Even though this close to the start of the school year sales should be slowing down, nothing could be further from reality. Our EWM office had over $20 million worth of sales this week, which represents a total of 31 sales. 5 of the sales went for the asking price and 3 went above asking.
The graph below is for single family homes in Pinecrest, a neighborhood known for its luxury homes on large lots community parks and great schools. Second quarter inventory in Pinecrest is down 12% from the same time last year, and based on both closed and pended sales for the quarter, there is only a 4.7 month supply of inventory. Although it is only a snapshot of one Miami community, it is indicative of what many communities are going through: tight inventories, increasing sales, and frustrated buyers.