As we are reaching the end of May when I write this, I thought it was a good time to give an update on the Pinecrest Market from the beginning of the year.
East of Ludlam:
There are currently 89 homes for sale. 36 at $2,000,000 or higher, 32 homes are priced from $1,000,000 to $1,999,000 and 21 are below $1,000,000.
There are 16 homes under contract, 5 which are short sales and 1 is a foreclosure.
There have been 21 closings since the beginning of the year. There were no foreclosures but there were 3 short sales.
The estimate of the rate at which homes will be sold each year is called the absorption rate. This absorption rate will help you understand how the inventory of homes on the market affects the sale prices in the Pinecrest Real Estate market.
We measure months of supply as (The Number of Homes Currently on the market) ÷ (The Average Number of Homes Sold each month in the past 12 Months).
There were 6.3 sales per month in the past year and there are 82 homes currently on the market. The absorption rate we see is of 13 months, meaning we have an inventory of homes that will take about 14 months to sell.
Lynn Cromer & Robin Parker are real estate sales and marketing professionals for Coldwell Banker in beautiful Pinecrest, Florida. For more information on Pinecrest, Florida or the communities of Coral Gables, Palmetto Bay and Coconut Grove, Lynn can be reached at 305-962-4068 or Lynn@LynnCromer.com , Robin at 305-546-0447 or RobinParker@bellsouth.net or online at www.WeSellMiami.com.
(Information believed accurate but not warranted)