During the first quarter of 2009 there has been very little change in the inventory of single family homes in Pinecrest listed on the MLS. Sales also seem to be moving to closing slowly, but the trending increase in pending sales gives me hope that Pinecrest’s real estate market will start moving the way of Miami-Dade County, decreasing inventory and increased sales. One of the reasons this market is going to turn more slowly than the County’s is due to the pricing. The median sales price of all single family homes in the County at the end of April was $165,000 whereas in Pinecrest it was $475,000. 78% of sales in the County were under $300,000.
What has been selling in Pinecrest in the first quarter are the single family homes listed for between $216 and $298 per square foot. Based on the inventory and number of closed sales in April, there is currently 53 months worth of inventory in Pinecrest. However, based on current inventory and the number of pending sales there is an 11.5 month inventory. This illustrates how rapidly the market can turn. Since summer is the most active time for single family home sales, I am feeling cautiously optimistic that the market is starting to change and is at least stopping its downward free-fall.