Pinecrest Sales Data for past 6 months.
It's that time of year for data for the last 6 months. Although it might seem that we have no seasons here in Pinecrest, our selling season is highest in the "Spring/Summer", which corresponds to typical selling seasons throughout the country.
You'll see the most homes sold in early Spring with a drop starting in September. We should see this drop continuing through January of 2011. The amount of sales this year is slightly down from last year. I believe this shows a stabilization of our marketplace.
These graphs do not include any REO or Short Sales. I will discuss their impact at the end of the blog.
Below is one of my favorite pieces of data, which is how much per square foot are homes in Pinecrest selling for. See below.
The average square foot price sold for the past 6 months was $250. This is the same price per square foot as the same time last year.
Another great graph, shows sales prices based on their ask price. These prices too are down a bit from last year. I know many people tell me they will not sell until prices come back again, but truthfully, as our market continues to stabilize, we will continue to see slight decreases in home prices. This is what is bringing out the buyers.
Lastly, one of the most important factors of all this information, is how many months of inventory is there in Pinecrest. The more homes on the market, the longer our recovery.
Pricing is crucial if we are to move forward to more normal times. Inventory is up this year compared to same time last year again pointing to a decrease in pricing.
Foreclosures and Short Sales: Of all these sales in the past 6 months, an additional 7 were Foreclosure sales, with an additional 18 sold as short sales. Fortunately, Pinecrest is not plagued by foreclosures as many other areas are. This helps keep up our prices as appraisers are not forced to compare a "Real" sale to a foreclosure or a short sale. Most of these REO/Short sales were priced from $400,000-$700,000. Only one was above a million dollars at $1.2Million. The average square foot price of these sales was under $200.