Miami real estate news and information

Restivo Hechtman Report – Real Estate Market Update – Pinecrest – Second Quarter 2013

BASED ON CURRENT INVENTORY and CLOSED SALES IN PINECREST,   WE ARE IN LIMBO.  WE ARE NOT IN A BUYER’S  MARKET … NOR ARE WE IN  A SELLER’S MARKET )… We in what’s called a “NEUTRAL REAL ESTATE MARKET” … meaning that we  now have between 3-6 months of available inventory for sale:

Less than 3 months of inventory would put us in a seller’s market.

More than 6 months of inventory would move us into a buyer’s market.

And having 3-6 months of inventory places us in a neutral market.

PINECREST LISTINGS FOR SALE – PRICED UNDER $1 MILLION:

In January 2013:    There were 6.3 months of available single family homes listed

By mid-August 2013:    Inventory was down to 2 months worth.

The average selling price for single family homes in Pinecrest (priced below $1 million) in the first half of 2013 was $670,000.   The average selling price rose to $776,000 in August 2013 (up 3% from the month before that).

PINECREST LISTINGS  FOR SALE – PRICED BELOW $2 Million:

In January 2013:   There were 10.3 months of single family homes listed

By mid-August 2013:  Inventory  had dropped to  3.3 months.

PINECREST HOMES SOLD – priced from $1- $2 Million:

The average selling price (for property listed between $1 and $2 million) was $1,900,000 in January 2013 … and $1,447,000 in August of 2013 (a change of   -23.8%)….

In today’s real estate market, Pinecrest properties,  listed below $2 million tend to sell within 3-10%  of the list price .

If you are considering selling, this might be a good time.  Broker’s and agents contact us regularly,  checking to see whether we have properties coming up for sale which might appeal to buyers they are working with.  Qualified buyers are having difficulty… and struggling to find the right house … and that continues to be a growing issue as inventory drops.

Mortgage rates are still well below 5% …  affording buyers plenty of buying power.  And with this being a neutral market, there is opportunity to buy, sell and invest well… and we would be pleased to help you do that.  Call anytime:  The Restivo Hechtman Team at EWM Realty, International  Vicki Restivo: 305 793-1365 [email protected]  … Alexandra Hechtman 305 632-0164 [email protected] . We look forward to working with you.

 

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