The Quarterly Pinecrest Real Estate Market Trends | Q3 2022

The Q3 2022 Pinecrest Real Estate Market Trends

Welcome to our quarterly Pinecrest real estate market trends report. A report in which we explain what is going on in the market. We tab into buyer and seller psychology and add our in-the-field experience to the narrative. This update helps you to stay updated on the market and see trends emerge.

What is Happening in the Pinecrest Market?

$1M-$3M homes did not see a significant drop in sales. Sales are still happening, but there is an increase in new listings in the market. As Pinecrest had a housing supply below one month, this increase makes the market healthier and lifts it to just below four months of inventory. This means we are still dealing with a strong seller’s market. We will have to see if new inventory keeps entering the market, and if the absorption rate changes.

In the $3M-$5M markets, the strong seller’s market has shifted to a healthier, more balanced market. Although more balanced, seven months is still considered a market that favors sellers in this price range. We saw that sales slowed down while many new listings entered the market. This market will likely shift to a buyer’s market in the upcoming months.

The $5M-$10M market jumped from being a strong seller’s market to a strong buyers’ market. With three times more listings than in previous months and sales down by 75%, the housing supply is growing rapidly.

The Pinecrest statistics page for this neighborhood will reveal the specific sales from the last 90 days. Registered site users can go back further than 90 days. Browse the sales, and observe what is transacting at the highest price per sqft and why. For a granular analysis of a property you are interested in selling (or buying), please call me, and we can plug your subject property into the stack to see how it compares. 

Pinecrest Real Estate Market Trends | Why is this Happening?

As you can see from the above statistics, there is a surge of new listings into the market that is not absorbed. We are noticing buyers are more hesitant to pull the trigger in this market. The combination of interest rates, the stock market, and negative press makes these buyers hesitant to buy at the peak. Additionally, inventory is rising and buyers have more choices. Therefore they are no longer willing to pay at or above the list price unless it is a good deal. There is, however, a gap between buyer and seller psychology. Some sellers are holding on to their prices based on the market dynamics from spring 2022 when buyers were extremely bullish and almost desperate to get a house. This stand-off between sellers and buyers has slowed down sales in this market.

There is still demand homes, and well-priced or newer homes are selling for top dollar. Sellers, however, need to be aware that the market is shifting and price their properties accordingly to today’s psychology and not from 6 months ago.

Which homes are most likely to sit on the market for an extended time in case inventory keeps rising? Dated, less unique houses and non or partly-renovated homes will be harder to sell. With all that said, some properties are still very desired with buyers. New or newer custom homes are still hard to find and can achieve a premium.