We are already half way through October and almost at the end of the year. 2013 will probably break another record in terms of the number of real estate sales we have had in Miami-Dade County. A quick snapshot of the Pinecrest real estate market shows the following:
- 205 single family homes have closed since January 1, 2013. 12 were short sales, 4 were bank-owned
- 47 of the closed sales were between $1 million and 1.999.999. 25 were over $2 million. Highest sale to date this year was for $3.8 million.
- 42 single family homes are under contract, over half are distressed sales. 21 are short sales and 2 are bank-owned
- out of the 42 pending sales, only 15 are listed for over $1 million, none are listed over $2 million
- 127 single family homes currently listed for sale, 5 of which are short sales and one is a bank-owned property
- 90 of the homes that are currently listed are over $1 million, 42 are listed over $2 million
Since October 1, there have been 11 new listings, 2 of which are short sales, and 2 homes have gone under contract. So far, there have been no closed sales in October. Going forward, I expect the inventory to increase slightly until Spring, at which point I think we will see more inventory come on the market. I still expect properties priced from $600,000 – $1 million to move fairly quickly.
If you are a buyer, especially in the luxury price range, you will have a lot to choose from and have more negotiating room.
If you are a seller, you will want to price your property so that it sells before the inventory increases in the Spring.