The laws of economics are creeping back into the Pinecrest market and we finally have evidence to prove it! Supply is down, demand is up, and the market is rebounding. I did an analysis to see if the statistics were in to support my theory that pending and closed sales were up, and I was pleased with my findings. Compared to this quarter last year, we have had a 5% increase in pending sales, a 27% increase in closed sales and a 12% decrease in our inventory for single family homes in Pinecrest. There’s a piece missing though from this economics puzzle – in a normal market, this supply & demand shift would be followed by an increase in prices. However we are also dealing with a shadow market – the looming foreclosures and short sales that are still being held by the banks that will be coming on the market in the coming months. I believe it is the fear of this inventory that is keeping our prices from creeping back up. However, good houses are selling at good prices because there isn’t much inventory and people are ready to buy again, and the shadow market isn’t intimidating buyers! We are back to a 9 month supply in Pinecrest, which is considered “healthy” so look at the progress we have made! We are seeing this same trend in the Gables and Grove as well, so they too are on the mend. Supply and Demand are making a comeback!
