Pinecrest Market Analysis 2012 – The Year in Review

The Village of Pinecrest had a very good year with 223 homes sold for  just under $217,000,000.00 in total sales.  Sales ranged from $220,000.00 to $4,500,000.00 with an average sale price of $972,821.00 and an average square foot (SF) price of $232.00. In the chart below, Pinecrest is divided into approximate quadrants to evaluate the statistical differences within the community.

NE Pinecrest (NE: 88th St. to 112th St. / 57th Ave. to 67th Ave.) had the highest sale of $4,500,000.00 ($458/SF).  Average and median prices and prices per SF were highest in this quadrant as well.  Also, properties in the NE section had the most acreage, the most sales over $1,000,000.00, only one foreclosure and no short sales.

NW Pinecrest (88th St. to 112th St. / 67th Ave. to S.Dixie Hwy) had the highest average sale price to list price, meaning that properties sold closest to their asking price.  This area had the lowest total volume of sales at just under $42,000,000.00 with an average sale price of $952,971.00 ($225.00/SF).  Houses were on the market for an average of 124 days.

SE Pinecrest (112th St to 136th St. / 57th Ave. or Old Cutler Rd. to 67th Ave.) had the second highest sale at $3,000,000.00 ($413/SF) and the second highest average and median prices and prices/SF.  The SE area had the highest average number of bedrooms at 5 and average SF at 4,857.

SW Pinecrest (112th St. to 136th St. / 67th Ave. to S. Dixie Hwy.) had the greatest number of houses sold at 89 but the lowest average and median prices and prices per SF.  Two factors affected the sales prices in this quadrant – smaller houses with an average of 4 bedrooms, 3 bathrooms and 3,114 SF and  smaller lot sizes with 56 homes on 1/4 to 1/2 acre.  The majority of sales (78) were  under $1,000,00.00.  This area also had the most foreclosures (6) and short sales (10) in Pinecrest, although Pinecrest as a whole, had only 13% distressed properties.

*Quadrants represented in this article are not exact and only meant to give relative approximations.