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Pinecrest Deep Dive: Third Quarter 2016 Recap

If we break Pinecrest out into three separate submarkets (North, Mid and South), we see the following:

North Pinecrest

The submarket has 64 active listings, up from 55 in the second quarter. If we go back to the 3rd quarter of 2014, North Pinecrest had only 29 active listings. During that same time (3rd quarter 2014 versus 3rd quarter 2016), the average days on market has jumped from 103 to 169 days. The average sale price per square foot has also increased from $372 to $402 in the last two years, a modest increase of 6%. Since the second quarter of this year, the average sale price per square foot is up slightly from $378 to $402. As we can see, pricing is up slightly in the last two years, but not significantly. During the third quarter, North Pinecrest did witness two sales of new construction houses on 63rd Court that sold at or slightly above $500 per square foot, among the highest in Pinecrest’s history.

Active listingsADOMAvg List PriceAvg List price/ Sq. Ft.Avg Sale priceAvg Sale price/ Sq. Ft.Home SalesMedian PriceSales price/List price
2Q 201655175$2,446,264$409$2,283,636$37811$1,920,00092%
3Q 201664169$2,890,243$430$2,719,536$40214$2,052,50093%

Mid Pinecrest

The submarket has 44 active listings, down from 54 in the second quarter. If we go back to the 3rd quarter of 2014, Mid Pinecrest had only 37 active listings. During that same time (3rd quarter 2014 versus 3rd quarter 2016), the average days on market has jumped from 52 to 154 days. The average sale price per square foot has also increased from $323 to $336 in the last two years, so sale prices have remained relatively flat in the last two years with only a 4% increase. In fact, pricing decreased from the second quarter of this year on a per-square-foot basis, from $359 to $336.

Active listingsADOMAvg List PriceAvg List price/ Sq. Ft.Avg Sale priceAvg Sale price/ Sq. Ft.Home SalesMedian PriceSales price/List price
2Q 20165499$1,882,818$388$1,729,600$35911$1,646,00093%
3Q 201644154$1,914,222$359$1,787,444$3369$1,425,00093%

South Pinecrest

The submarket has 53 active listings, down from 61 in the second quarter. If we go back to the 3rd quarter of 2014, North Pinecrest had only 34 active listings. During that same time (3rd quarter 2014 versus 3rd quarter 2016), the average days on market has jumped from 58 to 187 days. The average sale price per square foot has also increased from $286 to $317 in the last two years, an increase of almost 11%. Since the end of the second quarter of this year, pricing is down slightly on a per-square-foot basis, from $326 to $317.

Active listingsADOMAvg List PriceAvg List price/ Sq. Ft.Avg Sale priceAvg Sale price/ Sq. Ft.Home SalesMedian PriceSales price/List price
2Q 201661180$1,890,538$351$1,772,246$32613$1,290,00097%
3Q 201653187$1,394,400$334$1,321,600$31710$1,305,00095%

Pinecrest Market Recap

Although inventory of active listings is down in two of the three Pinecrest submarkets from the second quarter, two of the three submarkets have also seen lower average sale prices per square foot since the end of the second quarter. The number of sales has remained relatively steady across all submarkets on a quarterly basis over the last two years, but we are seeing much higher levels of inventory if we compare today’s inventory of active listings to that of two years ago. We are also seeing much higher average days on market for properties that do sell. This should continue to put some downward pressure on pricing as we move forward. Despite this, the ultra-luxury market in Pinecrest is still witnessing some of its highest sales in history and the level of construction starts has decreased with much less speculative building going on right now.

My business has been built on cultivating long-term relationships. Please let me know if I can be of assistance to you and your family, whether renting, buying or selling.

You can reach me directly at 305-793-4783 or Ben@BenMossGroup.com.

Ben specializes in South Florida luxury real estate in the cities and neighborhoods of Coral Gables, South Miami, Pinecrest, Coconut Grove, Miami Beach, South Beach, and Key Biscayne. His track record of success includes significant sales and record breaking transactions in Miami-Dade and Broward County. As a thought leader in South Florida luxury real estate, Ben is regularly featured in local media sharing insights from his comprehensive real estate market reports. Ben also runs the Sports & Entertainment division for ONE Sotheby’s International Realty, having represented hundreds of athletes and entertainers with their real estate needs nationwide. Experience the power of passion aligning with data centered knowledge - reach out to Ben about your upcoming real estate transaction.