Pinecrest Luxury Real Estate Market Report

The Pinecrest luxury real estate market continued to be a buyer’s market during the month of May.  No dramatic changes occurred with any of key statistics last month.  One notable change was the first sale of a Pinecrest property priced over $5,000,000 this year.

Pinecrest Luxury Real Estate Market 

During the month of May there were 160 homes for sale in the Pinecrest luxury real estate market.  Luxury properties are those priced over $1,000,000.  The number of homes for sale was up 6% compared to April and up 40% compared to last year.

There was no change in the amount of homes closed with 11 properties sold during May.  That number is up 10% compared to May of last year.

9 homes were placed under contract in May.  That is a 47% decrease from the prior month.  If the month of June has less than 9 homes placed under contract then the market will be showing signs of a downturn because a low absorption rate is an important indicator of a slowing market.

The average sale price per square foot was $383.  That is a nearly 8% increase from the prior month, and up 30.7% from May of 2015.

The average days on the market for Pinecrest luxury real estate in the month of May was 186 days.  That is up 124% compared to a year ago.  Based on closed sales, there are 14.5 months of inventory, up almost 6% compared to the prior month.

$1,000,000 – $1,999,999

One third of the entire Pinecrest luxury real estate market is found in the segment of homes prices between one and two million dollars.  During the month of May there were 82 homes for sale in that price range.  That is up 12.3% compared to April and up 78.3% compared to May 2015.

More than 63% of all luxury sale in the month of May were between $1M & $2M.  Seven homes closed.  That is a 16.7% increase compared to April but a 22.2% decrease from a year ago.

Five homes were placed under contract.  More than half of all Pinecrest luxury real estate properties pended in May.  The average sale price per square foot was $332, up 19.4% from the prior month and up 29.2% from a year ago.

The average days on the market was 183.  Nearly the same as for the Pinecrest luxury real estate market generally.  It is up 103% from a year ago.  The months of inventory for this market segment is 11.7, up 129% from a year ago.

$2,000,000 – $2,999,999

There were 42 homes for sale in the price range during May.  Two homes closed and three were placed under contract.  The average sale price per square foot was $388.  That is down 7.8% compared to April.

The average days on market is 97, which is significantly lower than the Pinecrest luxury real estate market generally.  There are 21 months of inventory.

$3,000,000 – $4,999,999

There were 26 homes for sale in the $3M – $5M range.  One property closed and one was placed under contract.  The average sale price per square foot was $362, down 16% from April.  The average days on market was 279, significantly higher than the Pinecrest luxury real estate market generally.  The months of inventory for this market segment is 26.  That is down 3.7% from a year ago.

$5,000,000 Plus

The first 5 million dollar plus property sale in Pinecrest this year happened in May. That property sold for an average of $549 per square foot.

There are 10 homes for sale priced over $5M.   The average days on market for this segment of the Pinecrest luxury real estate market is 294.  That is over 100 days more than the market generally.

 

For more information on the Pinecrest luxury real estate market subscribe to this blog and contact Adrian Foley at [email protected] or 305.281.1377.  

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Pinecrest Luxury Real Estate Listings

 

Search the current listings in the Pinecrest luxury real estate market below.


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