In our last blog we discussed what $1 Million or less could purchase you in the Coconut Grove Single Family Home market based on the sales for the 2017 Quarter 1 period. To review the data and familiarize yourself with that portion of the Coconut Grove market click here.
Today, we will be taking a similar look at what $1 Million or less can purchase you in the Pinecrest Single Family Home market.
To achieve this, we have gathered all of the sales up to $1 Million for the 2017 Quarter 1 (1/1/2017 thru 3/31/2017) as reported by the Miami Association of Realtors – Multiple Listings Service (MLS). In total, there were 25 reported closed sales for this time period. The figure below illustrates a breakdown of these statistics by breaking up the 25 total sales into three different price ranges: $400,000 to $600,000, $600,000 to $800,000, and $800,000 to $1,000,000.
The illustrations below provide a visual aid to better compare the key market indicators analyzed in the table above. These market indicators will prove useful to anyone considering to purchase in Pinecrest in these examined price ranges. Let’s take a closer look at each by reviewing the data in the following graphs.
Total Homes Sold
As illustrated above, the breakdown of the 25 Single Family Homes sold within Quarter 1 of 2017 were 5, 12, and 8 for each respective price range. In comparison to the previous blog which show cased the Single Family Homes sold under $1 Million in Coconut Grove and also contained a price category under $400,000, there is no such category in Pinecrest. Single Family Homes are trading above the $400,000 price fold.
Average Home Size (SF)
The graph above shows the breakdown of average home size in square feet for each respective category. These were 2,092 SF, 2,746 SF, and 3,010 SF for each respective category. Compared to the previous blog containing homes in Coconut Grove, we can see that Pinecrest properties are at least 500 SF larger on average when it comes to the living area.
Average Lot Size (SF)
The graph above illustrates the average lot size in square feet for each of the price range categories. These were 16,989 SF for properties sold between $400K – $600K, 21,147 SF for properties sold between $600K – $800K, and 22,005 SF for properties sold between $800K – $1 M. Comparatively speaking, homes in Pinecrest offer lots which are at least 2x as big as their respective counter parts in Coconut Grove when grouped by sales price.
The graph above illustrates the average Price per Square Foot (home size) for each of the three price range categories. The graph demonstrates almost a linear upward trend. This may be accredited to the fact that as price increases, the quality of building materials used and finishes also increases. Therefore, it is rational for homes at higher price points to be more expensive Price/SF wise comparatively speaking to homes which are in lower price ranges.
The graph above shows the average discount from the original listing price at which the examined Single Family Homes sold. The data appears to show an almost linear decrease in the average discount achieved. To put into perspective, each percentage point is equivalent to a $1,000 discount from every $100,000 of the original asking price. So as an example, the 7.28% average discount for properties sold between $400K – $600K means that for each $100,000 of the purchase price, the buyer was able to successfully negotiate down an average $7,280.
Average Property Taxes
Lastly, the graph above shows the average annual property taxes for each of the three respective price range categories. These averages were $5,076.80, $8,053.50, and $8,121.00 respectively.
One important consideration for any prospective home buyer to keep in mind is the fact that upon purchasing any property, their assessed property value for tax purposes will automatically be recalculated based on the most recent market activity. If the previous home owner had a Primary Homestead Exemption or any other tax exemptions for which the new buyer does not qualify, then the new buyer’s annual taxes will be higher.
Now that you are equipped with a solid understanding of the numbers for previous Single Family Home sales in Pinecrest for 2017 Quarter 1 up to the $1 Million fold, let’s see what the active inventory looks like.
If you are considering to purchase, sell, or rent in Pinecrest please contact us today! Our team of highly experienced and qualified agents have an acute understanding of the Miami real estate market and are equipped with all of the tools necessary to help you meet your personal residential housing needs. Don’t delay, contact us today and let us help you make your dreams a reality!
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