What is happening in the Pinecrest Real Estate Market for the 3rd Quarter?
First we have a snapshot of where the market stands for the 3rd Quarter. 133 Active Listings, 54 Closed Sales, and 7 Months of Supply. The #'s look good. Below, we see where most of the market activity is taking place... there are no listings under $1-Million Dollars... look how strong the market is between $1-$5Million, and even at $5-$10-Million we have strong activity. Then above $10 Million only 1 Sale for the Quarter, which came in at just under $20-Million or $19.5-MIllion, truly a 1 of 1, 20,000 sqft palatial estate on 2 Acres built in 2023 so newer construction which comes out to about $1,000/sqft.
Next, we compare the 3rd Quarter to the previous 2 Quarters to see if we can spot any trends... The key indicators are giving us mixed signals - on the good side = Active Listings are down, Closed Sales up, Months of Supply Down, then the bad = Days on Market is up and Median Price per Sqft and Median Price Sold have come down from the 1st Quarter. Mixed results but overall good.
If you are a Seller in Pinecrest, the #'s look good for you especially if your home is under $5 Million, but slower above that. Also, please know that this market will reward you if your home is in turnkey condition, but punish you if it is not so please consider this before listing. For Buyers - the data here points to a Sellers market, however do take note that Days on Market is up while Median Price per Sqft has come down. Interest rates just moved below 6.5 % which is good for you.
Overall, the #'s for the 3rd Quarter in the Pinecrest Real Estate Market look good. Inventory levels are down, Closed sales are the highest for any quarter this year and Months of Supply is the lowest at 7 months so even though Days on Market has increased to 88 Days the highest for this year we feel this is still good given the high Median Price Sold is $2.5 Million.
As we start the 4th Quarter and Interest rates are now below 6.5% this should be a positive catalyst for the market as well. As I start my 20th year in the Miami real estate market I can proudly say that our goal in making these these videos is to help as many people as we can by sharing with you real market data to give you a better insight into the local market.
We thank you for watching, and We'll see you soon.