The Pinecrest Market during the month of February had a similar amount of sales activity as the month of January. [See more about January 2017 here]. The month ended with 17 closed sales, 30 new listings and 12 pending sales.
The market continues to rack up million dollar plus inventory. 76% of all listings in Pinecrest are priced at $1,000,000 or more. Currently, there are more than 220 homes for sale.
The average sale price per square foot of the 17 closed sales in February was $270. That is a 13% decrease from the prior month’s average sale price per square foot of $312. The luxury market also experience a decrease in the average sale price per square foot. For home sales above $1,000,000 the average price per square foot was $312. That average is down 10% from the average during the month of January.
One thing that stood out in the February sales is the amount of home sales under $1,000,000. In total 13 homes, just over three quarters of all sales, were below one million dollars. Last month I spoke of pricing in the luxury market. The fact that three quarters of all sales last month took place in the lowest priced quarter of the Pinecrest market is further indication of buyers expectations and pricing. As I said last month, “Buyers in the Pinecrest market are waiting for prices to adjust. It is up to Sellers now to look at their pricing in light of the past 90 days of sales and adjust. A price adjustment does not mean there has been any loss of value, it is just a perceptive adaptation to the reality of the current market“.
In February 30 new listings came on the market in Pinecrest. Almost a third of those, 9, were priced under $1,000,000. The average list price per square foot was $423.93. On average, the average list price for luxury properties is $465. There seems to be a huge difference between the average list price of luxury properties in February compared to the average sale price of luxury properties during the same month. One explanation is that some of the new inventory is brand new construction. The pricing of those properties is justifiably higher than larger million dollar plus homes built many years ago.