increase.
The median sold price was $863,000 in 2017 vs. $1,050,000 in 2018 which is a 22 percent increase.
The number of properties for sale was 247 in 2017 vs. 213 in 2018 which is a 13.8 percent decrease.
The month of inventory based on closed sales was 12 months in 2017 vs. 10 months in 2018.
Breaking down the numbers by price range:
Under $1M – representing 18 percent of the Inventory and 45 percent of the sales – had 4.7 months of supply in 2017 vs. 3.8 months in 2018
Between $1M to $2M – representing 34 percent of the inventory and 32 percent of the sales -had 12 months of supply in 2017 vs. 10 months of supply in 2018
Between $2M to $3M – representing 24 percent of the inventory and 14 percent of the sales- had 29 months of supply in 2017 vs 17 months in 2018.
This segment has seen a 50 percent increase in sales over same period last year due to high demand and prices adjustments from Sellers.
Buyers are looking for good opportunities in this price range and are comparing Pinecrest values with others like those in Coral Gables and Coconut Grove.
Between $3M to $4M – representing 11 percent of the inventory and 5 percent of the sales – had 24 months of supply in 2017 vs. 32 months in 2018.
Finally, between $4M and $5M we had 3 sales in the last 15 months and we currently have 5 years of supply and in the $5M to $6M range we had only 1 sale in the last 15 months and 9 years of supply. Over $6M we had 1 sale in the last 15 months and 4 years of supply.
There is no doubt that in those higher price ranges we are going to be seeing additional price adjustments over the next coming months.
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.
