Is it time to sell my Pinecrest House?
How do you know it is time to sell your Pinecrest House?
With so many market reports telling consumers that the Miami real estate market has peaked and that the market is seeing a moderation of prices many home owners might ask themselves: “Has it peaked, and how do I know if its time to sell”?
Whether a market has peaked certainly depends on the market’s conditions, but its not just market factors that matter here. It also depends on the type of Pinecrest house you own, and the ‘price’ sector that the home sits in.
Here is how you can tell if its time to sell your home in Coconut Grove.
There are a few indicators that will tell you whether the market and your Pinecrest house have reached it maximum. If this is the case you might consider selling.
- Inventory is rising or and likely to continue to rise above 12 months
- If the number of sales within your sector has dropped in the last 2 quarters.
- If the price per SF you want or think you can achieve is at the highest point in your sector
As always we provide the above for different price ranges to better differentiate the different market sectors.
Months of Inventory in Pinecrest
The months of inventory of Pincrest houses below $2M is showing low numbers of 15 months or less. The $500K – $1M market is experiencing a neutral to a seller’s market (a sellers market is a market in which inventory is below 6 months and thus shows a higher demand than supply) while the $1M- $2M market is experiencing a light buyer’s market (a buyers market is a market in which inventory is above 9 months and thus shows a higher supply than demand).
The $2M+ market is showing higher numbers for months of inventory which is quite common is the luxury segment. The months of inventory increased significantly in the first quarter of 2016 and then decreased again in the second quarter. The second quarter of 2016 is now showing 17 months of inventory which is actually a healthy sign for a luxury market.
The Number of Sales in Pinecrest
While the last quarter of 2015 and the first of 2016 remained steady regarding the amount of Pinecrest houses sold, the second quarter of 2016 is showing a significant increase.
Highest Achievable Price per SF
This is an estimation of our market experience and data analysis. There are always properties that might get more than the indicated maximum price. Please contact the David Siddons Group for more information +1.305.508.0899
Badly finished or dated property: a property that would sell for land value or a property that hasn’t been updated for at least 10 years or more. The property might not be in good state or does not comply with what modern day buyers are looking for. Think also of dated kitchens and bathrooms or old roofs.The new owner would have to remodel the house or do severe work to make it compete with other properties in the area.
Well finished property: A property that is move-in ready with up to date floors, roof, bathrooms and kitchen. Unless the new owner likes another style there wouldn’t be a reason to update right away. The property is well maintained.
A very well finished property: A just remodeled or rebuilt property that offers the latest in luxury finishes. A property that has been finished with great detail.