Village of Pinecrest 2019 Annual Real Estate Market Report
I’m pleased to provide you with my Village of Pinecrest 2019 Annual Real Estate Market Report.
Pinecrest single-family home sales didn’t quite reach the highs we experienced in 2018. While there was a 2% increase in both the median and average price per square foot (PPSF), the number of homes and median price of homes sold decreased by 9%. Also, total sales volume was down by 8% and the average price of homes by 5%.
The Village has a diverse range of property sizes, from quarter acre to over one acre lots, accounting for distinct differences in property values. To account for these differences, I’ve analysed Pinecrest by sectors, dividing it into NW, NE, SW and SE quadrants with 67th Av. dividing the East-West sectors and SW 112 St. the North-South sectors. Noticably, the SW sector has significantly more homes on smaller lots vs. the remainder of the Village, and this accounts for the greater number of homes sold and lower sale prices.
The Data
Jump in and explore the tables to see exactly what the numbers show for the entire Village of Pinecrest as well as each sector. While the NE quadrant always commands the highest prices, last year, the NW quadrant surged in average and median price as well as average and median PPSF.
The following table breaks down sales by price range with 66% of sales under $1.5 million and 34% over $1.5 million. No surprise here that it’s a classic pyramid, with fewer sales in the top tier.
Days on Market is an important metric of price and its relationship to sales. In the higher priced NE sector, homes are on the market an average of 65 days longer than the SW sector, where home values are lower. Why? There are fewer buyers above $2 million.
The other metric in this graph is the % sales price to list price. The NE sector is selling at an average of 90% vs the SW and NW sectors at 94% sale price to list price. This shows that homes below $1.5 million are listed 4% closer to their sale price.
Outlook
While it was a buyer’s market last year, the current market is healthy, with 159 homes available for sale. Pinecrest has a very active and strong market for both buyers and sellers. Buyers are exhibiting more patience and purchase savvy and tend to place offers when they believe a property is priced in line with market value. The number of reduced-price listings last year demonstrates that buyers are unwilling to pay above market value.
Your home should be listed with an experienced Realtor to get the best possible sales price. Please give me a call for a professional valuation if you are considering selling your property. 305-898-1852.
