Coral Springs Home Sales Market Report for March 2012 – what’s selling in your neighborhood?
Coral Springs single family home sales Increased this month by over 66% to 89 homes sold – WOW – we love seeing a bustling homes sales market when you’re trying to sell your home.
Of these Coral Springs homes listed for sale below, Sellers who completed a short sale were at almost 25% which is below last months Short Sales of 32%. We did see a large drop of REO/Bank owned sales down to less than 12% which is a large decrease from last month’s 22%. The pattern of up and down is hard to predict the Bank’s strategy. Maybe they will consider Short Sales as a better alternative. Time will tell as we see how we go through summer into the fall. This month has concluded in an overall drop in Distressed property sales totaling roughly 36%; down from last months total of 54%; those homes that have been foreclosed on and those homes which are trying to avoid being foreclosed upon. If you’re selling your home in Coral Springs, any decrease in the presence of distressed properties is welcomed as distressed properties keep prices depressed.
To compete with the distressed market, there are many things that a Coral Springs Seller can do to make their home stand out from the competition. Check out: Selling your home in Coral Springs – what it takes.
More homes for Buyers to select from will keep prices down for Sellers and less homes available for Buyers will let home prices rise.
During March, the Absorption Rate fell again to 3.57 which is a drop from February’s rate of 4.83. This shouts out Good news again if you’re selling your home! This indicates that based on the current available homes for sale, it will take 3.57 months to get them sold; it will take less time to get your home sold. 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 5 months, it’s a “Sellers Market”. Continued lower Absorption rates can affect future increases in home prices.
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.
What neighborhoods in Coral Springs Florida had the most sales?
If you’re selling your home in Coral Springs or considering selling your home, take a look below to see what sold in the Coral Springs Neighborhoods.
Pine Ridge rocked it out this month with 9 homes sold!
For those of you selling your home in Coral Springs, you’ll see below that homes that were sold during March had sales this month increasing from last months with the concentration of even more home sales jumping back up to the often popular price point of $200,000 to $249,999.
More good news for Coral Springs home Sellers is that the median price increased to $258,000 up from Februarys’ median price of $220,500; an increase in prices over 17%! 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.
The usually heavily populated range of $200,000 – $249,999 was continued this month and included some breakout into higher price ranges. Where do you think your home’s value is? If you want to know, please contact me for a complimentary valuation of your home.
$149,999 or under 6
$150,000 -$199,999 13
$200,000 -$249,999 24
$250,000 -$299,999 19
$300,000 -$349,999 15
$350,000 -$399,999 6
$400,000 -$449,999 2
$450,000 -$499,999 1
$500,000 -$549,999 1
$550,000 -$599,999 0
$600,000 -$699,999 1
$700,000 -$799,999 1
$800,000 -$899,999 0
$900,000 -$999,999 0
$1,000,000 or over 0
I love this 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 Days 31-60 Days 61-90 Days 91-120 Days 120+ Days
No. of Listings 39 14 9 10 17
Breakdown % 43.82% 15.73% 10.11% 11.24% 19.1%
*Avg % SP/LP 98.36% 96.7% 94.69% 95.82% 97.95%
* This row indicates what percentage of the list price that the home sold for during March 2012. Listing a home to sell at the right price to begin with can bring a quicker sale as shown in days 0 – 30. If you don’t have the luxury of time, make sure you get your home priced right.
This month shows that the majority of homes were priced right as a large percentage sold within
0-30 days; a Sellers goal as almost 44% sold at 98.36% of their list price.
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.