Euphoric Pinecrest Real Estate Market Provides Unique Opportunity for Sellers | NOW is the Time to Sell your Pinecrest Home
Pinecrest Homes Are Seeing Record High Sales Prices
The Miami real estate market is currently in a state of euphoria. Relocation buyers are still coming into town and inventory is at an all time low. The extreme dryness of the market is leading to record-breaking prices. The market cannot go up indefinitely and we expect the market to normalize by the end of 2021. Simply put, some homes are selling at over inflated numbers. This is to say that the market won’t go down in many cases, but outlier properties that suddenly sell at 50% more than they sold 2 years ago will become less likely. These anomalies are caused by hysteria and this will stabilize soon. After we pass this moment of euphoria, we will see less anomalies in property prices as exceptions to the rule will cease to exist. Sellers can only profit from massive gains in a certain window, which is NOW. This window of opportunity will go away in the next months and the market will normalize.
* We focused this article on Pinecrest, but this is the case for homes in Coral Gables, Coconut Grove and Ponce Davis. Contact the David Siddons Group at (305) 615-7263 for more information about the latest sales prices and opportunities for sellers.
19 of the 25 Highest Sales Prices per SF Happened in 2021!
NOW is the Time to Sell your Pinecrest Home
Looking back at data from the last few years we see that “selling for top dollar” in Pinecrest meant selling for any amount between the mid $500’s and high $600’s per SF. Properties that sold for $700 per SF or above were outliers or anomalies. In 2021 we saw a high amount of properties trade in the $600-$700 per SF range. While top dollar used to be $600 per SF, now it’s $700 per SF or more.
- In 2019 Pinecrest recorded 136 trades above $1M, of which 11% were priced above $500 per SF
- In 2020 Pinecrest recorded 205 trades above $1M, of which 18% were priced above $500 per SF
- In 2021 (measured until August 1) Pinecrest recorded 229 trades above $1M, of which 35% were priced above $500 per SF
Just like in other Miami sub-markets we have seen properties trade for 30%-50% more than what they traded for in 2018/2019. If you are thinking of selling your Pinecrest home, then you should consider doing this now! Please check the highest achieved sales prices per SF in the overview below.
Please note this overview excludes properties that sold for land value.