Coral Springs Florida May 2012 Home Sales Market report
Read below to find out more about Coral Springs’ market statistics when selling your home is on your mind
Coral Springs single family home sales in May had about a 10% drop in number of homes sold with 80 homes sold compared to April’s sales of 88 homes sold; May is not always a busy selling month with kids getting ready to finish up the school year.
Of these Coral Springs homes listed for sale below, Sellers who completed a short sale were over 22% which is a decrease from last months Short Sales of 28%. REO/Bank owned sales this month crept back up to almost 18% which is an increase from last month’s 8%; a third of these homes had been on the market a long time.. What percentage of the Coral Springs home sales market were that of distressed properties this month? 40% of homeowners were distressed Sellers this month. We did see an increase in homes that have been foreclosed on and a decrease in sales of those homes which are trying to avoid being foreclosed upon; a reversal of what happened in April. This is not a trend that we want to see continue as foreclosures are typically tougher on the neighborhood.
More homes for Buyers to select from will keep prices down for Sellers and less homes available for Buyers will let home prices rise. This result is reflected in the Absorption Rate.
Coral Springs May Absorption Rate came in at 3.59
May is showing the Absorption rate continuing to stay pretty constant now since March. May’s rate is slightly higher than April’s rate of 3.53 and March’s rate was at 3.57 which is a drop from February’s rate of 4.83. If you’re selling your home in Coral Springs, you’re happy! A lower Absorption rate is welcoming for anyone selling their home in Coral Springs as it tells homeowners that it will take 3.59 months to get their home sold.
Are you selling your home in Coral Springs and want to know your neighborhoods Absorption rate? Call me and we can go over that if you like.
Sellers want a lower Absorption Rate like this, indicating a greater demand for homes as this shows that there are less homes available for Buyers. Typically, whenever you see a supply of homes that is less than 6 months, it’s a “Sellers Market”. Continued lower Absorption rates can affect future increases in home prices. We are experiencing a Sellers Market in Coral Springs.
Buyers will always beg for a higher Absorption Rate as this means they have more to select from providing Buyers with an increase in opportunities for reduced prices.
Curious to know what Coral Springs Florida neighborhoods are selling?
As in April, the Wyndham Lakes area had the most overall homes sold this month of 9 to include; Bay Pointe, Golden Bay, Mayfair and Pelican Isle. Following below you’ll see where neighborhoods had sales of 2 or more. (this doesn’t show the neighborhoods that sold 1 home such as Eagle Trace and Whispering Woods, for example)
Brookside 3Butler Farms 3 Coral Creek 3; including Grand Reserve, Waterside and Windsor Bay.
Coral Springs Country Club 3 Coral Springs University 2 Cypress Glen 2
Cypress Run 2 Forest Hills 2 Kensington 5 to include: Commons, Gardens and Sanctuary. North Springs 3 Oakwood 3 Ramblewood 6
Shadow wood 2 The Preserve/Woodside Estates 2 The Dells 2 The Windings 2
West Glen 2 Vizcaya 2
Are you selling your home in Coral Springs? If your home happens to be in the heavily populated price points that you see below, you’ll feel good knowing that Buyers love these price points. Where do you think your home’s value is? If you want to know, please contact me for a complimentary valuation of your home. Pricing your home right at the onset is so important.
Coral Springs home Sellers have heard that that the median price dropped ever so slightly to $260,500 from $269,750 in April yet still up from February’s median price of $220,500. The median price reflects 50% of homes sold below this price and 50% sold above this price.
Keep in mind, when pricing your home for sale, these price points can tell you where there are a lot of Buyers looking in a particular range and are willing to pay that price thereby increasing the chance of your home being sold.
Price Range Quantity
$149,999 or under 5
$150,000 -$199,999 5
$200,000 -$249,999 29
$250,000 -$299,999 18
$300,000 -$349,999 8
$350,000 -$399,999 7
$400,000 -$449,999 4
$450,000 -$499,999 2
$500,000 -$549,999 0
$550,000 -$599,999 1
$600,000 -$699,999 1
$700,000 -$799,999 0
$800,000 -$899,999 0
$900,000 -$999,999 0
$1,000,000 or over 0
Take a look at the chart below as it really can shed some light on the importance of getting your home priced right to sell quickly.
Days on The Market before Selling
0-30 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days
No. of Listings 35 13 7 8 17
Breakdown % 43.75% 16.25% 8.75% 10% 21.25%
*Avg % SP/LP 94.81% 93.81% 96.16% 94.06% 94.37%
* This row indicates what percentage of the list price that the home sold (sales price) for during May 2012.
As your local Coral Springs REALTOR®, I’d be glad to help you determine the best price to help you sell your home here in Coral Springs. Or if you simply have questions about the selling process, please feel free to call me or email. Or if you want to know your home’s value, just call me or email me. Call me at 954-464-1100 or email me at LynnP@ImagineYourHouse.com. Talk to you soon.