What is “Months of Inventory” ?October 8, 2016
Coral Gables Quarterly Market ReportOctober 17, 2016
Pinecrest Market Report – Q3 2016
This quarterly report provides a brief analysis of the current state of the Pinecrest real estate market. For more information, feel free to contact our team. Knowledge is power!
- Median and average home prices continue to increase across the board.
- The number of homes sold remains steady, while inventory rises.
- Marketing time increases as potential buyers have more options and greater negotiability.
- Distressed sales (foreclosures, bank-owned properties) continue to decrease.
Home Values : Median and Average Prices
- Year over year home values increased, as median and average prices rose by 10% and 13 %, respectively, and price per square foot increased by 9.8%.
- A decline in distressed sales and increase in high-end listings helped push prices higher.
Median Home Prices in Pinecrest, Past 6 years
Inventory Levels and Pace of Sales
- Inventory levels have greatly expanded since the start of 2016, peaking in May (see graph below).
- The paces of sales remains steady, with 208 homes selling in past 12 months, compared to 214 in the 12 months before that.
- Months of Inventory increases as supply rises relative to demand, thus creating a “Buyer’s Market”.
Homes For Sale and Sold in Pinecrest, Past 3 years