Residential Market Outlook – Pinecrest Real Estate
Miami Herald – Business Monday
Last month, the Zeder Team began taking a closer look at the residential real estate market across Greater Miami, offering a short overview of the activity we are seeing as Realtors in the marketplace. Working within EWM Realty International/Christie’s International Real Estate, our team is consistently ranked among the Top 5 Realtors in Miami-Dade County, from a field of over 35,000 real estate professionals. Whether you are interested in a specific location or the Greater Miami area generally, we hope you will appreciate our periodic perspectives on the residential home and condominium market conditions in South Florida.
Our focus this month will be on the Village of Pinecrest. Conveniently located ten miles south of Downtown Miami, Pinecrest was incorporated as a municipality in 1996 and today is one of Miami-Dade County’s most desirable and sought after neighborhoods. Among its greatest assets are the highly rated schools, both public and private, either within or just outside its boundaries.
Community amenities include active and passive parks, several houses of worship, easy access to major roadways and Miami-Dade’s MetroRail, and nationally-ranked shopping outlets within close proximity. Pinecrest is known for its extensive vegetation and large residential acre-sized lots, which along with its top-ranked schools have been magnets for families since the mid-1900s.
Pinecrest real estate had 156 single-family homes listed for sale on August 31, 2015, ranging in price from $574,000 to just under $10 million. Current listings represent only 25% of the number of properties available for sale five years ago. For the six months ended August 31, 2015, there were 131 sales, with prices ranging from $433,000 to $5,100,000. With a current average of 22 sales per month, Pinecrest has a seven month supply of remaining inventory, considered by industry observers to be a healthy market, within the optimum range of six to nine months.
Breaking down the Pinecrest market a bit further, there are currently only 37 homes listed for sale under $1,000,000, representing just 24% of existing inventory, making this price range one of the most difficult in which to find a home. There have been 66 sales under $1,000,000 in the last six months, representing one-half of all sales during that time period. This translates to an incredibly fast “list to sell” timeframe, with just over three months of available inventory for homes in Pinecrest priced under $1,000,000.
Between $1,000,000 and $2,000,000, there are currently 55 homes for sale in Pinecrest, representing 35% of all inventory. Corresponding sale numbers in this range are also quite strong. There have been 46 sales in the last six months, representing 35% of all closed transactions. This puts the inventory of homes in this range very close to what has long been considered an ideal amount of inventory – right around seven months.
The remaining 41% of the inventory, priced over $2,000,000, has had 19 sales in the last six months, representing almost 20 months of inventory. While the months of inventory of $2,000,000 homes are higher than both of the other groups, this is not uncommon for the luxury home market, where homes generally remain on the market longer.
It will be important during 2016 to watch the number of sales in the highest price range, along with the number of new listings, as ideally the months of supply should be a little lower. And with fall and winter around the corner, traditionally the luxury market’s busiest selling seasons, we do expect an uptick of sales over the next six months.
We hope you’ve enjoyed this quick look into our market. We look forward to keeping you further informed over the months ahead.
The Zeder Team
EWM Realty International
Christie’s International Real Estate