Looking at our latest data about the single-family home market in Pinecrest, it clearly shows activity has picked up from last year in terms of sales and prices. Indeed, comparing current quarter to same quarter last year, our sales are up 30 percent on sold homes and 44 percent on homes under contract! Inventory is slightly up 10 percent but properties are moving.
The average price per sq. ft. comparing current quarter to same quarter last year is up 17 percent at $346 per sq. ft. vs $296 per sq. ft.
The average Days on the market comparing same period is up 8.5 percent at 140 days vs 129 days. This is the number of days it takes for a property to be on the market before it goes under contract.
Looking at the averages, the Average Asking price per sq. ft. is $2,483,000 which is 7.5 percent higher than last year same quarter and the Average Sold price per sq. ft. is $1,282,000 which is 25 percent higher than same quarter last year.
Now if we look at the Median price of Sold properties which is the number at which an equal number of homes are sold above or below a certain price and help us identify where the market activity is the strongest, that number is $1,084,000 vs $835,000 same quarter a year ago which represents a 30 percent increase.
This also means that if the property listing price is close to the Median price, then there are more potential buyers available for the property.
Finally, when we look at the Months of Inventory based on closed sales, we are at 11 months vs 13 months comparing current quarter to same quarter last year. This number equal the number of properties for sale vs the number of properties sold and as a general rule of thumb, an inventory level of less than six months is considered to be a Seller’s market while an inventory level over nine months is considered a Buyer’s market and a balanced market is between six months to nine months.
Realistic pricing when listing a property for sale is very important in today’s market and this is one of the reasons why we are experiencing a higher volume of sales compared to last year. Sellers are finally adjusting their expectations and the market is immediately showing more interests.
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.
