What is the impact of Covid-19 on the Pinecrest real estate market?
The Pinecrest Real Estate Market and Covid-19 | What is happening now?
What is the impact of Covid-19 on the Pinecrest real estate market? A question we hear a lot these days! Pinecrest is a primary market with families residing there throughout the year. These families need housing and they need a place to live. The Pinecrest market reacts very differently to economic changes than a more investment driven market like Miami Beach for example.
Pinecrest is desired (among other reasons) for its great school district. Therefore many families try to move into the area before the new school year starts. As a Pinecrest realtor and a resident of the area for more than 10 years, I usually see an increase in demand for Pinecrest homes in the period between mid-April to May. This is the period deals are made, so families can move in during the summer months.
10150 SW 70th Ave sold two weeks ago within 5 days after being listed.
The list price was $1,390,000 while the property sold for $1,350,000
What is the impact of Covid-19 on the Pinecrest real estate market? Pinecrest Deals are Either Expedited or Postponed
In the past weeks we noticed that many buyers are expediting deals. They need a home and they want to move in as soon as possible. Many of them just sold their own property and have no place to live. There is a sense of urgency with people who sold a home or want to lock themselves in before we are in full quarantine. These are not the opportunistic buyers but rather families or people with a real need.
On the other hand we also see many delays, as properties cannot be shown and open houses are prohibited. I am sure these deals are still happening, but just with a delay. Pinecrest is a primary market in a superb school district. The demand is present it is just the current challenging situation we are living in that makes the buying process stand still for the moment.
The Pinecrest Real Estate Market in Q1 2020
In the first quarter of 2020, the Pinecrest single-family market had 47 closed sales (CS), which is 20% more sales than in Q1 of 2019, when we had 38 CS.
The biggest reductions in prices occurred in the lower end of the market (below $1M) where we saw an average of 13% price reduction on the original listing price. At the higher end ($3M+), we had an average of 20% price reduction from original listing price.
The Pinecrest Real Estate Market Information you need
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