In our latest market update, Ognjen covers the details about the market for the Pinecrest single-family home market in the southern part of Miami-Dade.
Market Update: VIDEO – MARKET UPDATE: Pinecrest Real Estate Update Single Family Homes
Download for Buyers our FREE 8 MOST IMPORTANT QUESTIONS AND ANSWERS PDF HERE:
Want a little advice about buying a home in Miami?
Call Jamey or Ognjen for a FREE consultation today: 305-793-8965
Check out all of our videos on YouTube
Never miss another Live Video, Join us on our Facebook Page
Follow us on Instagram
If you would like to talk more about buying, give Ognjen a call at 305-439-7511
Hi, my name is Ognjen Prezzi with the Prezzis at Miami City Diggs, and today, I’m going to talk about the Pinecrest Market Update for single-family homes.
Today I’m gonna tell you what’s going on in the market, the highest sale, and why this information and what we’re doing over here, why it’s so important to you whether you’re buying or selling the property. So let’s talk about Pinecrest, let’s get into it. Pinecrest: Now, we have 203 properties there on the market right now. 29 new properties that came on the market in the past 30 days. 38 houses are under contract, which means these properties, they received a contract, they’re just waiting for contingencies to be closed, and finally, sold.
What happened in the past six months? Now, we have 120 homes that sold in the past six months. I use six months as a benchmark because the banks use this when they send the appraisers out, and this is the pretty much best indication of the market and what’s happening right now. These 120 homes basically sold recently, past six months, and that’s actually 26% more than the year before at this time, so that’s actually really good. Great activity, we definitely see increase in activity.
Okay, the highest sale: The highest sale was a property located at 5801 Moss Ranch Road, listed, actually it was sold, for $7.2 million, and that was actually discount, 10% from the original price. Big property, over 15,000 square feet, huge, nine bedrooms, and the biggest thing is the lot size: almost 57,000 square foot lot, so that is definitely a big, big, big house and a big lot. That’s why, actually, people like the Pinecrest, because of that, for the big sizes of everything.
Let’s talk now about the total months of inventory, and why I always talk about the months of inventory, why this is so important. If there are no other properties that come on the market, how long would it take, approximately, for these properties to be sold? And we’re talking about five to seven months, we’re talking about a balanced market, pretty much the way the market should be. Everything below five months, we’re talking about a seller’s market.
Everything above nine months, we’re talking about a buyer’s market. So, total months of inventory for the entire Pinecrest is 10 months, which is to be expected if we take all the price points in consideration. Now $5 million and up, we’re talking about a couple years it takes for the property to be sold. $3 million to $5 million, 16 months. $2 million to $3 million, 15 months. $1.5 to $2 million, again 16 months. That’s pretty similar, these price points, so we see always less sales, less sales and more properties on the market. $1 million to $1.5 million, we’re dropping right there to seven months, so that’s excellent.
Obviously more sales, and less amount of inventory. $800,000 to $1 million, we’re going back up to nine months which is a buyer’s, we’re still in the buyer’s market. And then $800,000 and under, we’re talking about three months, which means these properties that are priced correctly, they come on the market and they are sold. Why does this is important to you? If you’re a buyer, you really need to understand where you’re at, obviously. If you’re buying a property under $800,000 or less, you gotta be aware that your offer has to be really, really good, otherwise you may have a lot of competition.
Also, if you’re selling, let’s say, somewhere $1.5 to $2 million, you’re talking about 16 months of inventory, so you should really think about it: What is your competition, how you should price your property correctly in order to be sold. This is why we always talk about the months of inventory and what do you need to do in order to sell or to buy. If you have any questions about Pinecrest, or if you have any questions about a particular property, let me know.
Also, if you like what we do every week, just give us some love on the Facebook or the YouTube, or just send me a text messaging, or any kind of message, email. Let me know if you like to talk about anything else related to the real estate. My number’s 305-793-8965.