The quantity of homes for sale is relatively unchanged, the quantity of sold homes is down 44%, while the number of pending homes is up 35% from same time last year. The rise in pending home sales indicates that buyers are buying again and that sales will be up when these homes sell.
Months of Inventory in Pinecrest
The months of inventory in Pinecrest is up 78% from same time last year. Many sellers are still not realistic in their asking prices, therefore numbers of homes on the market just keeps rising, slowing down a recovery.
Average Square Foot Prices in Pinecrest
Average Square Foot prices of homes in Pinecrest has fallen 25% in the past year. The falling prices in Pinecrest has spurred a bit of activity in the marketplace this past quarter. Hopefully, we will be seeing a leveling off of prices through the summer.
Average Price of home in Pinecrest compared to the average sold price in Pinecrest.
The asking price of houses are down about 4%, while the average sales price is down a whopping 34.9%! Again, we are hoping that we are seeing a bottom in Pinecrest. The buyers are coming out though and are very well educated. If there is a well priced home on the market, buyers are looking to buy, not necessarily looking for a bottom in the marketplace, rather an affordability level which we seem to have reached in Pinecrest.
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, Robin at 305-546-0447, by email at info@WeSellMiami.com or online at http://www.wesellmiami.com