February 11, 2017 by Amit Bhuta - ONE Sotheby's International Realty
Since I live in Pinecrest, sell luxury real estate for ONE Sotheby's International Realty, and have been a paid analyst for a billion dollar New York hedge fund company, I often get asked, "How is the real estate market in Pinecrest?" The perception of how the market is compared to reality are two different things.
In Miami-Dade County, in January 2017, inventory increased 10.7% and sales went down 13.1% compared to January 2016. Homes were on the market 15% longer before an offer was accepted the first month of this year compared to the same time period last year. I have broken down the Pinecrest real estate market to view into two segments, sales and rentals.
The South East Florida MLS (Multiple Listings Service) allows up until the tenth of the month for brokers to input their data from the month before so that the previous month's data can be tallied. The data within this report was taken on February 11th for the results of January so the data is as updated as possible.
Pinecrest Real Estate Sales Market
According to the South East Florida MLS, the amount of inventory in January 2017 (166 homes) decreased nearly 6% and sales (17 homes) went up 21% compared to January 2016. Although the Pinecrest market was much stronger than the Miami-Dade County market, properties were on the market in Pinecrest far longer before offers were accepted. Homes were on the MLS 61% longer (137 days) in January 2017 than in January 2016 (85 days).
The most expensive listing that sold in Pinecrest in January 2017 was for $1,945,000 at 13081 SW 77th Ave and was on the market for 232 days before an offer was accepted. The average price per square foot for sold properties was $306/square foot compared to $310/square foot in January 2016. Although prices, sales, and inventory are healthy, properties need to be priced at market value or below in order for them to sell.
Pinecrest Rental Market
There are many people that are knowledgeable about the Pinecrest sales market, very few people are familiar with the rental market. Currently, there are thirty-two properties for rent. Twenty-five are single family homes and range in price from $2,600 to $16,500 per month. There are seven condos/townhomes for rent that range in price from $1,200 to $3,890 per month. To view the all the homes for rent in Pinecrest currently, click HERE.
There were only six properties that rented in Pinecrest in January 2017. Click HERE to view to see what rented.
Graphs and Data
To view much more detailed data and graphs, click HERE.
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