Pinecrest Quarterly Market Report

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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!

 

Market Highlights

  • 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.

 

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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

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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

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