RISING INVENTORY LEVELS PROVIDE BUYERS MORE OPTIONS
As we look at the 1st half of 2022 in the Pinecrest market, we see more homes hitting the market and staying on the market for longer. This means more options to choose from as a Buyer. However, as a balanced market showing 5-6 months of inventory, with July 2022 at 3.5 months of inventory for closed sales, we are still showing a Seller's market with 5 or less months of inventory. June 2022 did show 5.5 months of inventory, so creeping up to a more balanced market. Finally, while $/sq. ft. is at an all-time high at $740 over the last 14 months, average sold price for July 2022 showed only a 5% increase vs YA.
PRICES AND VALUES REMAIN HEALTHY IN PRESTIGOUS PINECREST WITH $/Sq. Ft. 35% HIGHER vs. YA
It is clear that Pinecrest has catapulted into one of the most desireable neighborhoods to live in South Florida. Flanked by A rated public schools and numerous private schools, larger lots averaging 25K sq. ft. and larger homes in general, families understand the beauty and value of the Village of Pinecerst. With such demand, even with the uptick in inventory which is leading the area into a more balanced market, average sale prices remain higher than 1st half of 2021. In fact, the avrg. price/sq. ft. is trending upwards, with July 2022 at $740/sq. ft. up 36% vs. YA.
ACTIVE INVENTORY LEVELS UP 47% vs. YA
The amount of homes on the market in Pinecrest is trending upwards, with July 2022 showing 94 homes available, the highest number of homes on the market in the last 14 months. These levels are up 7% vs. June 2022 and up 47% vs. YA.
HIGHER MONTHS OF INVENTORY EDGE INTO BALANCED MARKET
July 2022 showed 3.5 months of inventory available in Pinecrest, higher than the mere 1.7 months of inventory in July 2021.
PINECREST HOME CLOSING SHOW A SLOW DOWN
While July 2022 had a good month of closings for the summer especially, it also showed 29% less properties closed vs YA.
*Source: Trendgraphix, Inc.
