Coral Springs FL Real Estate Market Report Feb 2014
So just how did the Coral Springs Real Estate Market end in February 2014? Thinking about selling your home? Read more below about recent Coral Springs Real Estate home sales and how it will affect selling your home and if you’re buying a home in Coral Springs, take a closer look to see what you can expect when you begin to search.
Coral Springs Single Family Home Prices
Home prices showed strength during February with increases, yet the number of homes sold have reflected continued declines for several continued months going back through the last quarter of 2013.
Coral Springs Real Estate Report Market Summary
Single Family home sales remained steady at having sold 67 homes; the same homes sold in Coral Springs during January.
The median sale price during February also increased to $325,000; up over 5% from January’s median price of $309,150; January’s reported Coral Springs home sales.
The number of days that homes remained on the market before selling declined to a median of 33 days compared to January at 38 days; which is considered a brisk pace.
Distressed Property Sales remained constant at almost 24%, pretty much in line from January with the breakdown shown below:
Almost 17% of market sales were Short Sales; slight decline from January.
Almost 7.5% were REO/Bank Owned homes; increasing from January.
The shadow inventory of homes in a Pre Foreclosure status continue to be just that, “shadows not yet coming to market”. Banks are likely waiting on continued price appreciation before they foreclose to lessen their losses.
What does it all mean to you? What are Coral Springs FL Real Estate trends? Where is our Real Estate Market headed?
During February, the Absorption Rates which show the available inventory of homes, now shows an average rate of 5.49% which is a increase from January at 4.88% and up from a rate of 3% in December. (Please know that Absorption Rates vary by neighborhoods. I’d be happy to go over your neighborhood’s specific absorption rate so you know what to expect when you’re ready to get your home sold. Some neighborhoods are still experiencing a strong Seller’s market) Once you reach an Absorption Rate of 6%, we’d be considered experiencing a Balanced market between Sellers and Buyers. The trend is taking us towards a Buyer’s market where Buyers will place more demands upon Sellers. I can’t express it enough if you’re a homeowner considering asking; “should I sell my home now” the answer is “YES”, now is the time while the ball remains more so in your court. There is currently 5 months worth of homes available for sale. As time goes on and moves towards a Buyer’s market, the inventory of homes will increase offering Buyers a larger selection from which to choose from making it more difficult for your home to stand out. If you want to sell your home in Coral Springs, call me and I can tell you how I’ll get your home sold for top dollar and fast! When you’re seeing the market move towards being more stable, this reduces the number of Buyers that will be competing for your home when you get ready to sell it, as there will be more homes for sale. You remain in a favorable position when competition for homes available for sale is brisk. When the market turns to excess inventory, the price and timeline of selling your home can be affected adversely. Don’t wait to sell your home when it moves in to a Buyer’s market and their demands will increase, such as wanting more from you as a Seller and their willingness to pay top dollar for your home can wane.
We’ve had prior uncertainty in the Real Estate Market while observing median home sale prices fluctuating up and down from $309,00 to $325,000 since the last quarter of 2013. With homes prices trending higher along with mortgage interest rates, this has impacted the number of Buyers able to buy a new home as they get pushed out of the market or they’re concerned of the strength of the economy. However, with Federal Reserve chairman Janet Yellen signaling, just the other day, that she believes the market continues to need the help of low interest rates for some time to come, this should entice more Buyers back into the market to purchase homes. With rates low and Buyers entering the market, this signals ripeness for Home Sellers NOW! It’s not the time to wait.
Feel free to call me at 954-464-100 or email me: LynnP@ImagineYourHouse.com with your questions.
Do you live in any of the Coral Springs neighborhoods below?
The subdivisions of Cypress Run,Coral Springs Country Club, Georgetown at Eagle Trace, Glen Walk, Kensington, Maplewood, Oakwood, Pine Ridge, Ramblewood, Shadow wood and Wyndham Lakes had home sales in the largest of numbers during February 2014 with Ramblewood neighborhood topping out with selling 4 homes!
Coral Springs Luxury subdivisions ofCoral Springs Hills, Eagle Trace, Heron Bay and The Isles sold luxury homes in their neighborhoods.
If you don’t see your subdivision listed here and want to find out more about selling a home in your neighborhood, feel free to call me at 954-464-100 or email me: LynnP@ImagineYourHouse.com
What are the price ranges that homes are being sold at? What are the concentrated price points when selling your home here in Coral Springs? Paying attention to the price points allow you to price your home for maximum success to get it sold. Where does your home fit in? Do you need to know, “how much is my home worth?”
Price Range Quantity
$250,000 -$299,999 12
$300,000 -$399,999 26
$400,000 -$499,999 11
More about home selling in Coral Springs
Do you want an accurate Real Estate value of your home in Coral Springs? I won’t tell you what you want to hear, but rather what you can sell your home for in today’s South Florida Real Estate Market. Call me, email me or click here: Find out my Home’s Value in Coral Springs Florida.
As your local Coral Springs Real Estate Agent, I’d be glad to help you sell your home in Coral Springs. Or if you simply have questions about the selling process and home prices in Coral Springs, please feel free to call me or email. Call me at 954-464-1100 or email me at LynnP@ImagineYourHouse.com.
Coral Springs Real Estate Market Report for February 2014 written by Coral Springs Realtor Lynn Pineda with Keller Williams Realty on March 31, 2014. Based upon local MLS Statistical findings and accuracy is not guaranteed. REALTOR® Coral Springs FL.