Single family home sales in the Village of Pinecrest were surprisingly good the first half of 2020 despite the shut down from Covid 19 in February and slow trickle of life forms emerging from their cocoons in May.
Condo dwellers have been running from the towers on Brickell to the wide open spaces of Pinecrest, seeking shelter without elevators and dense population.
The big story of 2020 is inventory. Homes for sale in the Village peaked in February with a 12-month supply to a low in March with a seven-month supply. As of this date, inventory at all price points remains at a seven month supply, down by 37% when compared to the first half of 2019. While a seven month supply is technically a pretty balanced market, favoring neither buyers nor sellers, this number varies greatly depending on sales price. Let’s break it down.
The under $1 million price tag has only a two-month supply of homes on the market right now, making it a tremendous sellers market and tough for first-time home buyers to find affordable housing in Pinecrest. And this has been the case throughout the first half of the year, with inventory averaging a four-month supply from January through June, down from a seven-month supply for the same period last year.
In the luxury market, with homes between $1-2 million, it’s an entirely different picture. There was an average of 20-months of inventory the first half of the year, now at a nine-month supply, which is a balanced market for this price range. Ultra luxury homes, above $2 million, averaged an 18-month supply during the first half of the year and are now at a 14-month supply.
Compared to the first half of last year, the number of homes sold in Pinecrest was up by 8% and the total volume of sales by 5%. Average and median price per square foot (ppsf) also increased by 5%. There were a few down indictors with the average sale price off by 2% and the median sale price by 12%. But overall, Pinecrest received a good pandemic report card.
Not a surprise was the preponderance of sales in the SW quadrant, where the average price of a home was $935,000…clearly the best buy in the Village where homes are on smaller lots.
The SE quadrant, with the lowest number of sales, had positive growth in almost all other indices. The average sale price was up 39% and median sale price up 33%, some pretty impressive stats.
The NE quadrant, usually commanding the highest average and median sale price, were down a bit the first half of the year. But NE Pinecrest saw a nice 13% and 11% increase in average and median ppsf, respectively.
Of all quadrants, the NW had some curious stats with a 10% increase in average sale price but a 19% decrease in median sale price. These numbers, usually quite close, were skewed by a few high priced sales.
Village of Pinecrest 2019 Annual Report
Your home should be listed with an experience 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. We can meet virtually through facetime or zoom. Homes are selling and virtual tours are the new normal.