As of January 23, 2018 the year is off to a very strong start in Pinecrest with 8 closed sales and 8 pending sales. We are experiencing a very busy January and this looks promising for the upcoming months.
Closed sales:
$1,760,000 ($400/SF)
$1,237,500 ($393/SF)
$1,140,000 ($312/SF)
$1,068,000 ($345/SF)
$735,000 ($350/SF)
$700,000 ($375/SF)
$510,000 ($352/SF)
$490,000 ($206/SF)
Pending sales:
1 pending sale above $2 million
1 pending sale at $1.285 million
6 pending sales under $1 million
For properties under $1 million, the inventory continues to be at healthy supply levels.
That segment currently represents 20 percent of our inventory and 47 percent of our sales.
Over the last three months, the average months of inventory based on closed sales is 6.2 months, which shows the strength of this market.
For comparison, it was at 6.7 months over the same period just one year ago. The average price per square foot of sold properties over the last three months is $257, which is slightly under $263 per square foot over the same period a year ago.
For properties priced above $1 million, which represents around 80 percent of our Inventory and 53 percent of our sales, the average Months of Inventory over the last three months is now at 16.5 months compared to 23.2 months a year ago for the same period. In that price range the optimum Months of supply is between 12 and 18 months. This shows that Sellers are finally adjusting prices to be in line with buyer demand, and, as a result, buyer activity is picking up. The average price per square foot of sold properties over the last three months is $388 compared to $335 per square foot over the same period last year. In the last few months we have sold few new high-end trophy properties with prices per square foot ranging between $400 and $531, but these are outliers and do not reflect the overall condition of the market.
As of today, we have 187 homes available for sale. We have been averaging 30 sales per months over the last 3 months with an average sold price per square foot of $355, and at the end of December 2017 there were 9.9 months of Inventory based on closed sales.
We are still experiencing a large amount of oversupply of homes priced above $3 million. We currently have 54 homes priced over $3 million and we have sold 15 homes in this price range over the last 12 months. This ultra-high-end corner of the market might see another price adjustment over the coming months.
All in all, Pinecrest residents can be very proud of the performance of their market compared to other areas of Miami-Dade, which are still experiencing sluggish sales and oversupply situations.
Some foreign currencies have been appreciating in value against the US Dollar over last year, particularly the Euro zone. Brazil and Argentina are still suffering, but Colombia, Mexico, and Peru have gained some strength.
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.
