In a nutshell, Pinecrest homes in Q2 are selling at higher price points, with sellers receiving even more than the original list price for their properties! With just listed properties’ open houses garnering over 50 families, the demand for Pinecrest is at an all-time high.
How Many Pinecrest Homes Sold Compared to Last Year?
If we look at the number of properties sold in Q2 of 2022 vs. Q2 of 2021, there is a 48% increase. This shows that even though the market supply is softer, each home that is listed is being scooped up quickly, adding to the sheer number of homes sold in Pinecrest.
What Did the Highest-Priced Home Sell for in Q2?
A new, modern estate by renowned architect Eduardo Calil, located in North Pinecrest at 9121 SW 62nd Ct., earned top honors with a sales price of $9,800,000. Boasting 1.1 acres of land, 8 bedrooms, and 10 baths, this walled and corner property has 3 structures, including the main house, guest house, and gym in over 14,000 sq. ft. of living space.
How Is Pinecrest Selling on a Price/sq. Ft. Basis?
Pinecrest has been proving to be a fantastic investment quarter after quarter. In Q2 of 2021, Pinecrest properties sold at an average price/sq. ft. of $473, a 10% increase vs. Q2 2020. This is an important metric that is used to compare properties on an even playing field, regardless of size. We are seeing new constructions or remodeled properties earning premium prices as many homeowners from out of state looking to move right in are willing to pay a premium for these types of homes.
What Are Sellers Willing to Discount Properties at?
The answer is simple: nothing! In the past, we have seen Pinecrest sellers sell their properties are a 12% average discount. But in today’s market, homes are experiencing a -3% discount, meaning that homes are seeing multiple bid situations, and ultimately selling for MORE than the purchase price in many cases, especially if the house is new or remodeled.
Are Pricier Pinecrest Homes Selling More?
The majority of Pinecrest homes between $1MM-$3MM represented more than half of Q2 Pinecrest sales. The second-largest segment of sales were homes sold between $3MM-$4MM. This comes as no surprise, given the number of older ranch homes being torn down and replaced by large, new construction homes selling for premium prices.
With buyers valuing land and ample living spaces more than ever before, and proximity to top schools, it’s no wonder Pinecrest is a coveted place to live!
Talk to the Pinecrest Expert
If you are even thinking about selling, perhaps you are an empty nester with kids in college and beyond, want to upgrade to a larger house, or simply move/retire to another city, this is an excellent time in the Pinecrest real estate market to get top dollar for your home.
Contact Denise Horvilleur Luxury Real Estate with Coldwell Banker Global Luxury, Pinecrest Office, directly to get a complimentary, no strings attached valuation of your home to see what your sale price could be! As a Pinecrest resident for over 30 years and 14 years in the real estate market, Denise has the insights and expertise to guide you through the home selling process with ease.
