Pinecrest Village Real Estate Analysis for July 2023

Pinecrest, a village renowned for its upscale properties and opulent estates, has seen some notable shifts in its real estate market dynamics over the past year. Here's an in-depth look at the data for all property types in Pinecrest as of July 2023.

Closed Sales

The number of closed sales in July 2023 stood at 22, marking a -12.0% decrease from July 2022, which recorded 25 closed sales. Over the last 12 months, the highest number of sales was observed in June 2023 with 35 properties changing hands, while the lowest was in February 2023 with just 8 sales.

Cash Sales

Cash sales in July 2023 amounted to 13, a significant +18.2% increase from July 2022's figure of 11. The trend over the past year peaked in June 2023 with 23 cash sales, and hit its lowest in November 2022 with only 3 sales.

Interestingly, cash sales as a percentage of closed sales rose to 59.1% in July 2023, up by +34.3% from the 44.0% recorded in July 2022.

Property Pricing

• Median Sale Price: The median sale price for properties in July 2023 was $1,925,000, down -8.3% from the previous year's $2,100,000.
• Average Sale Price: The average property sale price experienced a more pronounced dip, landing at $2,183,341 in July 2023, marking a -21.8% decrease from July 2022's average of $2,792,400.
• Dollar Volume: The total dollar volume for property sales in July 2023 amounted to $48.0 million, which is -31.2% lower than the $69.8 million recorded in July 2022.
• Median Percent of Original List Price: Properties in Pinecrest sold for 92.0% of their original list price in July 2023, a decrease of -5.1% from 96.9% in July 2022.

Time-Related Metrics

• Median Time to Contract: Properties took a median of 48 days to move from listing to contract in July 2023, a sharp +200.0% increase from the 16 days in July 2022.
• Median Time to Sale: The median time taken from listing to sale increased by +30.0% year-over-year, with properties taking 91 days to sell in July 2023 compared to 70 days in July 2022.

Inventory and Listings

• New Pending Sales: There were 14 new pending sales in July 2023, down -17.6% from the 17 recorded in July 2022.
• New Listings: The market saw 25 new listings in July 2023, a -30.6% decline from the 36 listings in July 2022.
• Pending Inventory: The pending inventory in July 2023 was 29, down -17.1% from 35 in July 2022.
• Active Inventory: Active property listings numbered 103 in July 2023, a slight -1.9% decrease from the 105 listings in July 2022.
• Months Supply of Inventory: The supply of inventory in Pinecrest increased significantly over the past year. As of July 2023, the village had a 5.6 months supply, up +43.6% from 3.9 months in July 2022.

Conclusion

The real estate market in Pinecrest has seen some fluctuations over the past year. While the number of cash sales and the percentage of closed sales have increased, other metrics like closed sales, median and average sale prices, and dollar volume have decreased. The time properties spend on the market has also lengthened considerably. Additionally, with a rise in the months supply of inventory, the market appears to be shifting towards a buyer's market.

If you're considering buying or selling property in Pinecrest, now is the perfect time to leverage expert insights. As a seasoned real estate broker, I'm here to guide you through every step of your real estate journey. Don't hesitate; contact me today to discuss your property needs and get a personalized market analysis!

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