Big Difference in Sale Price vs List Price in Pinecrest
There’s a huge difference right now in the average and median home sale price vs list price in Pinecrest.
I analyzed the sales and listing data between January 1st through April 30th this year.
65 CLOSED SALES
- Average price – $3,425,818
- Median price – $2,850,000
- Average Days on Market – 78
24 PENDING SALES
- Average price – $2,765,292
- Median price – $2,575,500
- Average Days on Market – 66
83 ACTIVE LISTINGS
- Average Price – $6,029,670
- Median Price – $5,315,000
There is an explanation. The uber luxury homes don’t move as quickly, which is quite typical. And it skews the data dramatically. Out of the 65 homes that sold-
- 38 were between $1-3 million,
- 20 were between $3-6 million and
- 7 homes sold between $6-14 million.
Two homes sold above $10 M and took a year to sell. These super lux homes, which have a smaller audience of buyers, can take much longer time to sell. They frequently sit on the market, inflating the average and median list price.
The homes that were for sale during the same period tell another story. Out of 83 active listings between January and April – 28% of the homes reduced their asking price. This is quite common as sellers test the waters and list at prices that don’t attract offers. Unrealistic sellers eventually get tired of being on the market and reduce their price. This comes with consequences. While sellers finally appeal to the right group of buyers, the buyers always ask why it’s been on the market so long. It reduces the homes appeal and gives the impression the sellers are primed for a reduced price offer.
The upshot here: price right!
I’d be thrilled to help you with any of your real estate needs in our beautiful Village of Pinecrest. I am the data queen and know just about everything Pinecrest. Let’s have a chat. 305-898-1852.
