7 Signs Why You Should Sell your Pinecrest Home in 2021 to Get Top Dollar!
7 Signs why the Pinecrest Real Estate Market is Booming!
Pinecrest is one of Miami’s most desired neighborhoods and very much in demand with today’s relocation buyers. Much is written already about Miami’s booming real estate market, but few articles zoom into the different areas to give sellers a better understanding of what is going on and where we find the most demand.
This article shows you how desired the Pinecrest market is, highlighting the performance of homes in 4 different price ranges: $1M-$2M, $2M-$3M, $3M-$5M and $5M-$8M. It will also show you, which Pinecrest sub-markets performed the best or in other words; “Where did we see the most sales and the biggest drops in inventory?”, “Where did we see the greatest price increases?” and “Which properties sold closest to their asking prices?”.
This essentially brings me to my key message: Selling your Pinecrest home right now will get you top dollar! There is no need to even list your property, just a willingness to entertain offers and to be prepared to sell at the right price. I have buyers looking that I can bring directly without the need to go on market to list your property. Please contact me for more information at (305) 508-0899.
7 Reasons why the Pinecrest Real Estate Market is booming and you should Sell your Pinecrest Home in 2021.
The 7 Signs You Should Sell your Pinecrest Home in 2021 to Get Top Dollar!
Inventory has decreased by as much as 77% compared to last years inventory.
In the first table below you can see that inventory levels are significantly down compared to the last two periods in which we measured. Especially in the market of $1M-$3M we see a decrease in inventory of 70+% compared to previous years. This matches our experience in the market in which we find it increasingly hard to find good quality Pinecrest homes for our clients. The few good-quality homes that are still listed for sale often have strong offers in place.
Sales Volumes Doubled for Homes in the $1M-$5M Range.
The last two quarters experienced impressive spikes in the amount of Pinecrest homes that sold. The increase in sales ranged between 117% and 158%, which is the perfect representation of the enormous demand we are experiencing right now. As we dominate the web with terms such as “Moving to Miami”, “Pinecrest Homes for Sale” and “Miami Homes for sale”, our website captures an enormous amount of buyers resulting in 5 serious calls on a daily basis. 90% Of these calls are from relocating families looking for homes near Miami’s best schools.
Please bear in mind that the above sales numbers do not include the many off-market sales that are happening right now. Furthermore, the Pinecrest market shows 86 properties that are under pending contract or active with a contract in place. 46 in the $1M-$2M market, 13 in the $2M-$3M market, 19 in the $3M-$5M market, 7 in the $5M-$8M market and 1 in the $8M+ market
Sales Prices per SF have increased by as much as 20% compared to last year.
Sales prices saw an impressive increase in the last 6 months. The $3M-$5M range saw the largest increase of 20% while the $1M-$2M homes saw its average price per SF rise by 10%. The $5M-$8M market recorded a 14% increase, but this market does not have many sales so drawing conclusions would not be fair. In smaller markets, it is better to look at numbers on a case-by-case basis.
The average difference between sales and original listing price became smaller by 28%.
The entire market saw its discounts given to the original listing price decrease to a percentage between 8% and 10%. A much smaller difference than those in previous years. On average 28% less discount was given on original listing prices, which means Pinecrest sellers are selling their properties for an amount that is on average 28% closer to their asking prices than in previous years. The $3M range saw the largest change of 43% less discounts while the $2M-$3M range saw no change compared to the previous period.
Sell your Pinecrest Home in 2021 | Record Breaking Deals in Pinecrest.
In the $1M- $2M Range, the 6 Most Expensive Homes Ever Traded in the the Last Months.
The most expensive home per SF to date (in this price range) sold in November of 2020. Not taking homes into consideration that needed complete gutting and were sold for land value, the most expensive sale ever happened in April of 2021 at 7325 SW 102nd St, which sold for $755 per SF. Before 2020, the most expensive homes reached $580 per SF while in 2020 we recorded several sales in the mid and higher $600’s per SF even reaching a new record price per SF of $755.
In the $2M- $3M Range a brand new construction home broke the record.
Within this price bracket, the most expensive home to date was sold in February 2021. This was a brand new construction home on 8770 SW 64th Ave. This property sold for $637 per SF with a previous record being $609. In total 4 of the 10 most expensive homes (per SF) ever were sold in the last months. Only 17 homes in this price range have traded for a price of $500 per SF or more and 10 of these 17 homes sold during the Pandemic.
In the $3M- $5M Range The Home Market Went Through the Roof
This was the market in which we saw 20% increase in home values. Till 2020, this market’s highest achieved sales price was $590 per SF. During Covid, the market saw this record being broken 15 times with record sales prices per SF ranging between $600 and $750 per SF. If you own a $3M-$5M home, you should consider selling your Pinecrest home in 2021.
9045 SW 64 CT Sold for $3.5M to one of our clients at $532 per SF
Where to Go After You Sell Your Pinecrest Home in 2021?
Many owners are tempted to sell, but do not know where to move to next. They do understand this is a hot market (probably as hot as it can get) and top dollar can be received, but where do they go after they sell? Many of my past and current sellers in the same situation are selling to move into more desired areas, whether this might be in Pinecrest, the Gables or the Grove. They live on a desired street, but they want to move into a private community, move into a waterfront home or build their dream home from the bottom up. Will they get the same quality finish or levels of renovations in a better neighborhood? No, but they buy for the same price in a better neighborhood and they are thinking to upgrade that home in the near future and in that way they are building up their capital. Today’s extreme market provides for extreme opportunity!